What is Term Life Cover?

Term life insurance is an inexpensive way to get yourself and your loved ones insured. Term life cover offers limited coverage, which allows insurance products of this type to have such low premiums compared to products under whole or universal life insurance.

Terms life insurance has these following aspects:




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Term Life Insurance in South Africa

Term life can be viewed in the same light as car insurance or other short-term insurance products, although term life is a form of long-term insurance. To make the similarity more understandable, you only required your car insurance for as long as you own and/or have use of your car, and not beyond that.

Similarly, you may only need term life insurance if you have a mortgage bond and are cautious about what would happen to your house if you passed away before it was fully paid up. In the worst scenario, the bank can repossess it and throw your family out because they cannot carry on with the monthly repayments. But because you have a term life policy during your repayment period, your insurer would pay the lump sum which your estate could use to settle the debt on your house.

If you do not pass away or become unable to pay your premiums but have finished your mortgage, then financially, you would not really require a life insurance policy, but more of funeral cover and other specific life policies like disability insurance, etc.

A lot of companies sell term life insurance products. Some include Metropolitan Life and Liberty Life. Both these companies and the other ones which you can get quotes from on our website offer to pay back all your premiums after a certain date (expiry date) if you outlive your term life policy. This can be very attractive because it can be seen as a form of investment.