Your "Life" Priorities
When it comes to life insurance, South Africans are interested in getting paid out. That's according to a recent online poll conducted by South Africa's online guide to money, Justmoney.co.za.
When quizzed about their priorities when taking out life insurance, 41% of respondents listed "A reputable company who will pay my claim" as the most important factor in the decision making process.
Lawrence Blake, Life Insurance Broker at Blake & Els Wealth & Risk Management, says that the results of the poll come as no surprise to him. "When it comes to taking out life insurance you cannot afford to cut corners...after all, it's your family's future which is at stake!"
Justmoney.co.za's editor Andy Gilder says that life insurance has suddenly seen a surge of interest in the online space and, as a result, comparing a number of quotes is now easier than ever.
"Short term insurance has been one of the most competitive industries in the South African online market for some time, but life insurance has made a big push in the last few months and a number of brokers and providers are now online. With so many options to choose from, the importance of a reputable life cover provider is more important than ever."
Users of the online money guide were fairly evenly split over their choices when asked the question "What is most important to you when taking out life insurance?", but the importance of a reputable company who will pay claims came out trumps.
- 41% said "A reputable company who will pay my claim."
- 29% said "The most life cover at the cheapest price."
- 23% said "Comparing quotes to see which provider is best suited to my needs."
- 8% said "Avoiding the fuss of medical tests."
"In the past, applying for life insurance has been a long and tedious process, but providers and brokers are streamlining ways of giving clients quote making it easier for consumers to compare cover and prices" said Gilder.
Blake says that despite the importance of ensuring you use a reputable provider "you don't want to end up paying more than necessary for life insurance that another reputable insurer could offer. The solution is to approach ONE broker who represents at least five of the largest insurers out there and then get ‘apples with apples' quotations across the board."
If you are unsure about which life cover to take out, use justmoney's life insurance application form - you'll receive 6 quotes with no obligations, free of charge, so you can be sure that the cover you have is the best available at a competitive price!