Life Cover: Shocking R354,510 Mistake...
Why Listening To Your Life Insurance Company Is The Stupidest Thing You Can Do
By Carlu Steenkamp, FSP (35286)
Pillar Life Insurance Committee, Agents for Consumer Education
It’s been said that life insurance is something that most people spend so much of their hard-earned money on with so very little understanding as to what they are paying for.
Just think for one moment how much you spend on life cover, car insurance and so on. If you are like most people, it likely amounts to thousands of rands.
Now think again how much time you spend shopping around for the best premiums to ensure you’re getting the biggest bang for your insurance buck?..if you’re like most people this probably only takes a few minutes.
I bet you spend more time and energy shopping for groceries than shopping for life insurance. And that’s unfortunate, because in all likelihood you’ll spend more money on insurance than feeding your family.
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Why Life Insurance Companies Love Busy People
Your life insurance company is well aware of the fact that you will rather visit the dentist than shop for life cover. So, they will raise your premiums each year, hoping you’ll simply continue paying rather than shopping for a better deal.
They know that like most people, you will buy a life cover policy and then just chuck it in a drawer and forget about it.
Why bother?
Well for the simple reason that the life insurance industry has SLASHED premiums – and since you don’t have time to review your coverage you won’t be able to benefit from this.
Do you see what I’m trying to tell you?
One of the biggest tips for saving money on your life cover policies is to make it a habit to review your policies every 12 months.
Life Cover Myths
Most people think that life cover premiums are basically all more or less the same. They could not be further from the TRUTH!
Let me share with you a quick story that happened to one of our clients:
A SHOCKING R354,510 MISTAKE
Our client, Mr. Lancaster had a policy that cost him R63, 432 per year. However, when we reviewed the benefits of his policy we found that he could get the exact same cover for R27,981 per year.
At first Mr Lancaster could not believe his eyes and he thought that we made a mistake somewhere. He wanted us to email him the quote…which we did of course. That quote proved that Mr Lancaster would save R354,410 over the next ten years.
He was totally shocked! He just could not understand how there could be such a big difference between what life insurance companies charge for similar coverage.
Bottom line?
Never stop shopping. Life cover premiums are NOT all the same. Every life insurance company in South Africa set their own premiums.
Common Life Insurance Rip-Offs
Listen, I know there’s a lot of life insurance agents singing the same song about saving you money etc. However, one of the first things you need to realize that the agent who’s selling you life insurance is NOT YOUR FRIEND.
Both the agent and the insurance company are in the business of making money and the more you spend the more they make.
Does it make any sense then to base your life cover buying decisions on someone who benefits directly from its sale?
To Avoid Life Insurance Rip-Offs Click here
How To Save The Most Time …The Most Money…And Protect Your Family
Listen, I’m not saying everyone in this industry is trying to milk you for every cent you’ve got. In fact, you’ll find great advice from independent life insurance brokers on how to cut your life insurance costs.
But, if you’re serious about saving thousands, even tens of thousands on your life insurance cost consider using an independent agent who won’t steer you into something that you won’t need.
The life insurance agent’s loyalty should be to YOU, his customer, and NOT the insurance company. If the agent finds that a life insurance company’s terms and conditions isn’t in your best interests, he won’t advise you to buy it just so that he could get paid commission.
You want to work with an agent that’s open, honest and transparent so that you can have the peace of mind that there won’t be any nasty
surprises in future.
Knowledge Is Always The Best Policy
As I mentioned in the beginning of this article, most people spend more time and energy trying to save a few rands on groceries than saving money on their life insurance.
This is actually one of the few areas in most people’s financial lives where they pay less attention to things they spend the most money on….it just doesn’t make sense.
Isn’t it time that you stop overpaying and start shopping for the best coverage?
So, What to Do Next?
If you’re open to a different perspective on how to SLASH your life insurance premiums while getting you the exact same coverage (and even better) you can fill in the form below to quickly compare life cover quotes
Or, of course, you can do nothing and keep your life insurance company happy and help them make more money at your expense. The choice is yours!
Warmest regards,
Carlu Steenkamp
Pillar Independent Financial Services.
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