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    MoneyShop-Group-Life-Insurance

    Can I transfer my group life cover if I leave my company?

    by MoneyShop
    You’ve had enough. Enough of the daily commute, the office politics, and you’re frustrated that you still haven’t ‘cracked the nod’ for the corner office. It’s time for...
    Insurance, Life Insurance

    Why life insurance could be the best gift to your loved ones

    by MoneyShop
    There are many ways to show your loved ones you care about them. But who knew that life insurance could be one way of doing this? Purchasing life...
    Insurance, Life Insurance

    Get life insurance for every stage of your life

    by MoneyShop
    Our lives are not static. People grow up, they get married, have children, and retire. So as your life changes, so should your life insurance. Shreekanth Sing, technical...
    Insurance, Life Insurance
    life-insurance-MoneyShop

    Should you cede your life insurance?

    by MoneyShop
    Life insurance guarantees that you are protected in the event that causes income loss. This is the reason you need to think carefully before you cede it to...
    Insurance, Life Insurance
    LifeInsuranceHIV_MoneyShop

    Is an HIV test required for life insurance?

    by MoneyShop
    HIV/Aids is treated like any chronic desease nowadays. But does this mean you're no longer required to test before purchasing life insurance? Moneyshop finds out. Previously insurers have...
    Insurance, Life Insurance
    inconsetability-clause-Moneyshiop

    Could an incontestability clause become applicable in South Africa?

    by MoneyShop
    The incontestability clause is not legal in South Africa, but wouldn't it be better if it was introduced? Sometimes consumers lose out on their life insurance claims, either...
    Insurance, Life Insurance
    Life-Insurance-MoneyShop

    Does life cover exclude certain illnesses?

    by MoneyShop
    One of the reasons people purchase life cover is to ensure that they are covered when they are ill and cannot work. When you purchase life insurance, your...
    Insurance, Life Insurance
    GroupRiskCover_MoneyShop

    Is life cover necessary when you have group risk cover?

    by MoneyShop
    Group cover provides financial protection in the event of injury and death , but is it it enough on its own? Many consumers believe that being insured under...
    Group Cover, Insurance, Life Insurance
    MakingMoneyWisely_MoneyShop

    Should you borrow from your life insurance?

    by MoneyShop
    While life insurance is designed to provide financial assistance in the event of death, it can  also come in handy when you are facing an emergency. You have...
    Borrow, Life Insurance
    Life insurance is usually marketed to young people who are married and have children. However, you don’t stay young forever and might still need life insurance even after retiring. So is it possible to apply for life insurance after retirement? According to Pieter Wasserfall, a financial planner at Intelligent Debt Management (IDM), many insurers do not accept retirees because as you get older you may be too unhealthy to be insurable. Age is one of the factors that will determine the price of your cover. According to Mike Luyt, senior strategic and intelligence analyst at Metropolitan Retail, the earlier you purchase your life insurance, the more you save and the cheaper the insurance is. “If you leave it too late, by the time you apply for life insurance, your premiums will be more expensive as you may not be in good health anymore,” says Luyt. If purchasing life insurance after retirement is difficult - what then is recommended? The question you should ask yourself is why you need life insurance after retirement. Life insurance offers income protection in case something happens to you. It ensures that you and your dependants can maintain your standard of living without worrying about money. Will someone experience financial loss when you pass away or when you get injured? Chances are that your children are all grown up and do not depend on your income. So if this is the case, there is no need to purchase life insurance. However, if you have dependants, such as a spouse that might be affected financially by your death or loss of income you can purchase life insurance. Wasserfall says when you apply for life insurance, insurers will typically offer you two types of insurance: term life insurance and whole life insurance. Term life insurance generally provides coverage for a specified period and pays out a lump-sum when you pass on. The insurance can cover you for up to 30 years, depending on what you and the insurer have agreed on. Whole life insurance provides lifetime coverage. The insurance does not only provide a death benefit, it also has a saving component, which is called cash value. The cash value allows you to borrow from your life insurance. However, there is the risk of reducing your death benefit if you don’t pay the money back. Wasserfall advises that you take up the latter. “It is always wise to choose whole life insurance because it does not expire when you retire. However it is less affordable compared to term life insurance,” says Wasserfall. An alternative would be to extend your term life insurance. Almost all life insurance policies include a conversion option which allows you to change your policy to whole life insurance

    Can you take up life insurance after you retire?

    by MoneyShop
    Everyone one wants to make sure that their loved ones are taken care of when they are unable to. That is why is many still see value in...
    Insurance, Life Insurance
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