Life insurance takes many forms and is offered by a panoply of different companies in South Africa, but its purpose remains the same: to provide a lump sum benefit in the case of the insured person’s death, or in some cases disability or terminal illness, to help their family through a difficult financial period. Assupol life cover, sold by the Assupol Life Limited company, includes several different plans that you can enroll in to provide yourself, your spouse, and your children with various types of coverage and protection.
Assupol life cover can include just life insurance, at your option, or it can also feature various other programs to give you payments in the event of disability or maiming. The most comprehensive plan is the Progress Legacy Plan, which covers both death and disability, and was created to offer your family the maximum financial stability in the event of your untimely demise.
The premium for this policy, which is paid monthly, is R150 – naturally, the premium increases if you want a larger amount of coverage, if you are assessed as a high risk client by Assupol Life, or if you choose many additional cover options. The premiums are guaranteed for a period of five years, meaning that there will be no unpleasant surprises in the form of sudden increases during the next half decade. You would be well advised to have your premiums reviewed during this period, since this will cap the total premium increases that can occur over your lifetime at 15%.
When the policy holder – also known as the “life assured” – dies, a lump sum death benefit is paid to the beneficiaries named in the insurance documents (most typically the members of your immediate family). You will also automatically receive coverage for a 100% payment of the death benefit if, at any time, you are diagnosed with a terminal illness. This will help you with medical costs, allow you to tie up loose ends such as debts you owe, and make direct arrangements for the financial safety of those close to you, such as your spouse, parents, and children.
The Progress Accident Plan offered by Assupol Life Cover is another insurance program which provides payments if you are killed, disabled, or crippled in an accident. In this case, you may need the money yourself if you are no longer able to work. A schedule of payouts is available on the Assupol website; just a few examples include a 100% payout in case of death, a 100% payout in the event you are blinded in both eyes, a 25% payout if you lose one eye, and so on.
Many other optional features and conveniences are included, making Assupol life cover one of the most flexible life insurance plans for meeting your needs.