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Life insurance can be complicated but at its core is very simple. If you die the cover amount is paid. This is what we offer at Different Life.

Life insurance is often used as a catch all phrase to describe all long term insurance products. The common additions are explained below.

 

The common, key components of life insurance.

Here are the nuts and bolts of life insurance products out there.

 

The Death Benefit component

Defined as the amount that is payable to a beneficiary when an insured person passes away.

Used for paying final expenses – such as funeral costs and unpaid medical bills, any debt such as the balance of a mortgage.

 

Cash Value component

An insurance component that pays a stated amount of proceeds upon the death of the insured, while at the same time providing a cash value or investment component that accumulates a cash value that the policy holder may withdraw or borrow against.

Over the years, the policy’s cash value component grows, and the policy begins to accumulate what is referred to as a cash surrender value. If the insured decides to cancel – or “surrender” – the policy, he or she would be able to receive the accumulated cash surrender value that has built up inside the policy.

 

Some variations of Life Insurance

Term Life Insurance

This policy is taken for a set period, for example, 20 years. This means that you are covered for death during this period. If the cover is not used within this frame of time, it expires. It does not build any cash value. The main benefit of this plan is that the premiums are much cheaper.

 

Whole Life Insurance

This plan covers the remainder of your life and amount that will be paid out is a fixed predetermined value.

 

Permanent Life Insurance

This plan covers the remainder of your life and accumulates value over time, which can be withdrawn.

 

Other products often bundled with life insurance

Life insurance is often used as a catch all phrase to describe all long term insurance products. The common additions are explained below.

 

Salary Protection – the certainty of a regular income

If you consider that you have things such as a bond, medical aid, school fees to cover this product takes care of that risk.

Income or salary protection policies typically replace up to 75% of your monthly income for a period of time when you get sick or injured and cannot work. This is usually only if you are unable to perform your insured occupation due to a disability.

Some options out there:

Mortgage Protection Insurance

Also known as ‘home loan insurance’ or ‘consumer credit insurance’, can cover your mortgage repayments in the event of your passing, the diagnosis of a critical illness, or if you are totally and permanently disabled.

Redundancy insurance

It’s treated a little differently than income protection. In some cases, banks will include it as mortgage cover, but it may only be offered so you can continue paying for a linked mortgage… and it’s unlikely you’ll be able to access any additional money.

 

Critical Illness & Disability Cover

Critical Illness products typically pay a lump sum if you’re diagnosed with a “dreaded disease” i.e. cancer, stroke, suffer a heart attack, undergo heart surgery. The exact qualifying conditions and definitions will be included in your policy wording.
This is how we put together our product

More about our Critical Illness Cover

Disability Cover will pay the cover amount in full if you are totally and permanently unable to perform your insured occupation and any similar occupation to which you are suited by skill, education and training due to a disability.

More about our Disability Cover

 

Do you need it ?

Focus on your personal circumstances – Only you know how much money it costs to run your household; what your expenses are, your debts, and whether or not you’re able to pay these things off.

Can’t decide – This may may help?

We’ve made the calculator below to get you started.

 

Accidental Products

If for any reason you don’t qualify for our primary products (Life Cover, Disability Cover and Salary Protection), you may still have the option to purchase the Accident-Only variations of these products. As the name states, this only covers the policy holder in case of an accident.

More on Accidental Products

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Interesting articles on life insurance

  • Think you might need life insurance? Here are some questions to ask yourself. - If I were to die how would my dependants survive without my income? What would happen to bond or rent payments, vehicle installments or school fees? If you don’t easily know the answer to any of these questions then you most probably need life insurance. Maybe you don’t have dependents but still have bills that Read More
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  • A Few Questions to Help You Plan For Your Pregnancy - Although this list of questions may seem daunting at first, if you give yourself enough time to work through these questions, you should be sorted by the time your baby is born. 1 )  Admin and finance-related (pre-baby) Medical aid Do you have medical aid? What pregnancy-related benefits do they offer on your chosen option? Read More
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  • What is an accelerated funeral benefit? - It may come as a surprise, but a life insurance claim can often take up to a few months to pay out. So what about the funeral costs? Well, you could take a funeral plan, or if offered by the insurer you could get an accelerated funeral benefit as an add-on to your life policy. The accelerated Read More
  • Buying an underwritten policy? Answer all questions honestly and accurately.  - When buying a life insurance policy it is very important to answer all questions honestly and accurately. Why? An underwritten policy is priced according to your individual risk - hence all the questions. Not answering honestly and accurately could lead to something insurers call 'non-disclosure', and that could mean a policy doesn't pay out when it Read More
  • Determine whether or not you need life insurance - If I were to die how would my dependants survive without my income? What would happen to bond or rent payments, vehicle installments or school fees? If you don’t easily know the answer to any of these questions then you most probably need life insurance. Maybe you don’t have dependents but still have bills that Read More
  • A Funeral Policy vs Life Insurance - A funeral policy is designed to pay out a quick amount of cash to cover the costs associated with a funeral. Life cover offers much higher payouts but doesn’t necessarily have the promise to pay-out as quickly. So how do you get the best of both worlds? With a Different Life policy, you can ad Read More
  • Why does my premium increase when my cover doesn’t.  - Many insurance policies have an increasing premium even though the cover amount doesn't change. Life insurance also gets more expensive as you get older; why would this be the case? Each year we get older and unfortunately for all of us that means we become more likely to die, even if only a little bit. Read More
  • What is a waiting period and why should you care?  - A waiting period is an amount of time where you pay a premium but don't yet have full cover. This is usually done to prevent people from buying a life insurance product when they suspect they might already be ill. Another way to deal with this risk is for the insurer to assess it through Read More

You have not lived today until you have done something for someone who can never repay you

John Bunyan