Get an online life cover quote for peace of mind and know that your loved ones and family are financially provided for in the event of your death.
Having life cover in place will ensure that your surviving spouse, partner or nominated beneficiary of your children:
- Can settle significant debt like a bond, credit card debt or car repayments.
- Can pay for children’s education.
- Has money available to help pay for living expenses.
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?
- 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.
- If anyone else depends on your income, you should consider taking out life cover – the earlier the better.
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 select life cover from R100 000 up to R5m.
Find out how with our online life cover quote.
We’re keeping our promises, and paying on our promises
We have a solid reputation for always looking for reasons to pay all valid claims.
- During 2020 we paid 92.97% of claims submitted for all life insurance benefits.
- The most considerable amount paid for a single death claim was R70 million to a farmer. The client, healthy and in his 60’s, contracted COVID-19 18 days after the policy started and passed away within 3 months. Thanks to his life cover in place, his family and business were financially secure after he passed away.
- The age group for most death claim payouts was 60 years and older.
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 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 death benefit worth R300 000 or more offered in conjunction with Momentum Myriad.