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What is life insurance?
Life insurance is a financial safety net designed to protect the people you care about most. It pays out a lump sum to the beneficiaries listed on the policy if the insured person passes away. These beneficiaries could be your spouse, children, family members, or anyone you choose.
The policyholder, who pays the monthly premiums, may be different from the insured. In return for these payments, the insurer guarantees the payout to those listed on the policy.
Life insurance offers peace of mind by helping ensure your family’s financial security in difficult times.
Why Life Insurance Is Important
Life insurance provides financial support to your loved ones when you’re no longer around. It helps cover living expenses, debt, or education costs—giving your family peace of mind and stability.
Benefits of Life Insurance
Peace of Mind – Know your loved ones are financially protected
Debt Protection – Helps cover home loans, car payments, and other debts
Income Replacement – Supports your family’s lifestyle if you’re no longer there
Estate Planning – Assists with covering funeral costs and other final expenses
Financial Security – Ensures your beneficiaries have a safety net for the future
How life insurance works
frequently asked questions
Types of life
insurance
While benefits, pricing & exclusions may vary between insurers, most life insurance policies fall into 2 main categories: term life insurance & permanent life insurance (also known as whole life insurance).
How term life
cover works
Term life insurance offers affordable, fixed-rate cover for a set period. It only pays out if the insured dies during that term—no payout is made if they pass away after it ends.
What is whole
life insurance
Whole life insurance covers you for life, with no age limit, as long as you pay your premiums. It also includes an investment component, which may pay out if you cancel the policy.
Is suicidal death
covered
Life insurance may cover suicide, but most South African insurers exclude it for the first 2 years. Terms vary, so always check policy exclusions & be honest when applying to avoid claim rejections.
Are Payouts
Taxable?
In South Africa, life insurance payouts to listed beneficiaries aren’t taxed, but interest earned on the payout may be. Check your policy for specific tax details.
Who Needs Life
Insurance?
If someone depends on you financially, you likely need life insurance. It’s also useful for homeowners, business owners, and anyone with debt to protect their loved ones.
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