When 1Life was launched in 2006, it only provided life insurance. Over the years, it has evolved to include a range of insurance products like funeral cover, wills and estate plans, disability cover, dread disease cover, and salary protection cover. The insurer also provides other financial products, like personal loans, and investment opportunities through strategic partnerships.
Deciding on an insurance partner is not a simple task. You have to consider its advantages, disadvantages, coverage options, and your budget. Knowledge of these factors will help you make an informed decision on whether one insurer is best for you over another.
As a life insurer, 1Life is popular with South Africans. On Hellopeter, the insurer has a trust index of 8.1/10 from 7 345 reviews. It is certainly one of the insurers that come to mind when shopping for life insurance. In this review, you will learn what to expect from 1Life’s insurance including the products on offer, benefits and drawbacks you can expect with the insurer as well as how to apply for insurance or submit a claim.
1Life Insurance Products
Here are some of the notable 1Life insurance products that you should know.
Pure Life Cover
1Life’s Pure Life insurance policy is a life insurance plan that ensures loved ones do not suffer economic turmoil in the event an insured person dies. It covers up to R 10 million paid out to the insured person’s beneficiaries. For a lump sum payout of R 750 000, you should expect to pay monthly premiums of about R 400 a month. However, you should keep in mind that 1Life will decide your monthly premium based on your risk profile. Your medical history and any perilous leisure activities will decide your risk profile. Ensure you disclose any pre-existing medical conditions to the insurer when you apply for Pure Life Cover to avoid invalidating your claim.
Pure Life Plus Cover
1Life’s Pure Life Plus plan provides a good alternative to the Pure Life Cover. It covers up to R 10 million like pure life cover, but includes funeral cover from R 5 000 to R 50 000. It also includes up to 16 insured persons in the policyholder’s family. In case you combine Pure Life Plus with a funeral cover, you will save 28% off the prices for the two plans taken separately. The plan also includes a R 6 000 grocery benefit and a 5 000 memorial benefit.
1Life also offers Funeral Cover that can be bought independently or along with a life cover. With R 16 000 payouts, this cover will cater for funerals, gatherings, and even a memorial, this plan ensures a decent send-off for the policyholder. The policyholder can include a maximum of 16 other family members who are covered for an R 50 000 payout each.
1Life Wills and Estate Plan
Inheritance attracts opportunists and scroungers. It is, therefore, essential to plan your succession so that your loved ones inherit what is rightfully theirs. 1Life Wills and Estate Plan helps with this. It covers the up to R 10 million shortfall from your estate and pays out R 50 000 to a specified beneficiary within 48 hours after the claim is submitted.
Dread Disease Cover
1Life Dread Disease Cover policy plan covers sudden chronic illnesses such as cancer or heart attack. Middle-aged people particularly, most of whom are prone to midlife crises, might get mental distress and worry whenever they get slightly ill. This insurance might offer freedom from such worries. At a monthly premium, the insurer will pay out a lump sum in case of sudden chronic ailment of the kind covered. The payout can go towards your medical bills as well as other bills while you recuperate.
Female Dread Disease Cover
Female Dread Disease Cover is like the Dread Disease Cover but for chronic ailments that afflict females, specifically female cancers. As an add-on, mothers can include covers for up to four children against select cancers in this plan.
In case you become differently abled following an unfortunate occurrence, this insurance kicks in with a lump sum amount that can be used as an alternative source of income, car modification, or home remodeling. This lump sum amount can go up to R 10 million
Expense Protector Salary Protection Plan
If an injury or illness makes you unable to sort out your regular expenses, 1Life’s Expense Protector Salary Protection plan will help you sort them out till you get back on your feet. The payout in this cover can also be used for medical expenses while getting treatment for the illness or injury.
Essential Funeral Plan
This alternative funeral plan is for a whole family with up to four children and ten other additional family members. It covers a maximum of R 50 000. It gives a policyholder the option to select desired benefits including grocery, meat, or cashback benefits for incorporation into the plan.
Guaranteed Future Value Investments
In addition to typical insurance plans, 1Life also sells securities for investment. This is an appealing product for those who are looking to invest. It should be noted, however, that an investment is not an insurance. Insurance is meant to lessen worry while you go about daily activities. On the other hand, investments are meant for profit in order to beat inflation. Guaranteed Future Value Investments by 1Life has a five-year term with guaranteed returns and a full payout of the investment at the end of the term.
1Life provides personal loans in addition to investment opportunities. This product is powered by RCS which is a registered financial service provider under the National Credit Act of South Africa. You can apply if the loan is meant to finance further studies, side hustles, or debt consolidation.
Benefits With 1Life Insurance
- For the first 12 months after subscribing, life insurance premiums are fixed. The policyholder is thus shielded from sudden unexpected increments that may cause financial distress and even the inability to make timely payments.
- For both natural and accidental death, coverage is instantaneous. There is therefore no waiting period for claims of this kind.
- With 1Life Pure Life Cover, policyholders can access a cover that is high compared to the industry standard. That is up to R 10 million.
- Pure Life Cover is also beneficial because it does not require medical examinations.
- This plan also has instant cover for Covid-19 related complications.
- On its part, 1Life Pure Life Plus Cover is advantageous because it allows policyholders to combine their life insurance with a 1Life burial cover, you can save up to 28% on your outstanding premiums.
- 1Life Pure Life Plus Insurance also has funeral benefits, a feature that comes with the plan.
Drawbacks With 1Life Insurance
- There are no cashback rewards with 1Life Pure Life and 1Life Pure Life Plus covers.
How to Apply for 1Life Insurance Plan
To get any of 1Life’s insurance products you can either request a call me back or do an online purchase. You can also get a quick quote on the official website.
How to Submit a Claim with 1Life
To submit a claim, you will need the following:
- Copy of the death certificate that is certified in case of a funeral or life insurance claim.
- Copy of the deceased’s ID for a life cover claim
- A filled-in claim form for all claims
- If the circumstances behind the claim warrant it, a medical report.
These documents should be faxed or emailed to 1Life using the following contacts:
- 0860 10 57 67
For further assistance and consultation on how to submit a claim to 1Life Insurance, contact a consultant using the cell phone number:
- 0860 10 51 96
1Life is a good choice for an insurance provider in 2023. The noteworthy perks of 1Life insurance products include a high premium of up to R 10 million, a fixed monthly premium for the first 12 months, immediate payout for natural and accidental death, and the exclusion of a medical examination in the requirements while making an application.
The two life insurance plans offered by 1Life (Pure Life and Pure Life Plus) promise good payouts to beneficiaries to the tune of R 10 million at affordable monthly premiums starting from about R 400 for an R 750 000 payout. A distinct or additional funeral cover option, with an R 50 000 payout, is also available to cater for gathering, memorial, and funeral arrangements of the insured person(s). A Life Wills and Estates Plan with a payout of up to R 10 million covers the shortfall from your estate during succession and an R 50 000 payout to a specified beneficiary that is processed in within 48 hours. Dread Disease and Female Dread Disease Covers protect against the economic impacts of chronic disease diagnoses by covering medical bills and other expenses that are due while in recovery. Disability insurance covers medical bills and expenses in the event the policyholder unforeseeably gets maimed. Salary Protection Plan covers temporary loss of income to assist policyholders sort out expenses as they find a new source of income. Guaranteed Investments and Personal Loans are also offered by 1Life in partnership with other financial service providers to give loans and investment opportunities to its customers.