Liberty Life, Death, Critical Illness, Disability cover

Liberty Life Group offers a range of products to individuals and corporate clients, which include Death, Critical Illness and Disability.

Founded in 1957, it has been in the life assurance and financial services game for a long time.
As with most insurance policies, there are requirements, depending on the cover, if you’re a South African citizen between 18 and 60 years of age with a valid South African ID and a bank account you may apply.

Accident Plan

The Liberty Accident Plan pays out in the unfortunate event that the member dies an accidental death or is permanently disabled as a result of an accident. The funds can be paid out within 48 hours of a valid claim being lodged.

It’s available for qualifying individuals from R110 per month.

Critical Illness Cover

Illness befalls any person, and at times without warning. Business people and professionals who are required to be at work to earn a living will mostly need this as it would act as a warranty to earnings security. The Liberty Critical Illness Cover pays out a lump sum of up to R 1 million, from R 190 per month (risk profile dependent).

Qualifying requirements include:

  • An HIV test
  • Health test (Not a full medical)

Major Critical Illness Liberty covers include:

  • Heart attack
  • Stroke
  • Cancer
  • Open heart surgery

Disability Cover

The Liberty Disability cover for individuals under the Liberty Lifestyle Protector pays out a lump sum in case of a disability or injury that renders you unable to perform your work. The claim is paid out according to a benefit schedule, where your chosen benefit category will apply.

 

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Diabetes Life Cover

Diabetes Life Cover can be troublesome to find in South Africa. Diabetes Life Insurance is risky for insurance companies as the person who’s covered is at the risk of major organ failures.

Diabetes apparently affects about 3,5 million South Africans and many more may remain undiagnosed. It’s also estimated that another 5 million South Africans have pre-diabetes – a condition where insulin resistance impacts blood glucose levels to a point where they are high, but not high enough to be classified as Type 2 Diabetes. With these stats, and if you have diabetes you may be a little apprehensive about a cover, expecting it to be too expensive for your pocket, but also feel the need to take care of your loved ones should you pass away, or fall seriously ill from the risks that come with Diabetes.

Diabetes Life Cover gets expensive because of how complicated it can get, with risks of developing diseases or organ failure. Even with this, there are smart life insurance companies in South Africa which understand this, and have put together partial and even full cover!

I’m certain you’re wondering, but what how exactly can I get full life insurance cover even if I have diabetes?

The main thing that companies want to find is that you’re able to control your diabetes. They will have you take blood tests to determine your cholesterol and hemoglobin levels. Your BMI may also be determined. This is long-term, where the company may take periodic tests to determine how you’re controlling your diabetes. The management of your levels may be linked to your premiums as well.

There are other factors which may make you a high risk, and these include:

  • Your age. If you’re a younger person with diabetes, you are a higher risk
  • How long you’ve had diabetes
  • Lifestyle choices, such as smoking

Other life insurance companies are able to offer you help through medication, or if you fall seriously ill, a payout.

Absa idirect insurance

Absa ventured into the insurance market with the aim to compete in one of the most competitive markets in South Africa, offering car insurance, household insurance, watercraft insurance, portable goods insurance (laptops and cellphones insurance), building insurance, and personal or accident insurance products. They have built these insurance products under the name of their Absa idirect Insurance brand.

With millions of customers, they have access to so many clients that have vehicle finance with them that they don’t need to advertise like direct insurers such as Outsurance and the like.

Here is a breakdown of Absa’s idirect Insurance products:

Absa idirect Car Insurance

Comprehensive Insurance, Third party, Theft and Fire, and third party only. They, unfortunately, don’t have car hire, sound equipment and accessories cover included. These are optional extras you will be asked to pay for if you think you need them.

Absa idirect Car Insurance

Cover your cellphones, contact lenses, camera equipment, navigational devices, including GPS units and MP3 players for loss or damage. You will have to pay excess on all claims though, but it is fixed, which gives you control on claims. Remember, portable goods insurance means stuff that can be taken out of the house, like jewellery and cellphones.

