What is life insurance?
A life insurance policy will give you the cover to offer solid financial protection to your family when you die.
Life insurance comes in two main forms:
Term life insurance
This is a policy that lasts for a fixed period of time. If you live longer than the policy term, there is no pay-out. This type of insurance is often cheaper, and more people sign up for it as a result.
Whole life insurance
This policy is designed to last as long as you do. When you die, the policy pays out a lump sum to your beneficiaries. You are required to pay a monthly premium.
Good reasons to choose Nedbank Life insurance:
Nedbank life insurance is a safety net designed to protect you and your loved ones financially when you die or if you become disabled or fall critically ill.
A lump sum is paid out to you if you are diagnosed with a dread disease, while if you are retrenched or disabled you get a monthly income for up to six months.
The trick to finding the best life insurance is choosing the right type of insurance policy for your needs. Making a choice between whole life and term life insurance is something you should do after taking a number of factors into account.
Start by identifying why you need the life insurance policy in the first place. Every life insurance policy is different and there is no “one-size-fits-all” approach.
Work out your expenses and actual income, while calculating your life insurance cost. Find out which type of life insurance policy is the most favourable for you.
Keep in mind that at the minimum, life insurance should cover your debts, funeral expenses, full repayment of your mortgage and your family’s immediate living costs.
Be sure to watch for exclusions, terminal illness and waiver of premium.
Through Nedbank Life insurance you get accurately priced products based on your risk profile and specific lifestyle. Individual risk profiles include factors such as gender, age, occupation and health.
By choosing Nedbank you are assured of not having to undergo any medical examinations or HIV tests.
To contact Nedbank, call: 0861 238 887
Visit www.nedbank.co.za
