Life plan. Life cover. Life policy. Life insurance. No matter what you call it, having cover that will take care of your loved ones when you no longer can is important. Many South Africans still don’t have a life plan, either because they believe it’s unaffordable or because they think there’s always time to take out cover tomorrow. At Auto & General, we know from experience that tomorrow doesn’t always come. That’s why our life plans are more affordable than you’d think. We want every South African to have life insurance that will put food on the table for their families when they no longer can.
If you’re unsure about taking out a life plan, read on to find out how they work and how you and your loved ones can benefit from having one.
How life plans work
Unlike most other kinds of insurance, life plans are primarily designed to help someone other than the insured person. They provide a way for a person to take care of their family when they’re no longer around.
When a person passes away, their family loses the income they have come to rely on. This can have devastating consequences, such as not being able to afford basics and essentials like groceries and education. When an insured person dies, their life plan pays out a lump sum to help those left behind maintain their lifestyle, easing the financial burden a death can create.
Your beneficiaries
You choose your beneficiaries, so you can ensure the money is paid to the people who will need it the most. This could be one person or many – it’s completely up to you how you would like the payout to be distributed.
Your payout
The amount you’re insured for depends on your income and how much money your family will need when you pass on. Using our years of experience, we can help you determine how much cover you need to make sure your loved ones continue to live comfortably.
Simply put, a life plan is a way to make sure your loved ones live comfortably for the rest of their days when you can no longer support them. Once your life policy pays out, your beneficiaries can use the money for whatever they wish, such as to pay off debts like a home loan. Or they could cover basic monthly expenses, making the money last for years to come. It could even be put towards a university fund for your children when they complete school.
Life insurance for you
While some life plans only payout once the insured person is deceased, many also provide cover while the insured is alive. You can take out a policy that pays out while you’re alive if you are diagnosed with a dread disease or become disabled due to an illness or accident. The amount you receive will usually be a percentage of your total life cover depending on the type and severity of the illness or disability.
Life Plan quotes
With more than three decades of insurance know-how, we’ve created the perfect life cover for you no matter what your life stage. Get cover for between R200 000 and R10 million for the whole of your life, not just until you retire. Our Pure Life Cover includes a R50 000 funeral benefit that will be paid out within 24 hours of receiving all the documents we need for a valid claim.
Experience our exceptional service when you get a Life Plan quote from Auto & General today.