Updated 21.04.2022

Best Life Insurance in South Africa

Affordable Life Insurance Cover South Africa

What is life insurance?

Life insurance is a legally binding agreement between an insurer and the insured which requires the policyholder to pay a monthly premium to the policyholder in return for a guaranteed payment to the insured beneficiaries on the insured’s event of death.

Since a life insurance policy is an agreement, some information is required to implement the agreement. The cover application must provide full disclosure of the life to be insured. When completing the application process, all current and past health conditions related to the life insured must be disclosed. There should also be a full description of any high-risk activities the insured participates in.

Upon the insured’s death, the designated beneficiaries specified in the policy will collect the death benefit. This provides some financial security and protection to the individuals family and can help with funeral expenses at a difficult time.

The best life insurance cover in South Africa can help you change your income, pay off debts, or get enough coverage to cover the expenses your family faces, such as paying for your children’s education and also caring for elderly parents.

Life Insurance Quotes

When you decide to take out a life insurance policy, you’re probably looking for cover to protect your surviving dependents financially when you die. There are many different types of life insurance, and you should be able to find one to suit your budget.

Compare the best Life Insurance Providers in South Africa 2022

Life Insurance ProviderBenefits and ServicesCustomer Satisfaction ScoreLinks
Discovery Life Insurance
Discovery Life Insurance
Discovery is the biggest life insurance provider in South Africa.75.7Learn more
Old Mutual Life Insurance
  
80.3Learn more
Metropolitan Life Insurance
Metropolitan Life Insurance
79.6Learn more
Sanlam Life Insurance
Sanlam Life Insurance
78.6Learn more
Momentum Life Insurance
Momentum Life Insurance
74.5
Liberty Life Insurance
Liberty Life Insurance
Loss of Income Protection
Lifestyle Protection
Wellness Bonus
75.2Learn more
FNB Life
FNB
82.2Learn more
ABSA Life
absa-logo
83.2Learn more

Best Life Insurance Cover in South Africa

However, our best choices are not in any particular order. This outline will help you select the best cover based on your needs.

Here is some of the best life insurance cover in South Africa:

FNB Life

Topping the list of the best South African life insurers provides bank insurance instead of a traditional life insurer. FNB is a relatively new player in its insurance sector, selling insurance products through its banking channels. FNB Life scored 82.2 in the overall Consumer Satisfaction Index, emerging as the market leader.

You can bundle your health insurance with a serious illness and disability cover. If you want to protect your income, you can also add Income Protection cover. The cover comes with the benefit of R30,000 funeral cover, for which you will not pay any extra premium. FNB retains the majority of faithful clients in the life insurance industry in South Africa. According to SA-CSI, it has the most loyal customers and offers the highest number of customer treatments in South Africa. They are among the three companies that had improved since 2018, when they were the only company to handle the increased customer loyalty score since 2017.

Find out more on the website www.fnb.co.za

1Life Insurance

1Life delivers life insurance with amazing benefits, ensuring that your loved ones have some financial protection from the loss of the earner in your home. You can get a lump sum tax-free cover of up to R500,000. It is useful for daily living expenses like your kids’ school costs and medical fees. There is also the possibility to boost your cover to R3 Million, ensuring that your Family’s lifestyle is not harmful.

1Life offers the opportunity to save your insurance premium when you admit as online. Other amazing benefits include no paperwork or medical examination, free financial advice, and an online financial needs analysis tool. They make the cover less complicated by not requiring full medical *. Instead of multiple invasive procedures, all of their clients can get the cover after a quick sputum sweep test.

They are also the sole insurer with an online financial needs analysis tool that empowers their clients to find the best cover for their needs. They manage every aspect of your policy with a simple phone call, avoiding any hassle of paperwork. Truth About Money, a 1Life initiative, seeks to help South Africans take control of their finances and make better-informed decisions that could change their lives. Truth About Money offers free debt management and counseling, free financial education courses, as well as wills and property planning. They are useful to help you get closer to the financial freedom you desire.

Website: https://www.1life.co.za/

Life Insurance

Metropolitan Company

Metropolitan has developed and expanded to offer insurance solutions to help South Africans make sound financial decisions. Metropolitan’s life insurance packages include the option of a funeral cover that can be customized to cover the funeral costs for your Family (up to 20 people) between R50,000 and R80,000.

