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What is Life Insurance?

Life Insurance provides peace of mind by ensuring that, in the event of your death, a lump-sum benefit is paid to your nominated beneficiaries by the insurer. That lump sum is there to replace your income, cover expenses, and protect the people who are financially dependent on you. Life Insurance claims are typically processed within a set number of business days.

The cover amount you qualify for, and the Life Insurance premium you pay, will depend on factors such as your age, health, lifestyle, and the level of cover you need. Some policies require a medical test during the application process; others do not.

Why do you need Life Insurance?

Statistics show that more than 30% of South Africans do not have a Life Insurance policy. The possible financial implications of passing away without cover in place could mean your family would be left to cope financially without your income, potentially selling assets, taking on debt, or relying on others just to cover expenses.

Life Insurance gives you the peace of mind that your family is taken care of, even when you are no longer there to take care of them.

With Hippo.co.za, you can compare Life Insurance quotes to help you find the right Life Cover policy to suit your needs. See a range of Life Insurance companies in South Africa on our online results page.

What does Life Insurance cover?
  • Life Cover pays a lump sum amount to your beneficiaries when you die.
  • Comprehensive Life Cover bundles Life Cover with additional benefits such as disability cover, critical illness, and terminal illness cover in a single policy.
  • Critical illness cover also called dread disease cover. Pays out a lump sum if you are diagnosed with a serious illness.
  • Disability cover pays out if you become permanently unable to work due to injury or illness.
  • Funeral Cover covers the immediate expenses of a funeral, often paying out within 24 to 48 hours. A standard waiting period applies to natural deaths.
  • Terminal illness cover allows you to claim your Life Insurance benefit early if you are diagnosed with a terminal illness and given a limited time to live.
Life Insurance policies have exclusions, waiting periods, and limitations that vary by insurer. Always read your policy schedule carefully and speak to an authorised financial adviser if you are unsure what your cover includes.
Types of Life Insurance
  • What is a Life Insurance policy?
    Find out everything you need to know about Life Insurance policies; how they work, whether you need one, and how to choose the right policy for your needs.
  • Life Insurance for parents
    You can take out a Life Insurance policy on behalf of your parents if they are unable to do so themselves, ensuring that funeral costs and other expenses do not fall entirely on the family.
  • Life Insurance for children
    Builds value over time and pays out if a child passes away unexpectedly. Some policies extend to cover critical illness or disability as the child grows.
  • Life Insurance for over 50s
    Several leading Life Insurance companies offer policies specifically designed for this stage of life. Most over-50s policies include waiting periods for natural death and typically feature simplified underwriting.
  • Joint Life Insurance
    Allows you and your partner to share a single Life Insurance policy under the same terms. The benefit is paid out when one partner passes away first, giving the surviving partner financial protection. Most joint life policies pay on first death, though second death variants do exist.
  • Whole Life Insurance
    Covers you for your entire life, or up to age 95. Whole Life Insurance can also form part of your retirement and estate planning. Your beneficiaries are guaranteed a lump sum payout when you pass away, regardless of when that happens.
  • Term Life Insurance
    Provides life cover for a fixed period, either 10, 20, or 30 years. You pay a monthly premium for the duration of the term, and if you pass away within that period, your beneficiaries receive the lump sum payout. If the policy term ends, coverage stops and no benefit is paid. Policies can often be extended or renewed, though new premiums will be calculated based on your age at renewal.
  • High-risk Life Insurance
  • Pre-Existing Medical Conditions
  • Mortgage Life Insurance
What does Life Insurance cover?
  • Life Cover pays a lump sum amount to your beneficiaries when you die.
  • Comprehensive Life Cover bundles Life Cover with additional benefits such as disability cover, critical illness, and terminal illness cover in a single policy.
  • Critical illness cover also called dread disease cover. Pays out a lump sum if you are diagnosed with a serious illness.
  • Disability cover pays out if you become permanently unable to work due to injury or illness.
  • Funeral Cover covers the immediate expenses of a funeral, often paying out within 24 to 48 hours. A standard waiting period applies to natural deaths.
  • Terminal illness cover allows you to claim your Life Insurance benefit early if you are diagnosed with a terminal illness and given a limited time to live.
Life Insurance policies have exclusions, waiting periods, and limitations that vary by insurer. Always read your policy schedule carefully and speak to an authorised financial adviser if you are unsure what your cover includes.
Types of Life Insurance
  • What is a Life Insurance policy?
    Find out everything you need to know about Life Insurance policies; how they work, whether you need one, and how to choose the right policy for your needs.
  • Life Insurance for parents
    You can take out a Life Insurance policy on behalf of your parents if they are unable to do so themselves, ensuring that funeral costs and other expenses do not fall entirely on the family.
  • Life Insurance for children
    Builds value over time and pays out if a child passes away unexpectedly. Some policies extend to cover critical illness or disability as the child grows.
  • Life Insurance for over 50s
    Several leading Life Insurance companies offer policies specifically designed for this stage of life. Most over-50s policies include waiting periods for natural death and typically feature simplified underwriting.
  • Joint Life Insurance
    Allows you and your partner to share a single Life Insurance policy under the same terms. The benefit is paid out when one partner passes away first, giving the surviving partner financial protection. Most joint life policies pay on first death, though second death variants do exist.
  • Whole Life Insurance
    Covers you for your entire life, or up to age 95. Whole Life Insurance can also form part of your retirement and estate planning. Your beneficiaries are guaranteed a lump sum payout when you pass away, regardless of when that happens.
  • Term Life Insurance
    Provides life cover for a fixed period, either 10, 20, or 30 years. You pay a monthly premium for the duration of the term, and if you pass away within that period, your beneficiaries receive the lump sum payout. If the policy term ends, coverage stops and no benefit is paid. Policies can often be extended or renewed, though new premiums will be calculated based on your age at renewal.
  • High-risk Life Insurance
  • Pre-Existing Medical Conditions
  • Mortgage Life Insurance
why_choose_hippo

