Do I Need a Life Insurance Company

    July 14, 2016

    If you want your loved ones to live a good life after you’re no longer there, then you do need a life insurance company. In fact life insurance should be carefully considered, regardless of age. This is because death is no respecter of age. Life dishes out changes to our lives continuously. We get married, buy a home, have kids, grand children and we pass away.

    You’ll need a life insurance company in your life if you want to leave money behind for your family after you’ve passed on. This is so that they can live a life free of financial stress when you’re no longer there to support them.

    Need a Life Insurance Company – Let Someone else Deal with all the Frustrations

    An independent insurance agent can save you endless frustration. This is because they have at their fingertips all the insurance information you want. They check prices and all the different coverage not with one or two insurance agencies, but hundreds. They are literally your one-stop-shop for all of your insurance needs. These agents understand insurance inside and out. If they make a serious mistake, your lawyer can file a law suit against the agent to recover damages you may have suffered because of their errors.

    Need a Life Insurance Company

    You’ll need to assemble a list of life insurance companies and then scrutinize the policy details because not all of them will have want you want in a provider. You can’t evaluate a provider just on their premiums alone – you need to get quotes.

    The best life insurance companies

    • Pay out on their claims.
    • Underwrite their own policies.
    • Don’t require a medical exam, at least not if you are renewing your policy.
    • They allow you to convert from a term policy to a permanent one.
    • Allow you to customise your cover.

    Life insurance will reduce the burden on your family by helping to meet all those financial obligations that you leave behind such as an outstanding bond. A life insurance company will provide you with a quote. There are many reputable life insurance companies in South Africa, but you don’t want to just go for anyone.

    Make sure that you buy life insurance from a well known, reputable brand. They should offer you choices from a wide range of products. Make sure that the company you choose abides by a  Code of Conduct and that you understand their terms and conditions. For this reason its a good idea to choose a company with a simple, understandable contract.

    Need a Life Insurance Company – The Amount you Pay

    The amount of life insurance cover that you buy will depend on your age to a large extent and what financial obligations your remaining family will face when you’re not there. A life insurance company will give you a quote. Each provider has different premiums and also different risk factors. Your cover will be terminated immediately you stop paying your premiums. Also, the type of cover you qualify for determines what benefits you receive. If you take accidental death cover you will be covered for accidental incidents but if you die in a bungee jumping accident, payment may be refused simply because such a pursuit is looked upon as a  ‘hazardous pursuit’.

    Need a Life Insurance Company – Stick to the Truth

    Always be honest with your life insurance company, so that there isn’t an issue with payment of claims. Compare life insurance companies and products and have your insurer or broker examine your circumstances each year.

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    All info was correct at time of publishing