South African Life Insurance - click2quote.co.za

Yes! Simply submit the form and when one of our consultants calls you to double check on the information you provided is correct, simply tell them what additional benefits you are looking for.

True2Life Financial Services (Pty) Ltd with company registration number 2005/018774/07 is providing an electronic platform (www.click2quote.co.za) that supplies life insurance quotes from various insurers. This facility allows the consumer to efficiently compare life insurance premiums.

In the past, a life insurance policy was generally purchased through an agent of a life insurance company. In order to receive comparative quotes, the client would have to meet with several agents that from different insurance companies. This would entail highly pressurised face-to-face sales pitches that were often confusing and always time consuming.

Click2Quote is not owned, employed or controlled by any life insurance company. Rather, we're an independent and objective enterprise that provides professional and unbiased quotes. With Click2Quote, clients receive a comparative quote, sent directly to their email address, of up to 7 of the best available insurance policies. This not only alleviates the hassle of having to search for the best possible package, but also allows the client to make a well-informed choice.

No. A life insurance policy from any life insurance company in the same risk class will cost the same regardless of where you purchase it. Life insurance companies (through their actuaries), not agents or brokers, fix the costs of life insurance policies. Therefore, if you receive two separate quotes for the same life insurance policy, the chances are that the price variances between the two can either be attributed to different rate classes (such as occupation, education, smoker status etc.) or different premium levels.

When to purchase life insurance depends on your individual circumstances and your personality rather than on any hard-and-fast rules. There are practical arguments to support both points of view:

Buy now
As you grow older, life insurance premiums increase dramatically. Therefore, if you buy life insurance while you're younger and (presumably) healthy, you can take advantage of lower rates. Whilst your premium costs may increase, these increases are strictly regulated. Though premiums increase significantly as you get older, you can secure low rates for the duration of your policy by purchasing as early as possible.

Buy later
Many prefer to postpone the purchasing of life insurance until there are additional responsibilities, such as having a family.

It is important to remember, if you have children or other dependents who would suffer financially as a result of your premature death, it would be unwise to delay the purchasing of life insurance.

Your coverage does not begin until your policy is approved and your first premium has been paid. Assuming certain conditions are met, most companies provide some temporary conditional coverage during the application process. This temporary coverage is limited in time and amount; the availability, amount and conditions are described in the application form and vary from company to company.

Important! If you are replacing existing coverage, you should never drop your existing coverage until your new policy has been approved and your first premium has been paid.

At this time, the life insurance company will begin to evaluate your case, a process that is referred to as ‘underwriting'. The answers to the questions on your life insurance application, along with the results of your blood tests (and if necessary life insurance medical exam), are initially reviewed by a life insurance underwriter

The life insurance underwriting process generally takes 3-8 days depending on the amount of information that the company must consolidate in order to make their decision. Once the required information has been received, the life insurance company will make their decision regarding whether, and at what rate, you qualify for a life insurance policy.

No, it will not cost you anything to apply for a life insurance policy with True2Life Financial Services. The life insurance company pays for all of the underwriting expenses and you are under no financial obligation.

Through Click2Quote, True2Life Financial Services (Pty) Ltd only markets products from leading life insurance companies in South Africa. These companies insist on the submission of full application forms as well as any further medical tests that they require. By respecting this process and yielding to its demands, the client can be certain that s/he will have successful claims in the future. If you manage to obtain a life insurance policy that doesn't insist on medicals, and that is processed rapidly, be sure to inspect any exclusions that may apply to the policy.

In most cases (if you are healthy) only an HIV test is needed. It will be performed at the expense of the insurance company, at a time and place that is convenient for you - usually at your home. If more information is required a life insurance medical exam is conducted, usually by a licensed paramedic or medical doctor. Generally, this involves a blood test, urine specimen, blood pressure reading, height and weight measurement, sometimes an ECG, and a series of questions about your health history. The entire process takes about 20-30 minutes.

If you are happy with the quote, you fill out an application form with the insurance company that has quoted you. This application form covers the following:

• All your contact details;
• Your beneficiaries;
• Your complete medical records.

When it comes to extreme sports, the various life insurance companies have different ways of analysing their risks. Because each sport has its own unique risk, insurance companies deal with these risks accordingly. As with smoking, it is advisable to disclose all activities that a person is involved in because if a person leaves this information out of their contract, insurance companies may not pay the claim. This would leave the beneficiaries in a dire situation. If you are a sportsman, Click2Quote has a sister company called www.extremeinsurance.co.za that will assist you in this regard.

If you want to buy a life insurance policy on someone else's life, you must have an interest in that person remaining alive, or expect emotional or financial loss from that person's death. This is called an insurable interest. Without this requirement, it would be very easy to make a living by purchasing life insurance policies on elderly strangers, and then collecting the proceeds when they died. The insurable interest requirement also prevents people from buying a life insurance policy on behalf of someone and then causing or hastening that person's death.

When you buy insurance on your own life, you are assumed to have an insurable interest. If you are buying a policy on someone else's life, an insurable interest can typically be established if you have a sufficiently strong relationship with that person based on blood, marriage, or monetary interest. To put it simply, they have to be worth more to you alive than dead!

