Ranking of life insurance companies in South Africa (2024)

FAQs

Ranking of life insurance companies in South Africa? ›

According to the Prudential Authority statistics published for the period ended 31 March 2021, there are sixty primary life insurers, five life cell insurers and two microinsurers.

According to the Prudential Authority statistics published for the period ended 31 March 2021, there are sixty primary life insurers, five life cell insurers and two microinsurers.

Based on these factors, some of the top insurance companies in South Africa that consistently rank high in terms of customer satisfaction, coverage options, financial stability, and customer service include Hollard, MiWay, Outsurance, Momentum, and Discovery Insure.

The oldest insurance company in South Africa, Old Mutual Insure has a history that dates back more than 178 years.

Search for the company's name on the website of the South African Revenue Service (SARS) Another way to verify the legitimacy of a company in South Africa is by checking if they are registered for VAT and have a clean tax record. You can do this by searching for the company's name on the SARS website.

But here's some good news as of 2023: life insurance payouts usually don't get taxed. That means your loved ones get to keep the whole amount, giving everyone a bit of comfort. The tax-free exception when it comes to life insurance is pretty broad.

Who is the number one employer in South Africa? ›

These are calculated to represent an average organisational score which is used for ranking purposes. The overall Top 20 Top Employers in South Africa starts off with Vodacom Group (South Africa) Ltd in first position, followed by HCL Technologies SA and Unilever SA.

In April 1998, RMBH and Anglo American decide to merge their financial services interests. FirstRand, the new holding company, became the largest financial services listed company. The result was the merger of Southern Life and Momentum Life and the listing of FirstRand on the JSE.

South Africa's leading short-term insurer, Santam Limited, will be chuffed too. The group's MiWay Insurance Limited lifted the trophy as the country's “best employer” in the mid-size category.

As a general rule, you should buy from a company licensed in your state, because then you can rely on your state insurance department to help if there's a problem. And if the insurance company becomes insolvent, your state's life insurance guaranty fund will help only policyholders of companies it has licensed.

There are two main types of permanent life coverage with cash value: whole life and universal life insurance. Whole life premiums are fixed for life – they never go up or down.

We analyzed term life insurance quotes for policies with $500,000 in coverage and found: The average cost for a 10-year, $500,000 term life policy is $200 a year. The average cost is around $275 a year for a 20-year term—if you buy life insurance in your 30s while in good health, including being a non-smoker.

If budgeting is your biggest concern, term life insurance may be the best choice. If you have many dependents, whole life insurance may be a better route. However, if financial planning and cash value are most important to you, universal life insurance may be a strong option.