Get an online life cover quote for peace of mind that, in the event of your death, your loved ones and family are financially protected.
Having life cover in place will ensure that your surviving spouse, partner or nominated beneficiary of your children:
- Has enough money to pay for living expenses.
- Can settle significant debt like a bond, credit card debt or car repayments.
- Can pay for children’s education.
What is life cover?
Life cover ensures that your financial responsibilities are taken care of in the event of your death. It replaces the income you would have earned during your working life, ensuring that your family is financially secure.
When should I get life cover?
- If anyone depends on you financially, the earlier the better.
- Discuss the benefits of taking out life cover with a financial adviser. It is advisable to buy life cover earlier because you never know when you are going to need it and, as you get older, life cover gets more expensive.
- Although age may play a role in how much life cover you need, the decision to take out life cover has nothing to do with age. If anyone else depends on your income, you should consider taking out life cover. For example, if you’re married, you and your spouse may want to take out life cover for each other. Many married couples rely on 2 incomes to cover their monthly expenses, and if one spouse dies, the other spouse would need to cover those expenses on one income.
How much life cover do I need?
To find out how much life cover you need, work out what portion of your income your family needs today. Because that is what they will need if you die tomorrow. The next step is to calculate the lump sum that will generate this income up to your planned retirement age, taking inflation into account. You can take out life cover insurance from R100,000 up to R5 million. Find out how with our online life cover quote.
Want to know more?
Claims and payouts
The life cover benefit won't pay out if the person insured dies due to suicide during the first two years of the policy.
The benefit amount will be paid out to the nominated beneficiaries on the policy.
Life cover claims are usually paid within 2 to 5 days of the death of the insured.
No. This benefit is tax-free.
The premium depends on the person insured's age, gender, smoker status, and health as well as the premium pattern chosen at the outset of the policy.
If you skip a payment, the policy won’t lapse as long as we receive a payment within the 30 days grace period.
Cover term and amount
If the person insured chose an increasing cover amount during the application process, the cover amount will increase annually and so will the policy premium.
The person insured can choose how long he/she wants to be covered for - either for life or for a specific term (5 years being the minimum, and 20 years being the maximum).
Yes, the cover amount can be changed through an alteration process.
Minimum: R100 000
Maximum: R5 million
Estate Provider benefit
Covers the costs and fees associated with winding up your estate.
As part of your holistic financial planning you can provide an amount to make sure the winding up of your estate is done by a professional, and that there is enough liquidity in your estate to cover any costs and fees. Momentum’s Estate Provider benefitgives you and your family peace of mind that your estate will be taken care of professionally and that there will be enough money available in your estate to cover all costs and fees.
What you'll get:
A professionally drafted Will that we will keep in safe custody.
An instant cash amount paid to your nominee within 1 working day after Momentum receives the death claim.
The Executor’s Fee benefit - covers 100% of your executor’s fees on estates with a gross value up to R10 million and a 50% discount on an amount over
The Professional Fee benefit - after settling 100% of the executor fees the remaining balance will be used to pay for other associated fees and administration costs.
A top-up for your estate that gets paid back into your estate, without executor fees, for any money that is left after settling all admin costs and professional fees.
A death benefit worth R300 000 to
R2,5 million offered in conjunction with Momentum Myriad.