Top 10 Life Insurance Companies In South Africa (2024)

FAQs

Who is the best life insurer in South Africa? ›

With an index score of 84.9, Absa Life emerged as the market leader in 2021, followed by Metropolitan (84.6) and FNB Life (83.9). Standard Bank Life Insurance, Old Mutual, Sanlam and 1Life Insurance are on par with the industry average (81.1), while Discovery Life performed below par.

The Maximum Age For Life Insurance

In South Africa, there's no law regarding the maximum age that someone could take out life insurance. Still, most insurance companies have their own age limit and it's usually 65. This is because, as people age, their risk of mortality increases.

In South Africa, there is no law that limits the age for life insurance. Still, most insurance companies choose to limit access to life insurance to those under the age of 65.

Life cover claims are usually paid within 2 to 5 days of the death of the insured. No. This benefit is tax-free.

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.

Hollard Life Cover makes sure all their financial needs are covered, from groceries and school fees to home loans and car payments. Get your Life Cover quote today – no medicals required. Make sure you've got your ID number handy as we will need it to check if you qualify for the product.

What life insurance never goes up? ›

Whole life premiums are fixed for life – they never go up or down. However, if you need more flexibility, a universal life insurance policy lets you adjust monthly premiums within a specific range.

Tax Laws Favor Life Insurance

One reason why the wealthier may consider purchasing life insurance has to do with taxation. Tax law grants tax benefits to life insurance premiums and proceeds, affording asset protection in the process. The proceeds of life insurance are also tax-free to the beneficiary.

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.

company, the South African [Fire and] Life Assurance Company was established in 1831". P.B. Simons, Old Mutual 1845-1995, Cape Town, 1995, p 8, states that "the oldest, the South African [Fire] Life Assurance Company having been established as early as 1831".