Life insurance is important for many people. Being able to provide for their family after their death is important for most people. In most cases, money is normally paid out to the family or beneficiary upon the time of death of the policy holder.

It is usually offered as whole life or term life insurance.

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.

With life insurance, the more protection your policy offers, the higher your premiums.

There are ways to find the cheapest life insurance in South Africa however.

It may be better to go directly to the insurance provider. If you feel you need advice, make sure that you consult an independent financial advisor before making any commitments.

You can use insurance comparison sites.

Keep in mind that the sooner you purchase life insurance the lower your premium.

Check online, but don’t underestimate the power of using word of mouth.

Read consumer reviews on the internet.

If you want to save a lot of money, target a term life insurance policy. Whole life insurance tends to have higher premiums. Term life insurance is generally cheaper because the coverage is only provided for a specific period of time.

Make comparisons by getting quotes from at least five different insurance companies.

Avoid any add-on insurance products.

You need to consider the factors that may affect your insurance cover, such as:

  • Overall health
  • Smoker/non-smoker
  • Family history
  • Age
  • Gender
  • Lifestyle

One of the easiest ways to find the cheapest life insurance in South Africa is by bundling your insurance policies.