Absa idirect Household Contents Insurance

All household items such as TV’s and DVD players, fridges, microwaves, furniture and other goods which generally would not be taken away from the home. A fixed excess is also applicable on this insurance cover.

Absa idirect Property Insurance (Building Insurance)

What is building insurance? Well, damage, flooding, geysers, fire and natural disasters are some of the examples of what you can be covered for. Absa covers all of these, with much more covered, like satellite (DSTV) dishes and the like.

Absa idirect Watercraft Insurance

Get cover for your motorized boat or jet ski, wet bike or yacht up to 12 nautical miles from the coast of South Africa, Namibia and Mozambique. Which means you can drive across to Moz and enjoy your jet ski without worrying too much about what you will do if an unfortunate event like total loss or damage will mean when you get back home. It also attracts a fixed excess on any claim.

Are you convinced of their services?
Call Absa idirect on
0860 109 693
E-mail us at
idirect@absa.co.za

Metropolitan Life Insurance Products

Metropolitan Life is one of the old Life Cover companies we grew up knowing. And this is because of their great products that have stood the test of time. They manage a lot of policies and are a darling to investors who trust their management of life policies and other investments, as such, you will know that you are in good hands.

To find out what life cover options they have you will find a list below:

  • Accidental death cover. Self-explanatory, but if you die in an accident your beneficiaries are paid a lump sum.
  • Life cover all causes decreasing. The premiums are tied with your mortgage payments, but it pays a lump sum in case of death, no matter the cause.
  • Life cover all causes. As it explains, your family or beneficiaries get paid out in the case of your death.
  • Occupational Disability Cover. You get paid out if you become disabled and are no longer able to work.
  • Comprehensive Disability Cover. It’s for occupational and impairment.
  • Physical impairment Accidental. If you become physically impaired as a result of an accident. This is useful in order to pay for this like adding a ramp to your home or other necessities in order to help lead a better home life.
  • Physical impairment all causes.
  • Functional impairment cover. Causes are specified so that if you’re impaired you may claim against this policy.
  • Critical Illness Core. You can claim for certain critical illnesses.
  • Critical illness Comprehensive. This gives you more of a range of which critical illnesses you can claim for.

You must remember that this is not a funeral cover, which would pay out quicker in the event of death, but pays later to your chosen beneficiaries.

Old Mutual Life Insurance Products

Old Mutual has one of the leading life insurance products in South Africa, and it has been one of the leading insurers in South Africa for decades!

They offer great life insurance plans with some attractive benefits. Below is a list of their life insurance products:

Pure Life Plan

  • Cover starts at R 50 000 and it tops out at R 500 000
  • Premiums start at R 45 and can get up to R 1 265. And as with all life policies, these calculations are depended on your age and the amount you would like to be covered for.
  • You don’t get a cash back benefit with this one though.

Life and Disability Plan

  • Cover begins at R 50 000 and has a maximum payout of R 500 000
  • These premiums start at an affordable R 50 and up to R 1 515. These are also calculated on age.
  • You don’t qualify for a cash reward for this one either.

Accidental Death and Disability Plan

  • Cover at a minimum of R 50 000 and a maximum of R 250 000
  • This cover’s premiums start at just R 30 and go up to R 200, also depending on your age and cover chosen.
  • You may qualify for cash back with this cover, depending on a few things of course.

So what benefits does Old Mutual offer on their life policies?

  •  Cashback benefit. After 5 years of paying premiums, you will get back 5 month’s premiums. You will qualify if you’re still paying your premiums.
  • Premiums holiday.  You can skip payment of premiums for up to 6 months.
  • Health Support. Telephone access to health advisers for assistance with health queries.
  • Trauma, assault, HIV treatment. Assistance and treatment following assault (e.g. rape, hijacking, child abuse), accidental exposure to HIV.
  • Emergency medical response. Advice, emergency treatment and transportation to an appropriate medical facility.
  • Legal support. Telephonic assistance with a wide range of legal issues.