Life Insurance is worth having if people depend on your income

If a spouse, children, ageing parents, or a business partner relies on what you earn, a Life Insurance policy is one of the most direct ways to protect them. Without it, your loved ones could face financial implications that go well beyond grief, covering immediate expenses, education costs, and ongoing living costs at an already difficult time.

How much Life Insurance is enough?

Choosing the right cover amount depends on your personal circumstances, such as your income, your debts, your lifestyle, and the number of people who are financially dependent on you. As a general guide, your Life Insurance cover should be enough to:

  • Replace your income for a meaningful period
  • Settle all outstanding debts, including a personal loan or bond
  • Cover education costs for your children
  • Pay for funeral costs and immediate expenses

Life Insurance can also create an inheritance for your family, ensuring they are financially secure even if you have no other assets to pass on.

FAQ

Not all insurers on Hippo currently offer Funeral Cover for Parents. Information is provided for comparison purposes only and should not be seen as financial advice.

There are Funeral Cover policies available where no waiting period is stipulated, but this is an option you should discuss with the Funeral Cover provider before signing up for cover.

Cover for parents over 80 is limited, but some insurers may still offer options. In certain cases, Life Insurance could be considered if financial dependency can be shown.

Yes. Most insurers have age limits for adding parents to a policy. It’s generally easier and more affordable to arrange cover before a parent reaches their mid-70s.

You can compare Funeral Cover quotes online using Hippo.co.za to find a policy that matches your family’s needs and budget.

Do your research online today and find the right policy to suit your and your family’s needs. Comparing different Funeral Cover options side by side can help you see which providers offer shorter or no waiting periods, and which benefits work best for your budget.

You can take out Funeral Cover in your own name and add your parents as beneficiaries. When a covered parent passes away, the policy pays out a lump sum to help cover funeral and related expenses.

Funeral Cover pays out quickly, allowing families to focus on arrangements rather than finances. The benefit can be used for burial costs, transport, catering and other funeral-related expenses.

A natural death waiting period applies to persons who have died naturally such as by heart attack or contracting a fatal infection. The waiting period for natural death is normally between 6 and 12 months.

There is also a pre-existing condition waiting period, which is related to a pre-existing disease. If a family member has a chronic medical condition at the time of signing up for the cover, you may not be able to claim for their death if they pass away within 24 months of signing up.

Most policies have a waiting period effective from the time you sign up. A waiting period is the time during which your beneficiaries cannot claim for certain types of death, usually natural causes, even though you are already paying premiums.

This type of Funeral Cover offers an option where there is no period in which your beneficiaries have to wait for a policy to be paid out in the event of accidental death. Most policies have a time period, effective from the time you sign up wherein your beneficiaries cannot be paid out in the event of a natural death.

Funeral Cover options differ by insurer and can vary based on benefit amounts, age limits and additional services. Cover can be used for funeral costs, transport, catering and other end-of-life expenses.

Did you know that South Africa has some of the highest funeral costs in the world? Depending on your traditions and arrangements, costs can easily reach tens of thousands of rands. Funeral Cover helps protect your family from sudden financial strain when a parent passes away.
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