Average Life Insurance Cost in South Africa

Taking out a life cover on yourself will be a valuable assistance to your family after you die. The thought of dying is not an easy one to consider. Talking about it is even harder. If you, however, set some financial aid in place, it can help your loved ones during your passing. Here we look at the average life insurance cost in South Africa.

Anyone can get a life cover. There are a couple of details that will determine the costs of yours per month. Each person has their uniqueness. The insurance companies take this into consideration when they assess your monthly coverage rates.

Some of the specifics they look at include:

  • Age;
  • Health;
  • Driver’s record;
  • Lifestyle; and


Average Life Insurance Cost

Average Life Insurance CostEach one of these is looked at in the application process for insuring your life.

They are each critically influential in the amount you will pay per month.


Age – Average Life Insurance Cost

Your age is an important aspect.

The insurer considers the young clients to be healthier than those who are older.

That means that an older client’s monthly rate will be higher.

It’s due to the insurer expecting an older client to have more health mishaps, or pass on quicker than a younger client will.



The condition of your healthiness is the next essential part.

Your health choices will either enhance the years of your life or limit it remarkably.

That can be measured by things like a number of meds you use on a regular basis, your weight and other medical conditions you may have.

These things are essential, because it impacts your life greatly, and therefore influences the amount you will pay.

The healthier you are, the more your rate will reduce.


Driver’s record

The record of your driving history has an impact on the costs, as well.

If you are in accidents and get regular speeding tickets, you are a client that’s a high risk.

That will increase the charges on your life cover.



The particulars of your living preferences will be in the completion of your application.

So it includes whether you drink alcohol, ride bikes, smoke, is an adrenaline junkie and any other unsafe activities you like.

You need to include all the hobbies you like, for instance, if you like swimming in the ocean, sky-diving or do quad biking on weekends.

You need to mention everything that involves some risk factor, as it all impacts your life significantly.



Your gender plays a role also.

Men are riskier in their life ventures, which can cause them to end up in dire circumstances.

Women, however, are to be safer in the choices they make, which reduce their risk factor.

There are also studies that have revealed men being inclined to live shorter and women having lengthier life spans.

That is why insurers would charge women lower rates and men higher.


So an average rate for a woman who is young and fit is estimated at R260 per month.


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All info was correct at time of publishing