Life Insurance 101
- What is Life Insurance?Life insurance is a valuable financial tool that provides peace of mind by securing a future for your loved ones when you’re no longer around. Learn how life insurance works, who should consider it, and the benefits it offers, such as covering funeral cos
- Do I Need Life Insurance?Life insurance helps cover expenses and supports loved ones financially after you're gone, easing burdens like debts, rent, school fees, and funeral costs.
- How Are my Premiums Used?Your premiums are pooled with other policyholders' contributions to form a large fund. This fund is used to pay out claims to beneficiaries when someone covered by the insurer…
- How Does Life Insurance Take Care of my Children?The loss of your life could be as financially devastating to your children as it is emotionally. Without your income they may be thrown into a dangerously vulnerable position that…
- Do Young People Need Life Insurance?Life insurance isn't just for families. Even young adults might have dependents (like your parents or siblings) or want to secure their own future. A few more reasons: Lower…
- What is "Term Life Insurance" & How is it Different from "Whole Life" or "Funeral" Insurance?Term life insurance is designed to be simple and affordable. It has a clear and transparent value proposition – you pay to obtain coverage that can support your family, should you…
- When is the Best Time to Get Insurance?The sooner you get life insurance, the more affordable it will be. So, the best time is right now! It’s a smart move to lock in a low monthly price now which, with EasyProtect,…
- How Often Should I Revisit my Insurance Needs?As your life changes (marriage, children, career, new debt, buy a home or pay it off), your insurance needs may too. It’s a good idea to check in with yourself on a biannual or…
- What is "Underwriting"?Underwriting is the process insurers use to determine your risk profile. This helps insurers to know what cover you qualify for, as well as the appropriate premium to charge based…
- I Get Life Insurance Through My Employer - Is It Enough?Employer-provided life insurance may not be sufficient. A rule of thumb commonly used in the insurance world is that your total insurance cover should be somewhere between 10 to…
- What is a "Beneficiary", & Who Should I List In Case Something Happens To Me?A 'beneficiary' is the person or entity who receives your life insurance pay out. Choose someone financially dependent on you, like a spouse or child. A beneficiary can be a…
- Is Life Insurance Really Worth the Cost?Absolutely! Life insurance offers peace of mind knowing that your loved ones will be financially protected if something happens to you. It can cover things like funeral expenses,…
- 'Replacement Policy'...'Waiting Period'...'Cooling Off Period' ???A replacement policy is a new policy you take out to replace an existing one that may have become more expensive or no longer meets your needs. This is the time that must pass…
- Will I Pay Tax on my Premiums and Pay Out?Your premiums are not tax-deductible in South Africa. This means you cannot claim back any or part of your premiums from the South African Revenue Service (SARS). However, life…
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