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[ Life insurance quote ]  

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 Retirement Annuity.  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.

A 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 house.  See Bond Insurance

Term Life 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.

Universal Life 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.

Also see

Accident Cover

Endowment policies

Retirement Annuities

Credit Life Insurance

Life insurance companies

Ombudsman for long term insurance

Insurance Fraudline