A Life Insurance
Policy allow you to make provision for your dependents when
you die or become permanently disabled. You can also
ensure financial security when you retire with a
A life insurance policy pays a
lump sum (based on the policy's terms and conditions), after
your death, to provide for your family or settle any debt
(i.e. outstanding amount on your car or home). Some
life policies allow you to include disability cover.
wide spectrum of life cover is available in the South
African market. Term Life Insurance or Credit Life
Cover would be ideal if you only want life cover for a
certain period of time, i.e. while paying a bond on your
Bond Insurance (Life Cover from R80 per month).
Insurance is relatively cheap, but does not have an
investment/cash value. When the agreed cover period
have passed, the cover merely expires.
Whole Life Cover
expires after the policy holder's death or when you
surrender the policy. Your premium is invested by the
insurance company and you can borrow against the policy as
soon as it has a cash value.
Cover has an investment component included. Your
return on investment depends on the performance of the
investment. The growth rate is not guaranteed, but
rapid growth is a possibility.
Credit Life Insurance
Life insurance companies
Cover provided by Life Policies