Should I get life cover quotes or choose a funeral plan?
Life insurance is designed to pay out a large amount of money to make sure your family is financially looked after, if you should pass away. This payout can go towards a home, ongoing living expenses and even education. Life insurance could also include insurance that pays out if you become critically ill.
A funeral plan is designed to take care of the costs associated with the funeral only and typically pays out a smaller amount compared to a life insurance policy.
Considerations when getting life cover quotes
Assess your financial needs
Before you get life cover quotes, you'll need to determine the amount of life insurance you need. Consider factors like your current income, outstanding debts (home loans, student loans etc.), your dependents’ future needs and how much money your family would need to maintain their current lifestyle.
Using a life insurance calculator
A life insurance calculator is a valuable tool when getting life cover quotes. It will provide you with a rough guideline of the amount of insurance you may need with an estimate of your monthly life insurance premium.
What are the benefits of taking out life insurance at OUTsurance?
One of the benefits of getting your life insurance sorted at OUTsurance is that you get the backing of a well-known and well-established South African brand.
At OUTsurance, awesome service forms part of the deal. Also, whenever you get a life insurance quote from OUTsurance, you can expect:
- A guaranteed premium (a total of five years that may increase annually based on age and premium structure selected)
- Flexible payment structures
- Free medical tests where necessary (we’ll even send a nurse to your home to do blood tests)
- Your premium is based on your unique risk factors
- One phone call is all it takes for immediate cover
What is covered as part of OUTsurance life insurance?
Life insurance from OUTsurance has been designed to help you make sure that your family would be able to maintain their current standard of living if you pass away or become critically ill. Find out more about each option below.
Death cover: This refers to long-term support to those who depend on you financially. It’s protection you and your family need, with premiums based on your unique risk profile.
Your funeral plan includes an additional funeral benefit amount that accelerates a portion of your comprehensive death insurance. This amount gets paid out to a person that you nominate, to allow for funeral and other immediate costs after your death.
Critical illness cover: With our critical illness cover, you’ll find financial support in your time of need. You are covered if you are diagnosed with one of the 40 listed critical illnesses.
Why should you get life cover quotes?
A life insurance quote is necessary before getting a life insurance policy because it allows you to understand the potential cost based on your personal details and ensure you're getting the right level of insurance at a price that fits your budget.
What is the difference between getting life cover quotes and an actual life policy schedule?
You will most probably request life cover quotes from a variety of insurers before the actual policy can even be written. The quote refers to the sum insured and your monthly life insurance premium, but it’s not the final policy. A life insurance policy schedule is a contract that includes a detailed breakdown of your insurance. It contains details of your insurance including your monthly premium, your beneficiaries, etc.
What is considered when you get life cover quotes?
A quote is done to provide a breakdown of costs, which may vary depending on the insurer and the type of policy you choose. Factors that affect your quote:
- Age: Generally, younger people may end up paying lower premiums because they may be considered a lower risk.
- Health: Your overall health and medical history are important. Non-smokers and people without serious health conditions may end up paying lower premiums.
- Lifestyle: High-risk activities or occupations may affect the premium noted on life cover quotes.
- Sum insured amount: The more life insurance you need, the higher your premiums may be.
What happens next?
Now that we've given you some information on getting life cover quotes, you can speak to one of our friendly life insurance advisors who will help you get the best possible life insurance for your specific and very unique life insurance needs.
Speaking to one of our advisors presents you with the perfect opportunity to ask as many questions as you need to. They will explain the product to you in great detail and will be happy to address any concerns.
For expert advice and savings on your premium every month, get an OUTsurance life insurance quote now! Call our expert advisors on 08 600 60 000 or get an online quote.
Get a life cover quote now