Life Insurance

L

lholhos

Well-Known Member
Joined
Oct 14, 2010
Messages
354
Reaction score
1
Location
JHB
Most people do not like paying for insurance, I am one of them i must say. I have been considering getting life insurance for some time now but I was never convinced that i really need it. I am 27, single with no kids. I have a house, car, Credit card in which all of them will paid up in the even of my death.

I have group life at work which is currently over 1 million rand ( 4x annual salary) and disability at 2x annual salary. I decided to meet Liberty Life people as they were calling me every now and then and also thought to myself I will use the opportunity to ask whatever I wanted to know about life insurance. Two months later after signing some document and did HIV test. The 'nurse' came to me and she took my blood, she never said anything. I was Still waiting for feedback on the tests. Today they deducted R334 for 1Mil cover and dreaded decease i think. Now my problem is they did not inform me that my application went through or there are amendments made to the policy, say I am HIV positive. I know I did give them my account number but they could have at least informed me about the outcome.

I have told you about my situation do you think i really need extra life insurance now, cause now i wanna cancel it already as I do not like people keeping out of the loop.
 
Momentum is the only "living" product I know of - the policy updates itself over time where the others you have to cancel and buy a new one with possible new exclusions...
 
meh screw that. I don't need life cover. What am I going to do with the money once I'm dead.

Once I have a wife & kids...thats a different ball game all together.

I'd imagine you signing the docs is sufficient consent for them to proceed. Informing you would have been nice, but it doesn't seem necessary as such.
 
Problem is older you get, the more costly its to join. btw.. banks sometimes require it with loans but that maybe something of the past?

wrt op, if i remember how discovery had it, they only contact you if you fail the screening. it's like the final process check before it goes active but this should have been said prior. I don't think i got informed of status when they checked, just got a start of policy mail stuff
 
Until you have people to care for life cover should only be enough to cover your debts. After you have wife/kids then do a will with a decent adviser and the wills requirements will tell you how much life cover you need. The earlier you start with the cover the cheaper it is so if you are planning on settling down even if it is in a few years time its not a terrible idea to get a little extra just to start getting used to the payments and to get the benefit of the early start.
 
lholhos said:
Most people do not like paying for insurance, I am one of them i must say. I have been considering getting life insurance for some time now but I was never convinced that i really need it. I am 27, single with no kids. I have a house, car, Credit card in which all of them will paid up in the even of my death.

I have group life at work which is currently over 1 million rand ( 4x annual salary) and disability at 2x annual salary. I decided to meet Liberty Life people as they were calling me every now and then and also thought to myself I will use the opportunity to ask whatever I wanted to know about life insurance. Two months later after signing some document and did HIV test. The 'nurse' came to me and she took my blood, she never said anything. I was Still waiting for feedback on the tests. Today they deducted R334 for 1Mil cover and dreaded decease i think. Now my problem is they did not inform me that my application went through or there are amendments made to the policy, say I am HIV positive. I know I did give them my account number but they could have at least informed me about the outcome.

I have told you about my situation do you think i really need extra life insurance now, cause now i wanna cancel it already as I do not like people keeping out of the loop.
Click to expand...

This part is the key. You definately do NOT need any life insurance. At all. Life insurance is to cover your debt and fill in the gap of your loss of income for you dependents. Since your debt is covered already and you don't have any dependents you have zero need for life insurance. Cancel you policy immediately. Your group cover from your pension fund is more than enough.
 
I have a life policy for my wife and son.
If it was not for them I would naturally not have it as I would never benefit from it.
 
Guys, remember the word "life cover" often is also used for disability and/or dread disease cover. Make sure you have some of disability cover at least.
 
I have it, but its one of those all in one policies. It includes home structural insurance, life cover, disability, retrenchment, dread desease, bla bla bla. Its attached to my bond repayments, so I'm not entirely sure how much it is.

I should probably mention I have a wife and two daughters, and I too would not have taken it out if it wasn't for them :)
 
lholhos said:
Most people do not like paying for insurance, I am one of them i must say. I have been considering getting life insurance for some time now but I was never convinced that i really need it. I am 27, single with no kids. I have a house, car, Credit card in which all of them will paid up in the even of my death.
Click to expand...
Gauging by your risk profile, you do not need life cover.

Sly21C said:
The only reason I'd get life cover is when I buy a house.
Click to expand...
^^^This.

I cancelled mine after realizing I was being extorted for fear of the unknown. My debt is miniscule and I have no dependants. A wise man once said - never buy the insurer's products, buy their equity.

I put 2x my life insurance premiums into Satrix40. Makes more sense for me.
 
I also always thought life cover was only really necessary when you have loved ones you would leave behind if you die.

But a close friend of mine recently had a blood clot which passed through his heart (he is still young...around 27). Now he said if he had life insurance, it would have paid out everything, which would have been around R1,000,000.

He is also unable to take out life insurance now....he is too high of a risk.

I never knew life insurance covered for events like that?!
 
drnaphtali said:
I also always thought life cover was only really necessary when you have loved ones you would leave behind if you die.

But a close friend of mine recently had a blood clot which passed through his heart (he is still young...around 27). Now he said if he had life insurance, it would have paid out everything, which would have been around R1,000,000.

He is also unable to take out life insurance now....he is too high of a risk.

I never knew life insurance covered for events like that?!
Click to expand...

Sounds like some other type of cover would have assisted him that gets lumped with "life cover", dread disease or similar:

supersunbird said:
Guys, remember the word "life cover" often is also used for disability and/or dread disease cover. Make sure you have some of disability cover at least.
Click to expand...
 
supersunbird said:
Guys, remember the word "life cover" often is also used for disability and/or dread disease cover. Make sure you have some of disability cover at least.
Click to expand...

This.. main reason i got life insurance was the risk of disability particularly working in Jhb. If something were to happen to me such that im unable to earn id prefer that the burden is lessened as much as possible.
 
Have dread disease and disability cover absolutely. Especially the younger you are the more you need it.

But life cover (after death) is only required if you are leaving someone behind.
 
I was fixing to get life via discovery like 2 mil for the wife and kid but the broker was so damn pushy and before I knew it they were sending the nurse out to do a medical check, draw bloods etc. I told them thanks but no thanks. That just freaked me out.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X