Life insurance, just like funeral cover, is a policy you get and pay for the rest of your life. The purpose of such a policy is to ensure the people you leave behind upon death, is financially taken care of. The day you pass away, money is paid out to your family so they can cover everything your salary would have covered. This can include groceries, school fees, debt, etc.
Liberty’s life insurance policies offer the beneficiaries a lump sum upon death. You and your family can decide what this amount should be, and the decision on this will determine what your monthly premiums will be. Liberty also offers a Lifestyle Protector that is designed to change as your needs change during your lifetime.
If you are interested in a policy from Liberty, please contact them directly.
Liberty Life Contact Details
If you are an existing policyholder, use the contact details below for general enquiries and claims:
- [email protected]
- 0860 456 789 / +27 11 408 487
Need a new policy?
- Get in touch with your financial advisor or request a quote on this page
About Liberty Life
Liberty Life Insurance is amongst the top five insurance providers in South Africa, providing highly personalised funeral and life cover products and services for their customers. Liberty Life has also one of South Africa’s highest claims payouts in terms of the number of beneficiaries honoured. At the time of writing this article, the insurer has raised their life insurance premiums for both the term and whole life range by up to 20%, though this may well change once the new year begins. Their current rates are competitive and a good investment from any individual or family looking for an affordable cover that delivers value and peace of mind.
The first step to getting life cover in South Africa is to identify your unique lifestyle and risk factors. If you are already self-employed or work at an organisation that has its death policy, consider how you would like your policy to be tailored to your own needs. Your circumstances will determine the amount of premium that you will need to pay and the type of cover that you may prefer. Some life insurance companies offer a “combined” approach that allows you the opportunity to tailor your life cover to suit your own needs and circumstances.
Once you have established your unique situation, you will need to think about how your needs will change in the future. For example, if you have young children in the family it may be useful to look into a policy that offers extra cover for your children following the policy holder’s death. Similarly, you may wish to consider a discount if you have older family members such as a parent or grandparent. In these cases, it is often possible to get a discount for multiple younger family members when taking out the same life insurance policy. Your loved ones will also receive extra support through the payment of a bonus – should they die prematurely your loved ones do not need to worry about paying their funeral costs.
Another option that you can take to make sure that your loved ones are not affected financially by your passing is to include a Disability Discrimination Insurance (DDA) clause within your policy. A DDA is a specific set of benefits that your policy can payout in the event of your disability. The Disabled Discrimination Act Part IV requires that you take care to provide equal opportunities for people with various types of disabilities. Some of these types of disabilities could include learning disabilities, arthritis, sickle-cell anaemia and Parkinson’s disease. People who are diagnosed with a progressive illness such as cancer could also benefit from this kind of protection. It may also be worth looking into whether your insurance provider provides for “use of earnings” if you become permanently disabled.
As a relatively young company, Liberty Life Insurance prides itself on providing life insurance to those living in South Africa – in contrast to much older insurance providers who only cater to European people. The company now operates in 35 African countries across east, west and southeast Africa. This means that its customers are not restricted to African clients only, but can also deal with clients from Pakistan, Tanzania and Kenya.
As part of their inclusive approach to life insurance, Liberty offers customers the opportunity to choose between two different plans, the Standard funeral plan and the Comprehensive funeral plan. The Standard funeral plan provides cover for both burial and cremation expenses that are incurred during the lifetime period up to the age of 65. This includes the cost of having a memorial service, any outstanding debts or other financial concerns that may arise throughout the life of your beneficiary. If the beneficiary is not eligible for disability support through their employment, then the Standard funeral plan will provide them with the income they require to maintain a suitable lifestyle.