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What is Term Life Insurance & How Does It Work?
Term life insurance, also called term assurance, is life insurance you take out for a limited period of time, normally for a maximum of 25 years.
When this period is over you will not be covered anymore and you will have to apply for new life cover.
Sometimes you get the option to take out a new policy without having to undergo any medical examinations but you will have to pay more expensive rates.
In most cases the insurance companies do not like the latter and they will ask you to give them proof of your good health. It could be that your health deteriorated during your previous term life policy cover period and that you would not be able to get new cover when your term life policy expires after your chosen term.
This is one of the reasons why insurance companies and clients prefer Whole Life insurance.
According to the Insurance Institute of South Africa, Term Insurance has lost its popularity with consumers and insurers alike, despite the fact that this type of insurance is inexpensive.
But there still is a need for Term Life cover, e.g. term life cover is still used if you would want to cover a home loan that needs to be repaid over a certain term.
As mentioned you also have the option of taking Whole Life insurance which gives you cover for life or until you decide to stop it.
Without going into too much detail or jargon most insurers offer you a choice within a Whole Life policy which acts very much like a Term Life policy except you will have cover for the rest of your life.
This option is called Stepped Cover and a qualified financial planner can tell you more about this option
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3rd Floor, Skyscrape Terrace, Cnr DJ Woodway & SeaView Str, Bellville, South-Africa, 7550
Tel: (021) 945-3354
Pillar Financial Services, is a licensed life insurance company in South Africa. The following financial service provider numbers are provided as required by law: Pillar Financial Services -FSP 35286. Pillar.co.za provides life insurance quotes based on the information provided by person looking for a life insurance quote.
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