Life cover myths busted

We're debunking common life insurance myths. Let’s set the record straight and make life cover work for you.

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Life cover is one of those things most people know they should consider but often ignore. There’s a lot of misinformation about life insurance that can make it seem complicated, expensive or unnecessary. We’d like to bust these myths and show you how simple and accessible life cover can be.

 

Myth 1: You can’t get life cover if you have a chronic condition

Truth: You don’t need to be in perfect health to get life insurance. Conditions like diabetes, high blood pressure or HIV don’t automatically disqualify you. If your condition is well-managed, you can still get cover. With us, the application process is simple – no complicated medical tests are needed! Even with pre-existing conditions, life cover can be affordable and accessible, making it easier to protect your loved ones without the added stress of medical tests. 

 

Myth 2: Applying for life cover is a long and complicated process

Truth: Getting life cover is easier than ever. Our process is straightforward and quick. You can apply online or in person, and within a few minutes, you’ll know if you’re covered. You don’t need to fill out a mountain of paperwork. Choose from a range of cover options that fit your budget and priorities – whether that’s a lump sum payout, monthly income or coverage for your children’s needs.

 

Myth 3: Life insurance is only for people with dependents

Truth: Life cover isn’t just for people with children or spouses. It’s also important for individuals with other financial responsibilities, like a partner, debts or business obligations. Life cover can help protect your loved ones and ensure that financial burdens, like outstanding loans or bills, don’t fall on them after you're gone. You can personalise your cover to fit your specific needs.

 

Myth 4: Life insurance policies are full of hidden terms and conditions

Truth: Our life insurance policies and terms and conditions are written in clear, straightforward language, so you know exactly what you’re signing up for. When you choose your cover, you’ll be fully informed about your options, with no hidden surprises. 

 

Myth 5: Life cover is unaffordable

Truth: Our life cover is more affordable than you think. Premiums are flexible and can be tailored to fit your budget. Even if you’re on a tight budget, there are options to suit your financial situation. Premiums don’t automatically increase each year, so your cover remains affordable over time.

 

Myth 6: Insurers never pay out claims

Truth: This is simply not true. Life insurance companies pay out billions in claims every year. In the first half of 2023, insurers paid R287.1 billion in claims. Most claims are honoured, so your loved ones will receive the support they need when it matters most.

 

Myth 7: You have to pass a medical exam to get life cover

Truth: Many life insurance policies don’t require a medical exam. Instead, you may need to answer a few basic health questions or take a simple health test. It’s fast, straightforward and designed to make the process as easy as possible.

 

Life cover is easier than you think

Life cover can be simple, affordable, and flexible. Don’t let misinformation keep you from protecting what matters most – your loved ones, future, and peace of mind.

 

Introducing Capitec Life Cover

Personalise your cover to suit your family’s needs and your budget. Choose between paying for children's needs, a monthly income for a period of 24 months, a lump sum , or a combination of all 3 payout options.

 

Why our life cover?

Monthly income:

  • The cover amount you choose for this option will be paid out to your nominated beneficiaries for a period of 24 months
  • You can nominate up to 6 adult beneficiaries (these are people you choose to receive a payout)
  • If you choose this option, a minimum of R1 000 must be allocated 

Lump sum:

  • The cover amount you choose for this option will be paid out as a once-off lump sum to your nominated beneficiaries
  • You can nominate up to 6 adult beneficiaries
  • If you choose this option, a minimum of R1 000 must be allocated

Children’s needs:

  • The cover amount you choose for this option will be transferred to an umbrella trust. The trust will manage the funds on behalf of the nominated minor beneficiaries (children) until they turn 21
  • You can nominate up to 10 minor beneficiaries (children)
  • Caregiver details must be provided for each minor beneficiary
  • If you choose this option, a minimum of R50 000 must be allocated
 

Cover their needs after the funeral with life cover. Get it on our app or visit any of our branches. 

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