The best Life Insurance?

The best Life Insurance?

The answer to which is the best life insurance lies in identifying your unique individual needs. Every life insurance policy is different and there is no “one-size-fits-all” approach.

According to a Business Tech report in 2015:

“South African consumers’ satisfaction with the life insurance industry declined for the second year in a row, according to the latest South African Customer Satisfaction Index (SAcsi).”

So how do you find the best life insurance?

Life insurance is a type of indemnity which will pay out a considerable amount of money, tax free, to your family, when you pass away.

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.

One of the best ways of finding the best life insurance is by checking online. The internet has made life much easier in so many ways. Take advantage of the numerous sites available and use comparison sites to compare.

You should compare at least five life insurance quotes. Shop around and make sure that you don’t just go with the first insurance company you approach.

Start by identifying why you need the life insurance policy in the first place.

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.

You should also check the rating of your insurance company to make sure that they will be able to afford to pay out when you need to claim.

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