Pas på dit liv – Du har kun ét

If you want to provide survivors with sufficient funds, in the event of your premature death, then you need some kind of life insurance. Insurance monies are paid in a lump sum. That means they can be used to address not only the immediate expenses involved with estate settlement and funeral costs, but they can also help with the long term needs of survivors. With a life insurance policy, you can make provisions for your dependents. There are even life insurance policies that offer provisions in case you are disabled, and some even provide a retirement annuity.

South Africa really has a wide variety of life insurance options and providers. You can easily find policies that offer term, whole and universal life insurance plans.

Term life insurance, is coverage that lasts for a specific term of time. In other words, it is life insurance coverage taken out for a predetermined length of time, after which the coverage simply ceases to exist. This type of plan works very well if you want life coverage for a limited period. For example, maybe you only need a life insurance policy during the years it takes to pay off your home mortgage. Because it is shorter termed, this type of life insurance coverage is less expensive. The down side is, it does not have a cash value or investment potential.

Whole life insurance coverage is a little different, and far more complete. A payout of some kind is assured, and it expires only upon the policyholder’s death, or when it’s is given up. Once you are covered, you do not need to worry about the possibility of becoming uninsurable later in life. The insurance company will invest the premiums, and policyholders can borrow against the policy as soon as it builds cash value. Naturally, it costs more than a term life insurance policy.

An added bonus with a universal life insurance plan is the investment component. You make premium payments, but you receive interest on anything that is above the cost of the insurance. So, you get cash value on that amount each month. There is potential for rapid growth, but it is not guaranteed.

South Africa has several life insurance companies. One of the newest life insurance companies is1LifeDirect. They offer customers unique products at low monthly premiums, by cutting out the middleman. This in turn, saves on premiums. Discovery Life Insurance derives its know-how from the medical aid industry, which allows it to generate excellent insurance products, along with a fantastic loyalty program.

One of the bigger names in the insurance industry, Liberty Life Insurance offers three premium options that can accommodate any need. Moreover, one of the largest varieties of products on the market comes through RMB Insurance. Finally, Sanlam Insurance can provide both personal and group life insurance coverage.

Susan Reynolds is the webmaster for a leading South African Insurance Provider who specialises in Life Insurance.

categories: Insurance,Finance,Life Insurance,Life Cover,Health,Death,Disability,People

Life insurance brokers and life insurance agents are very different. Agents are hired by, and work for, one company. Because they work for a specific company, they push products for that business. Consequently, an insurance agent does not sell products for a rival insurance company.

Life insurance brokers are actually intermediaries between the customer and the insurance companies. So, they do not work for one specific company. Instead, they look at all the insurance companies, searching out the least expensive life insurance policy, which matches whatever specifications you have set.

Choosing the right life insurance policy is much easier, if you have a good broker. They will do all the research and sift through the mountain of options, looking for the packages and deals that might work best for you. Although some do charge a fee, brokers are paid on a commission basis. The insurance companies reimburse them whenever they pass on a customer. In fact, the broker’s commission is already factored into the cost of the insurance policy premium. It is interesting to note that, if you went directly to the insurance company, you would still pay the same price for a particular policy.

Rebating is a practice used by some brokers, despite the fact that it is prohibited in most places. When a broker rebates, what he is doing is cutting part of his commission. He then offers that savings to the customer. That proffered savings may seem quite tempting, but it is not a good idea to use an insurance broker that rebates. The primary reason is the fact that it is illegal. Aside from that, the monies saved are taxable income. You would have to declare it.

It is really very important to find a good insurance broker. The fact that a good broker will have developed working relations with a wide range of companies, allows you to have a wider range of options. They can also help you understand all those options. When deciding on your broker, make sure to ask questions.

Determine the broker’s level of experience. The more experience they have, the better it will be for you. Newer brokers just do not have the same level of experience, and they haven’t developed the same contact depth. Inexperience can be costly. A less experienced broker’s relationship portfolio will not be as extensive, which means you might not receive the best option available. Inexperience often results in misinformation and misdirection. That is something you could end up paying for.

Determine just how qualified your broker is, and ask how many companies they work with. This will give you an idea of just how extensive the polices and options will be. It stand to reason, the more companies they do business with, the more options you will have to choose from. Your broker really should be familiar with each company’s peculiarities, as well. The more your broker knows the insurance market, the more money you stand to save.

