When looking for life cover, it's important to understand the factors that will affect your premiums. We break down some of the most important ones here: dialdirect
, is a way of ensuring that your family or other beneficiaries whom you nominate are not left destitute should you die. This is especially important if they rely on your income to cover living expenses. And even if you are not the sole breadwinner, a monthly income that suddenly no longer exists can still have huge repercussions for those left behind.
While the lump sum amount paid out by life insurance is there to give you peace of mind, what then is a premium, and how is it that not everyone ends up paying the same amount?when signing up for a policy, you are charged a monthly premium on an ongoing basis – failure to pay a premium means loss of coverage.First, you have to determine how much life cover is adequate for your and your family’s needs. Calculate your current and future debts, such as your home and car expenses and your children’s education as they grow.Rates and taxes, water and electricityHow are premiums calculated?
Once you have a good idea of how much insurance coverage you need, together with the insurance company you’re able to work out how much you’ll need to pay every month. The final price of life cover depends on several factors:It’s a simple fact of life that younger people have a better chance of living longer than older people. In South Africa, the average life expectancy in 2020 is. Older people are also more prone to serious illnesses and diseases.
It’s no wonder then smokers, vapers included, could pay as high as four times more on their premiums than non-smokers. If you’re thinking of kicking the habit for the sake of lowering insurance premiums, you’ll have to be off smoking and tobacco-free for no less than 12 months.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Understanding customers is key to getting customer experience rightWinning brands build seamless customer-centric channel relevance and have a good understanding of their customers
Read more »
WHAT WE'RE WATCHING: Understanding the climate crisis – YouTube channels, podcasts and free online resourcesWith COP27 about to kick off on 6 November in Egypt, Our Burning Planet will report on the annual meeting’s goals, policies, controversies and empty platitudes. But if you’re strapped for time or energy to engage with detailed written articles, try these instead and get quickly clued up on the science around our climate crisis.
Read more »
Understanding customers is key to getting customer experience rightWinning brands build seamless customer-centric channel relevance and have a good understanding of their customers
Read more »
17-Year-Old High School Learner Wins National School Song Cover...These days talent competitions are a global phenomenon with the likes of ‘X Factor’, ‘Idols’ and the ‘Got Talent’ franchises which transform ordinary people with notable talent into global superstars.
Read more »
Gauteng government considers selling properties to cover e-toll debtThis follows the pronouncement by minister of finance Enoch Godongwana in his medium-term budget policy statement (MTBPS) that national government would pay 70% and provincial government 30% towards the debt.
Read more »