Husband-wife relationships and parent-child relationships are almost always sufficient to create an insurable interest. Grandparent-grandchild relationships and sibling relationships are also frequently considered sufficient for establishing an insurable interest. The ties between cousins, aunts/uncles and nieces/nephews, and other more distant relatives don't automatically give rise to insurable interests because their emotional and financial bonds may be weaker.

Certain relationships founded on monetary interests can also create insurable interests. For example, a creditor is considered to have an insurable interest in a debtor's life. Even though death doesn't eliminate the debtor's obligation to repay a loan, the creditor faces potential harm if the debtor's estate cannot repay the loan. Other examples include the relationship between a business and a key employee, or the relationships among partners in a partnership or stockholders in a closely held corporation. The death of a CEO, business partner, or active shareholder can cause financial disruption to the business and harm the other business owners.

How does an insurance company determine whether and how much you smoke? In most cases, they start by simply asking you. Almost every application for life insurance contains questions about health issues, including smoking. Your responses to any smoking-related questions will play a part in a company's decision about whether to sell you life insurance and at what price.

If you do smoke, the best approach is to be truthful. What will probably occur is that your life insurance company may charge you a higher premium. Don't be dishonest about your smoking habit just because you're afraid the insurance company will deny your application or charge you more for insurance. Because a life insurance policy is a type of legal contract, lying on your application for insurance is essentially fraudulent and unethical. What's more, it could come back to haunt you.

While some companies might never learn of your deceit, others might. Bear in mind that the application you fill out is not the only source of data an insurance company may use to evaluate your risk potential. Most companies will require you to submit blood tests, the results of which may indicate that you smoke. Some may also conduct in-depth investigations into your background/medical history.

The point is, if you lie about your smoking, insurance companies have ways of revealing your deceit and will almost certainly reject your application if they discover that you've lied. In addition, if a company sells you a life insurance policy and then discovers that you've lied, they may be able to terminate your life insurance coverage immediately (leaving your beneficiaries without protection).

Whilst shopping around for a more affordable life insurance policy is a good idea, especially if you purchased your policy more than a few years ago, it is advisable to be cautious. Before replacing an existing life insurance policy, ensure that you closely compare your policy with the one you're thinking of replacing it with. Consider the following categories:

• Price;
• Guarantee periods;
• Convertibility;
• Financial strength of the insurance companies;
• Available riders.

You should also be aware that suicide is not covered under a new contract (usually for the first two years).

Most importantly, DO NOT CANCEL any existing coverage until the new life insurance policy has been approved and delivered to you. Before an existing policy is replaced, it should always be clearly determined that such a decision is in your best interest.

True2Life Financial Services (Pty) Ltd regularly analyse people's existing policies. The majority of our clients have discovered that by simply converting their older polices into new policies with the same insurance company, they save a lot of money. If you would like us to examine your older policies, click here.

Life insurance rates have never been lower. In fact, life insurance rates have fallen approximately 30% since 2001 - a massive decrease and a substantial saving. So, what has caused life insurance rates to drop?

Advances in Medical Care
People are living longer than ever before, which means that life insurance companies have a prolonged period of time in which to pay the life insurance death benefits. Thus, these savings have been passed on to the consumer in the form of lower rates.

Risk-only Life Insurance
Until 2001, all life insurance policies had a savings element attached to them. After much self examination (and external pressure) the insurance companies revamped their policies to make them risk-only policies, which meant that for the same benefit, the premiums were lower. These policies are called 'new generation' policies.

Generally, many experts recommend buying a life insurance that is equal to 10 times your salary. For an accurate figure, we encourage you to sample our life insurance needs calculator.

There is a widespread belief that single people don't need life insurance. Even if you determine that you don't need it at this stage of your life, always ensure that your other insurance needs are covered. You may not realize it, but disability insurance is just as important as life insurance, as this can replace lost income if you are unable to work due to serious illness or injury. If you are single, you should consider obtaining life insurance for the following reasons:

Dependents
Do you have children or do you provide financial support for a parent or grandparent? If so, your death could create a serious financial hardship for these dependents. Life insurance can provide a continued stream of income for your loved ones if you die prematurely and can also provide peace of mind for you, knowing that they will be taken care of when you're gone.

Debt
Do you have a mortgage or other debts such as a car? You may want to consider purchasing at least enough life insurance to cover these debts in the event of your death. If you have debts for which you are solely responsible, your creditors can make a claim for payment against any assets in your estate.

Chronic Medical Conditions
Are you at risk for any serious medical conditions? If, for example, your family medical history includes certain genetic conditions (heart problems, certain types of cancer, etc.) it may make sense to purchase life insurance while you are still young and healthy. Purchasing life insurance after you develop such a condition could be difficult, or even impossible

If you find our information valuable, we hope you'll choose to buy your insurance through us. If you do, we are paid by the insurance company, by means of regulated commission. This commission is built into the premium.

True2Life Financial Services can help individuals with a vast array of financial products such as hospital plans, medical aids, retirement annuities, endowments, education policies, unit trusts, lump-sum investments, funeral policies, pension funds, provident funds, preservation funds and key-man policies.

For more information on any of these products please go to http://www.true2life.co.za/personal.html

If you are in the Johannesburg/Pretoria one of our consultants will gladly meet with you, at no cost and no obligation.