Susan Reynolds is the content coordinator for a leading South African Insurance Provider who specialises in Life Insurance Options.

categories: Insurance,Finance,Life Insurance,Life Cover,Health,Death,Disability,People

The most truthful answer to that question is, no. Nevertheless, there are certainly times when an insurance broker can be very useful. Actually, they can save you a large amount of money.

It does not matter whether you want to purchase car, health or life insurance, there are a large number of companies to choose from, and a significantly extensive number of complex plans available. Translating those plans can be frightening, especially if you have not had experience in this area before. This is where the services of a broker can be invaluable.

A life insurance broker is an intermediary. They function between you and an insurance company, and it is their job to find the lowest possible policy. An insurance broker does not have ties to a specific company, but instead, they have connections with numerous companies. This is what allows them to dig for the very best options. Because of their extensive knowledge, they can answer complex questions, and make sure you are headed in the right direction, as far as your insurance needs are concerned.

Once you select the broker you want, you supply them with your specific details and needs. From there, the broker begins sorting through the choices available, looking for the best deal. The broker will either give you multiple quotes to choose from, or offer you the lowest option available. Now all you need to do is compare several insurance estimates from the leading companies. You are now able to make an informed decision on which one will work best for your particular situation.

Brokers must be familiar with all the leading insurance companies. Because they do not work for just one, they are able to establish relationships with many companies. They know the reputation, and they know how the company operates. They can tell you how often premiums increase, and how the company handles its claims.

Insurance brokers work on commission. The insurance companies pay them for every policy they sell. If you were to go to the company, and purchase a similar policy, you could not get it at a cheaper cost. What that means is that using a broker to help you find the best policy costs you nothing more, and it takes a great deal of stress off your shoulders. The broker does the research and deals with all the frustrations of weeding out the better polices. All you have to do is consider the options he presents for you, and make a decision on which one is going to work best.

The greatest benefit in using a broker is the extent of his or her knowledge of the marketplace. Not only can they find the insurance you need, they can find it quickly. However, the best part is they can usually get you exactly the kind of coverage you require, at a price that would be difficult for you to duplicate. They understand all the technicalities of insurance contracts, and they can make sense of the fine print. Choosing to use a broker has many benefits.

Susan Reynolds is the webmaster for a leading South African Insurance Provider who specialises in Life Insurance Policies.

categories: Insurance,Finance,Life Insurance,Life Cover,Health,Death,Disability,People

If someone in your life depends on you financially then you should have life cover. Life cover should be at the top of your list of priorities. What will happen to your loved ones financially when you are gone? It is not something any of us want to think about but it is reality. Everyone should have life cover.

A term life policy is easy to decipher and easy to get. You may need help with understanding plan types and amount of coverage.

Before you apply for life insurance coverage there are some things to consider. Determine how much life insurance coverage you need, be careful not to take out too little of an amount. Make sure you think of all the household bills including the mortgage. Your cover amount can be estimated by using an online calculator. It is a common mistake to be under-insured. Being over insured is a normal mistake many make as well.

You have to determine the amount of time the insurance cover Many times once dependants leave or financial responsibilities are paid off the cover can come to an end. In some cases the policy holder will hold the policy until they are retired. The main thing is to have the cover stay in effect long enough for your purposes.

Take careful consideration to answer all questions on the application accurately and with honesty. If you fail to give all the information asked of you the insurance company can deny your application due to non disclosure.

You might want to consider placing your cover in a trust. go wrong with placing your policy in a trust. A trust will ensure that all loved ones receive their benefits. Policies that are not written in a trust become part of your estate and could increase the inheritance tax liability. You will find the simple trust form with your policy packet.

Do not pay more for your policy than you can afford to. Insurance policies are more expensive if you are a greater risk.

The most common policy is the Level Term Assurance (LTA) where the sum of your insured amount remains the same for the length of the term. If you only want cover for payment of a mortgage or other decreasing debt you could check out Decreasing Term Assurance (DTA) for a more competitive rate.

You should always review your policy when any life modifications occur. The arrival of a new child, moving to a larger house or career changes could affect your policy needs. Many people do not understand that their cover needs will shift as their life does. Any time it makes sense to, change your policy.

Always remember you can shop around for more affordable policy prices even if you already have coverage. Be sure that you are not losing any irreplaceable benefits before cancelling a policy. You have to keep in mind that if your health has or any major life changes have occurred you will be paying a more expensive rate for a new policy.

Susan Reynolds is the webmaster for a leading South African Insurance provider who specialises in Life Insurance.

categories: Insurance,Finance,Life Insurance,Life Cover,Health,Death,Disability,People