Types of Life Insurance1Life Direct offers policyholders a choice between two different
kinds of life cover, namely Pure Life Cover and Credit Life
Cover. Depending on your individual needs, we can help you to
determine which one of these life insurance policies would best
protect your family, should something happen to you. Read on to
learn more about 1Life Direct’s life insurance products, and to
find out how you can ensure that your family has the life they
deserve, no matter what the future may bring.
1Life Direct Pure Life CoverPure Life Cover insures your life for a specific amount. This
amount will be used to look after the financial needs of your
dependents if something happens to you. With Pure Life Cover,
insured individuals are given the option to choose between 1Life
Basic and 1Life Elevated cover.
1Life BasicOpting for 1Life Basic will see a cash amount of up to R200,000
paid out to your beneficiaries in the event of your death. As
this type of cover is a “level sum assured” policy, the amount
for which you are insured will never diminish while the policy
is in force. You can choose to take out 1Life Basic for your
whole life, or for a specific number of years, and accidental
death will be covered immediately while the policy is active.
Terminal illness cover is included in a 1Life Basic policy,
which means that your cash amount will be paid out to you if you
are diagnosed with a terminal illness and your life expectancy
is less than one year.
1Life ElevatedWith a 1Life Elevated policy, your beneficiaries will receive an
amount from R200,000 upwards in the event of your death, and the
amount for which you are insured is also “level sum assured”, as
with 1Life Basic. However, with 1Life Elevated, the “guaranteed
assurability” option allows you to increase the amount for which
you are covered if your lifestyle changes (such as when you buy
a home or start a family). As with 1Life Basic, you can elect to
take out the policy for your whole life or for a set period of
time, and accidental death is immediately covered while the
policy is in force. Terminal illness cover is also included in
your 1Life Elevated policy.Find out more about additional coverage for disablement and
dread disease, which can be added to your 1Life Direct Pure Life
Cover policy.
1Life Direct Credit Life CoverCredit Life Cover insures your life for a certain amount, and
this amount is used to cover the debt you owe at the time of
your death.
How Credit Life Cover worksIn the event of your death, your 1Life Credit policy will pay
your creditors the amount still owing on any short or long term
debt, such as a car or home loan. Credit Life Cover is a
“decreasing sum assured” policy, which means that the amount to
be paid out decreases as you make repayments on your loan. With
this type of life insurance, you are given the option to add
occupation-based disablement cover and dread disease cover to
your policy, and you are also insured immediately for accidental
death. Your 1Life Credit policy is active for the entire
contract period of the loan, or for the outstanding period of
the debt, if you purchase the policy after you take out the
loan. Alternatively, it is active until a disablement, dread
disease or death claim is lodged and paid out.
Find out more about 1Life Credit’s retrenchment option, which
can be added to your 1Life Credit policy.
If you are not sure which one of these life cover options would
be best suited to your needs, we are here to help you make the
right choice. Talk to us about your life insurance options, and
get effective, affordable coverage with 1Life Direct.
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