Life Cover

Life is unpredictable. You may be healthy and alive today, but it is not guaranteed that the situation will be the same tomorrow. This is why it is important to protect yourself against events that may threaten your family’s income.

Life cover gives you peace of mind, knowing that your family is taken care of when you are no longer alive. Some policies even cover you in the event of disability, terminal illness, and retrenchment.

The policy will pay out a lumpsum to your selected beneficiary when you pass away. This amount can help pay for your funeral, your children’s education, or even your debt. What you do with it is up to you or your beneficiaries.

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Which factors affect your life cover premiums?

You choose your cover amount based on your needs. The insurer will calculate the premium you need to pay based on your risk profile. There are many factors that determine how much you pay for your premiums. For example:

Age: it is important to purchase your cover while you are still young. The older you get the more expensive your cover becomes. This is because of the risks associated with age. The older you get, the more prone you will be to illness, and the closer you’re to the grave.

Medical history: If you have had or have a medical condition that has the potential of reducing your lifespan, your premiums will be higher. This includes your family’s medical history. Conditions such as TB, cancer, HIV, diabetes, and cardiovascular disease will have a huge impact on your premiums.

Smoking: Smokers tend to pay higher premiums because of the risks thei habit poses. Smoking is a major cause of diseases such as cancer, TB, and heart conditions. The more prone you are to these, the higher your premiums will be.

Gender: Men tend to have a shorter lifespan compared to women. Women live longer because they take better care of their health, and engage in less risky activities than men. 

Body mass index (BMI): You BMI plays a big role in the insurance industry. If you are overweight or obese, that means you are more prone to life threatening illnesses. You will pay higher premiums because of that.

Occupation: Occupations such as firefighters and police officers carry a greater risk than that of a teacher or bank teller. Thus, if your occupation has the potential of shortening your life, you are likely to pay more.

Marital status: It is believed that married people are more responsible than single people. So, if you are single your premiums may be negatively affected.

Employment: If you are unemployed at the time you purchase your life cover, you are likely to pay higher premiums. Ensure that you speak to your insurer to adjust your premiums when you find a job.

Credit score: Insurers also check your credit report to determine if you will be able to pay your premiums. If your credit score is high, indicating that you have a healthy debt history, you will pay lower premiums. If it is lower, you will pay higher premiums.

How long will your life cover protect you?

Your life cover can protect you throughout your life, depending on the type of policy you choose. In South Africa, you have two policies to choose from: whole life cover and term cover.

Whole life cover: This means that you are covered until the day you pass away, or until you surrender your policy. With this type of cover, the insurer invests your premiums, helping you build a cash value. The cash value means you will receive a pay-out if you decide to cancel your policy.

Whole life cover is the most expensive cover. If you are looking for a cheaper cover, you might have to consider term life cover.

Term life cover:  This ensures that you are covered for a set period. You can choose to be covered for up to 30 years. Most policies cease to exist when you reach the age of 65. That means you will not be protected if an unfortunate event occurs. Term life cover is the most affordable of the two covers.

How to ensure your claim is not rejected?

  • Be honest: Make sure you do not misrepresent or deliberately omit information when purchasing your life cover. If you do so, your claim will be rejected, or your policy will be cancelled.
  • Pay your premiums: Paying your premiums consistently will ensure that your claims are approved at the promised time.
  • Read the exclusion clause: This clause states the events that are not covered by your insurer. An example, of those is driving under the influence of alcohol.

Life cover typically has a waiting period of 12 months. That means if something happens to you in that period, you will not be covered. Many of them take 24 hours to pay out if your claim is approved.

Life cover will ensure that your family maintains their quality of life. Justmoney can help you find life cover that suits your needs at affordable premiums.

For more information on life covers, see the guide below.



The guide below helps to explain life cover. If you still have questions after reading the guide, ask our insurance expert or you can also visit our FAQ page.


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