When Does One Need Life Insurance?

Not everyone needs life insurance. But many do. So when does one need life insurance?

The beauty of life insurance is that it can pay your dependents a lump sum or regular payments each month when you’re no longer there because you’ve passed away. The idea with life insurance is to ensure that your dependents can continue the same kind of lifestyle they had before you died. The amount of money they receive will depend on the level of cover you bought.

When Does One Need Life Insurance – Not Just Death puts you Out of Action

The reason one needs life cover isn’t only because of death, although this is a huge factor. Have you considered what your loved ones would do if you became so ill you couldn’t work? Or disabled? Critical illness insurance, for instance, will pay out if you get one of the serious diseases such as cancer. Every year millions of people find themselves unable to work because of a debilitating sickness or injury.

Certainly, if you have dependents or even a partner who relies on your income, especially if you have a home that is under mortgage, you’ll want life insurance. Some people have life insurance through their employer. But then you’ve got to think about when you stop working for that employer. You will no longer be covered under their policy anymore. You may need to think of additional life insurance.

Some Providers of Life Insurance in South Africa

When Does One Need Life Insurance in South Africa

  • That’s why Old Mutual’s Life insurance is so in demand. From just R45 a month you can get their Life Plan which offers great benefits and also great value with R50 000 cover. With the Start Again benefit, you can also keep your Life Plans going when you aren’t able to pay your premiums.
  • Momentum also offers great life insurance. They are one of South Africa’s best life insurance companies and their life cover is just right for your age and income. The cover includes death and disability as well as critical illness. Life cover is as much as R3 000 000.
  • Hollard Life’s range of options even includes funeral cover at no extra cost. Hollard pays a lump sum and offers 3 bonus features as well. One of these is their interim accident benefit of up to R500 000 as well as a terminal illness benefit. They also offer My Life & More, an affordable all-in-one insurance which is life and content cover insurance. This cover consolidates your funeral policies into one life policy. Email Hollard at mylifeandmore@hollard.co.za for more details.


When Does One Need Life Insurance? – You Never Know Your Hour

No one believes that they can die when they are still young. We’re living in violent times and anyone of us can die prematurely.  Just look at the terrorist attacks in Paris in November 2015. There were scores of young people at a music venue, bars, restaurants and a sports stadium. Not one of them dreamed that their life would be taken from them that night. Some 90 young people were mowed down during suicide bombings.

Be prepared. Make sure that if you’re a bread winner, your whole life- or term life insurance will help those left behind to deal with your death. They’ll be able to lay you to rest without any financial difficulties in a decent fashion and continue to live the life they’re accustomed to.

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All info was correct at time of publishing