Metropolitan is one of the two leaders in the South African Customer Satisfaction Index score, a testament to their leadership in customer satisfaction in the South African life core. In the company’s overall consumer satisfaction index, the market average score is 79.6.

Metropolitan delivers a basic life cover choice that pays you up to R500,000 and a comprehensive life cover that covers you up to R5 million. With a comprehensive plan, you can get 100% of your salary 12 months in advance if you are diagnosed with an illness and doctors predict that you have less than 12 months life expectancy.

For more information visit https://www.metropolitan.co.za/

Discovery life insurance

Discovery, one of the leading insurance providers in South Africa, can offer many options and great benefits that you will not find with other insurance providers. People under the age of 30 can get protection according to their life stage and budget. Furthermore, you can also get insurance by paying in US dollars. With the nine life insurance plans on offer and the ability to diversify and improve your coverage, Discovery is something unique to you. You can bundle your life insurance with many benefits. You can include routine life insurance bundles such as serious illness, disability, and income protection coverage. Discovery Life goes a step further by incorporating the benefits of children’s education, state planning, child protector, and many more.

If you want many benefits that you want to include in your life insurance, then Discovery Life Insurance is for you. The product variance is high, and if you have one or more Discovery products, you will get a discount on the premium.

Discover Life Insurance makes it easy to ensure your financial future, with ideal claim records, payments, and Vitality purchase options and rewards for good lifestyle choices. You can get coverage from a minimum of R100 per month, as well as plans that cover disability, serious illness, income continuity, education, and more. With Discovery Life Insurance, your Family will not only benefit from your life insurance cover, but as a policyholder, you will receive payments and discounts. The company also takes care of your health by making sure you live a healthy life and engage in eating.

For more information visit http://www.discovery.co.za

Simply Life

There’s another relatively new kid on the block, describing themselves as a disruptive digital life company on a mission to guarantee the economic future of millions of South Africans. The company aims to meet the “urgent need” for affordable life insurance products in South Africa that are easily understandable.

The Simply was founded by three partners who want to employ their collective and unique experiences and talents to achieve positive and significant results. The market, distribute and service long-term insurance products, and their policies are written through Old Mutual Alternative Risk Transfer Limited (OMART).

Simply Family offers easy online applications that require full disclosure in answers to health questions and do not require blood tests or medical. Immediate life cover and disability coverage up to R2 million, as well as last rites coverage for individuals or families up to R50,000 at a reasonable premium.

Families and groups benefiting from Simply Life Insurance Plan can get up to R2 Million on Cover Plan and up to R200,000 on Domestic Cover Plan. Users also receive R500 cash each month for six months after the insured has passed to help with groceries.

For more information visit https://www.simply.co.za/

Sanlam

Sanlam Insurance is one of the best life insurance in South Africa. It has been offering life insurance since the early 1900s, and the company’s track record speaks for itself. The company has been at the center of life insurance in Africa and performs well with its life insurance division. There is an expansive range of benefits to choosing Sanlam as your life insurance provider. The benefits range from cost reduction benefits to tax benefits. Even Sanlam’s over 100 years of experience in issuing life insurance comes as an added benefit.

This insurance offers three solutions for its life insurance. Solutions offer top and flexible choices to allow users to opt for different coverage amounts. Flexibility is what many life insurance buyers want. It is life insurance that anyone can take. Claims and transparency issues are well addressed on the Sanlam website. Claims can take up to 48 hours, an ointment for Sanlam’s life insurance cover.

In short, Sanlam Life Insurance provides some of the best coverage in the life insurance markets. The most interesting is the Matrix Premier core which allows you to adjust the amount of cover. Sanlam is ready to do Carter for people of different incomes as the cover starts less than R100.

For more information visit https://www.sanlam.co.za/

ABSA life insurance

Choose the cover you need at the premium you can afford with ABSA Life Insurance. The ABSA Ultimate Protector Life Insurance plan covers up to R1 Million for death due to natural causes or accidental disability. Claims are easy to process, and your premiums are calculated based on your age and gender. Benefits increase by 5% per annum. However, at age 65, the cover is not available. The ABSA Life Insurance Plan delivers you more with a cover of up to R6 million for life, disability, and serious illness. You can get 20% cashback every 10 years. And if you are diagnosed with a fatal disease, you can get up to 12 months’ advance payment.

