Life Insurance: How To Get It
It’s easy to find someone who can give you a rough definition of life insurance in South Africa, but most people are clueless when it comes to the ins and outs of the process of actually getting covered. How to get it? However, with a bit of research on your part you will realise that it’s a fairly simple and understandable process. Hopefully this brief summary will give you an idea of how to get life insurance.
Life Insurance: How to Get It
- First and foremost, when considering how to get it, first find out whether you are insurable or not. The younger you are, the more likely it is that you are insurable. Habits such as smoking and drinking sometimes determine the type of life insurance policy that you can buy; also, life-threatening diseases or high blood pressure can affect your chances of getting a life insurance policy. On the other hand, there is a separate type of life cover for terminal illnesses, dreaded diseases and disabilities.
- After you have been declared ‘insurable’, you can move on to the next stage, which is finding out the right life insurance policy for you. The amount of money you are willing and able to invest into your life insurance policy will determine how many policy options are open to you. Some insurance policies, like Term Life insurance, cost less but you run the risk of outliving your policy and ending up with no coverage and no payout; whereas policies such as Whole Life insurance guarantee a payout but their premiums cost more.
- Another important fact to consider when deciding on a policy is that with time it could possible get more difficult to pay your premiums; therefore you might want one with a level premium. On the other hand, your responsibilities may increase with age; consequently, you might need to invest more into your policy. At this stage, it is advisable to seek the advice of a financial expert.
- The final but most important stage of this process can be done either during or after the second stage: research a number of insurance companies on the internet. The qualities that you should be looking out for are reputability, experience and financial security.
These three things will tell you just how capable a company is of honouring its end of the bargain. Paying and keeping up with premiums is not an easy task, but the assurance that all your hard work and sacrifice will pay off in the end will keep you going. And once you have decided on an insurance company, then it is time to buy your life policy.
You will find that some policies can be bought online, but for the more complicated ones you are required to purchase it directly from an insurance provider agent who is an employee of the insurance company.
This might appear to be an unnecessarily long process, but it is all for your good as the policy holder. It can prevent you from making a huge mistake. If you are willing to go through it patiently, you will find it to be worth your while in the long term.
Next step: complete and submit the form on this page to get a life insurance quote
All info was correct at time of publishing