Insurance 101

So what is underwriting anyway?

We think you should understand what you buy.

So what is underwriting anyway?

Perhaps the best way to answer that is to consider the following...

  • Two people are looking to buy a R1 million’s life insurance.
  • The insurance company offers each of them the cover at R500 a month
  • One person is in perfect health, one is not
  • One of them works in an office , the other works with explosives
  • One of them takes leisurely walks on the beach to stay in shape, the other is a skydiver

Question is: “Which of the two is getting the better deal?”

Rather than a “one size fits all” approach, underwritten life insu...

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When a Policy won’t pay out?

Worried whether Different Life will ‘Um and Ah’ with your claim?

This is always a sticky question. Ask any insurer: The number one cause of claims being rejected is because of non-disclosure.

Non-disclosure is when you fail to tell the whole truth when applying for cover. At Different Life we’re trying our best to play fair with you.

For instance, you’ll notice when answering our health questions, that we’re not asking you to remember things which happened 40 years ago. We only ask about health issues which have occurred during the past 5 to 10 years.

In the interests of full disclosure, we kn...

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4 Critical reasons for why you should keep reading

Besides - old age, car accident and murder – what would the most likely cause of my death be?

This was the question we asked when deciding on what we wanted from our Critical Illness Cover.

Crack open any comprehensive critical illness policy wording and you’ll find a ton of diseases covered – everything from Parkinson’s to Cerebral Malaria to Blindness.

But if we had to drill down to the 3 most common diseases, what would those be?

It was unanimous…

  • Cancer
  • Heart attack, and
  • Stroke

Voila!

Instead of trying to cover against every disease under the sun like everyone else, we decided to focus i...

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The big difference between Disability Cover and Critical Illness Cover

I can’t decide - Disability Cover and Critical Illness Cover?

Of course you know our opinion on that - take both! But it’s not our opinion that counts; so here’s how to decide:

Which is better?

  • Disability Cover has one focus, and one focus only - your occupation.
  • Critical Illness Cover also has one focus – have you been diagnosed with one of the critical illnesses?

That’s it case closed, end of discussion. But hang on, surely there’s more to this than that?

Let’s look at the exact definitions for each of these:

Disability Cover

The Different Life Disability Cover will pay a single lumpsum IF...

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Should I cancel my medical aid now that I own Critical Illness Cover?

At Different Life we have a different take on this - We think Critical Illness Cover is especially important because you’re on medical aid.

To understand our thinking, you need to know how a medical scheme works.

So how does a medical scheme work?

Basically a group of people all come together and agree to put a certain amount of money into one big pot. This pot of money is then allocated to a 1, 001 medical procedures depending on the frequency and cost of each procedure.

Assume for a moment that childbirth accounts for 60% of all costs. This should result in 60% of the pot being allocated to ...

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How to buy Life Insurance in 20 minutes flat

You’re probably not going to believe what we’re going to say next…

At Different Life we think our life insurance platform is the best thing since sliced cheese. The problem is - you might not agree. So what better way is there to test, than to see how long it takes someone to come out the other end of the sausage machine?

We advertise that it can be done in less than 15 minutes. It took our highly professional tester a little longer than that, 20 minutes or so. Okay, he wasn’t that professional – a friend of a friend of ours, you get the picture?

But nevertheless, our challenge to you is: “Do ...

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Why we charge for our Accelerated Funeral Benefit

So you’re in two minds about buying life insurance

You’re on a tight budget at the moment. You’ve basically got R200 a month which you can spend on insurance, and right now you have to decide between life insurance and funeral cover.

Yes, life insurance is definitely more value for money, but that doesn’t help much if the cover only pays out a month later. At least with funeral cover you’ll know that your family can afford to bury you within 48 hours. They can arrange the funeral and pay whatever else needs to be paid without any stress.

It makes sense, right? And for us at Different Life, it ...

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1 simple solution to 3 big problems

Why would anyone buy life insurance?

Think about it.

  • First off, it’s money which could be better spent paying off your debt or saving for retirement, and second,
  • You’re never going to enjoy the millions of life insurance on your life.

Take the single person for example.  They’re usually just starting out in life with zero assets (yet) and zero obligations (yet). The conversation going on in their heads is something like this: “I’m single. I don’t have kids. I don’t own much and I owe nobody a cent And even if I did, so what?”

But believe it or not, there are also very sound reasons for ownin...

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I already have Disability Cover – do I need Salary Protection?

Meet Ralph…

Ralph recently got married. His first child is on the way, and to top it all, he has just bought his very first home. Of course let’s not forget the two cars, the furniture, and everything else that goes along with marriage and owning a home. Quite simply, Ralph has a lot on his plate. To be honest, while it’s great knowing life is good, he’s also scared…

This is what keeps him up at night:

Recently married

Marriage is a big decision in anyone’s book. ‘For better or for worse’ springs to mind but he is starting to ask: Would that ‘worse’ include one of them losing their income?

Chi... read more »

Why James needs Salary Protection

Can you identify with James?

He’s just your average bloke trying to make a living. It’s tough when you’re a single parent trying to put food on the table for three children at the best of times. But right now, James is in big trouble.

In fact, life was on the up-and-up for him until recently.  As a stock controller at one of South Africa’s largest food retailers, he’s good at what he does, and the company he works for, has been around since the beginning of time. This was of course, till last week Tuesday…

James boarded a taxi, as he does every day of the week. He paged through his newspaper a...

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