Life Cover

tsume

tsume

The Pervy Sage
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So I have procrastinated on this for too long, and I need to get life cover.

I do not know where to start, and what I should look for when getting life cover.
Please give me advice before I start searching online or finding a broker.
 
Ask your employer. Their rates are MUCH cheaper than market rates.

Think I paid something like 20 bucks a month for half a mil cover or something like that. Was completely out of sync with official rates
 
Is this for a bond or for your family in case you peg it?

As with all other types of insurance just keep phoning around, Sanlam, ABSA etc.
 
Speak to Momentum! Their Myriad Plans are the TRUTH! (Life Cover + Income protection)

I pay R220pm (discounted by Momentum Multiply - it should be R400pm) for R35000 income protection + R1mil life cover (including dread disease).
 
pinball wizard said:
And end up like joost? **** that. Stand alone products all the way.
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You'll need to expand on what you mean.

I find little correlation between what SaoirseB said and what you're saying so I was wondering why you quoted SaoirseB.

Disability and dread disease cover fall under the "life insurance" umbrella.
 
supersunbird said:
You'll need to expand on what you mean.

I find little correlation between what SaoirseB said and what you're saying so I was wondering why you quoted SaoirseB.

Disability and dread disease cover fall under the "life insurance" umbrella.
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Have them as stand alone products with sufficient cover under each. Otherwise you find yourself in the situation where you have either a long illness, your life cover depletes, you die and there is nothing for your family, or, worse, your life cover pays out and you recover, and now you can't get sufficient life cover because of the pre-existing condition. Have sufficient cover that pays out to cover expenses while you die, and sufficient cover to pay out to keep your family when you die.

(The joost comment is a supposition that his life cover paid out while he was dying, and that's why there's no life cover to pay amor and the kids now - emphasis on supposition)
 
Subscribed, should also get something like this, life cover, income protection, disability cover.
 
pinball wizard said:
(The joost comment is a supposition that his life cover paid out while he was dying, and that's why there's no life cover to pay amor and the kids now - emphasis on supposition)
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The majority of life cover I've come across will pay out while you're alive if you're diagnosed as terminal. If you take that route you're obviously not getting it again when you die.
 
Anonymous™ said:
Speak to Momentum! Their Myriad Plans are the TRUTH! (Life Cover + Income protection)

I pay R220pm (discounted by Momentum Multiply - it should be R400pm) for R35000 income protection + R1mil life cover (including dread disease).
Click to expand...



The income protection, is it R35000 per month or R35000 once off should anything happen?
 
I have just taken out Life Cover and Disability Cover with FNB, was a easy Online process and their prices are good.

Plus, you go up an Ebucks level.
 
xrapidx said:
The majority of life cover I've come across will pay out while you're alive if you're diagnosed as terminal. If you take that route you're obviously not getting it again when you die.
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Yeah, I understand that. You are under-insured in terms of disease cover or getting ****ty advice if you go this route though.
 
xrapidx said:
:rolleyes: ok
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Well, you explain it to me then? I need cover that pays out when I'm dead, to continue for a period the way of life or at least pay the debts my salary contributed to for my wife and kids. If I draw on that to pay my deathbed expenses, where does it leave them when I actually kick it? Surely I need sufficient disease cover to pay those expenses without touching what they need to survive once I'm gone?
 
pinball wizard said:
Well, you explain it to me then? I need cover that pays out when I'm dead, to continue for a period the way of life or at least pay the debts my salary contributed to for my wife and kids. If I draw on that to pay my deathbed expenses, where does it leave them when I actually kick it? Surely I need sufficient disease cover to pay those expenses without touching what they need to survive once I'm gone?
Click to expand...

Some insurers have separate "pots" for your cover amounts.

So, with some insurers, you would have cover for critical illness. If you get cancer or something, even if you can still work, that cover will pay out to help you treat that serious illness.

If you then die of that illness, because the amounts come from separate pots, your payout is not affected.
 
pinball wizard said:
Well, you explain it to me then? I need cover that pays out when I'm dead, to continue for a period the way of life or at least pay the debts my salary contributed to for my wife and kids. If I draw on that to pay my deathbed expenses, where does it leave them when I actually kick it? Surely I need sufficient disease cover to pay those expenses without touching what they need to survive once I'm gone?
Click to expand...

Ask your broker why you might claim from your life insurance.

Ancalagon said:
Some insurers have separate "pots" for your cover amounts.

So, with some insurers, you would have cover for critical illness. If you get cancer or something, even if you can still work, that cover will pay out to help you treat that serious illness.

If you then die of that illness, because the amounts come from separate pots, your payout is not affected.
Click to expand...

Yes, but you can still claim from your actual life, "I'm going to die", insurance if you are terminal.
 
If you have a 4 year degree then PPS will be the best. You get profit share on your life cover premiums rather than the company keeping the profit. If you don't qualify for PPS then quote around.

Also I advise against these packaged products as it becomes hard to compare apples with apples. They honestly tend to be more expensive when thy mix and match products. Get life cover, income protection etc separately. Work via a decent financial planner perhaps.
 
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