Life cover is an agreement between you and your insurer, like Budget. The plan provides economic security. In other words, when the policyholder dies, there will be an amount payout to your beneficiary. Usually, your beneficiary will be your spouse, children, relatives. But it can be anyone you choose.
Your life policy will support your loved ones to endure the end of your salary and give them the financial stability to continue with their lives. Your household can use your life cover to get daily living things, pay medical debts and education fees.
Start as young as possible to buy life insurance. The more youthful and healthier you are, the less you will pay on your monthly premium. Your life insurance quote can be influenced by certain aspects such as age, well-being, lifestyle, career, dangerous or extreme sports and so forth.
Life products from Budget partnered up with 1Life include:
- Basic Life Cover
- Elevated Life Cover
- Dread Illness Insurance
- Disability Insurance
- Critical Illness
- Funeral Insurance
- Funeral Coverage for seniors
Life Basic Insurance and Elevated Life Insurance are the primary life insurance options allowed by Budget. Dread Disease and Disability Insurance are options you can add to your life policy.
Life Basic Insurance
You can choose coverage between R50,000 and RR200,000 on the basic plan. The beneficiaries will also get R50 000 after two days of submitting a legitimate claim. It is for your loved ones to cover funeral costs and more.
If you are diagnosed with a terminal illness and you only have a year to live. Budget will payout your policy’s full amount with no exceptions.
Extra benefits include:
- You can enjoy covering your entire life.
- Waiting limits: No limits with accidental death and only a two-year waiting limit for common death or suicide.
Elevated Life Insurance
Here you can choose a cover amount of anything between R200,000 and R10 million. Within the first 2 days of a successful claim, your relatives will receive R50,000 for funeral and other expenses.
If you are diagnosed with a critical illness and the doctor only give you 12 months to live. Budget will pay you your full amount of cover with no exceptions.
Added benefits include:
- Entire life coverage.
- Assured Insurability
- Expo-Sure: If you are accidentally exposed to HIV we will in private have you tested, get you on a program and cover you with added counseling.
- Waiting periods: Accidental and natural death there are no time limits, but on suicide, it is two years.
Read reviews on Budget on various platforms and websites online. You will get a feel for the insurance provider. You can also apply here for quotes from various insurers. See what they have to offer you, compare and get the best policy for you and your relatives.