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.

 

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.