They offer the best cover at reasonable prices that the majority of South Africans can afford. The average price of Absa idirect policies is a good price when you compare them with comparable products obtainable from other South African insurance companies.

For more information visit http://www.absa.co.za

Liberty life insurance

Liberty offers insurance solutions that include protection offers and investment solutions tailored to personal, Family, or business benefits. Their offerings include plans for disability, accidents, serious illness, funerals, income, medical expenses, or a comprehensive solution. Liberty Life delivers specific life insurance and can add unlimited beneficiaries to your core. The life insurance cover is also adjustable as the policyholder can adjust his insurance at any time.

You also have the option of investing to cover your Family and future financially if something unexpected happens that you can no longer live for. Investment options include one-time investments, regular investments, retirement investments, and income-generating investments. Liberty Life Cover offers the cheapest life insurance cover in South Africa. With R128 alone, you can get a cover of R1 million. Life cover depends on the individual risk profile of the customer.

The Liberty Life Cover is easy to get and doesn’t require much, except for a health check that you will need. So if you live a healthful lifestyle, you will have to pay fewer premiums on your life cover.

For more information visit https://www.liberty.co.za/

How do you get life insurance?

Getting life insurance quotes is easy. All you need to do is go to the website of an insurance company, and you will be presented with a form to fill in to request a quote.

If you use insurance brokers, they are paid a commission for bringing your business to the insurance company. This may raise your insurance premiums. This does not happen if you get your life insurance quotes directly from the life insurance companies.

Some companies, such as Hippo.co.za, compareguru.co.za or lifecompare.co.za offer you the opportunity to compare life insurance quotes to find the most affordable option for you.

For a life insurance quote, you will need to provide information about your income, education, age, whether you smoke and more. A company may require additional medical tests. It’s important to give all of this information when you take out a policy to ensure that you are fully covered.

Some insurance companies even offer life insurance coverage over the phone. You don’t need to fill in forms or go through a full medical. As long as you pay your monthly premiums, your cover continues until you die whereupon your beneficiaries will receive a lump sum payment.

Who is covered in a life insurance policy?

You can choose who to cover in your policy. You can cover yourself, your spouse, your children, your parents, and even your extended family.

How much cover should you take out?

In general, the more protection your life policy covers, the higher your premiums. If you want to provide your dependents with a regular income after your death, you need to look at what you currently pay out on a monthly basis and then calculate what these costs may be in the future so you can come to a realistic figure.

You want your loved ones to have enough money to meet their financial needs, your children to have enough money to complete their studies and your spouse to be able to meet any debt obligations.

You may need some advice on calculating how much cover you need. This can be provided by a broker, but you can receive advice by filling in a form online that specifies your question and gives a time for a financial adviser to call you.

Different types of life insurance policies:

Term life insurance policies are probably the most popular and simplest, but today many different types of life insurance policies exist.

Term life insurance offers cover at a fixed rate for a temporary period of time. Once this term is over, you are no longer covered and must get further coverage if you want to do so. If you die during this term, your beneficiaries are paid out a lump sum.

This cover can be used pay for education, existing debt, funeral costs, etc. This type of policy is very affordable, but it does not increase in value as you pay in to it.

Permanent life insurance differs from term insurance. Whole life insurance is one of the simplest types of permanent life insurance cover. It is taken out over your whole lifespan.

The monthly premiums are fixed for life as long as you pay them monthly. You pay into the policy until the “face value” and the “cash value” match. If you die, beneficiaries receive at least the ‘’face value”, despite your age or what the “cash value” is at the time. You are able to use the cash value generated through withdrawal options, so this policy is part investment and part insurance.

Credit life insurance is designed to pay off your debt. You pay it off over time until the outstanding debt amount, and the face value of the credit life insurance policy are both at zero value.

Few people understand that life insurance encompasses many different long-term insurance options. Many companies offer you the option of adding disability, critical illness, income protection or funeral cover to your life insurance policy to make your cover more comprehensive.

Final thoughts

Being prepared doesn’t make you a pessimist – it just means when negative things happen, you are provided with a financial safety net. If you’re looking for cheap life insurance quotes, a number of top life insurance companies can accommodate your needs and offer you a policy that suits your budget. You will have the peace of mind that comes from knowing your family are protected should something happen to you.