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Long Term Insurance in South Africa
Long Term Insurance in South Africa can be classified into assistance, disability, fund, health, life, and/or sinking fund sector. As at 31 March 2010,
there are 88 companies in long term insurance business(inlcuding 7 reinsurers), compares to 85(inlcuding 6 reinsurers) at the same period a year ago.
For year 2009, the long-term insurance in South Africa reported a total net premiums of ZAR$207.8 billion. This is a decreased of
ZAR$45.9 billion or 18.09% compares to ZAR$253.7 billion for 2008. Benefits paid for long-term insurance in 2009 amounted to ZAR$191.5 billion,
a decrease of of ZAR$75.8 billion or 28.36% compares to ZAR$267.3 billion for 2008.
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Life Cover: The Lasting Dignity Cash Back Plan
Life is priceless. Life cover is affordable. The Lasting Dignity Cash Back plan is a whole life cover that pays out in the event of death.
The Hospital Cash Back Plan will help take care of your family, should your life be disrupted by hospitalisation. This is NOT a medical aid, it is an insurance plan.
From R100 per month
The hospital plan pays up to R3000 per day you are in hospital (from day 3)
Being HIV positive shouldn't have a negative effect on your life cover. Let us help you!
AllLife designs, distributes and administers life insurance products. We provide affordable life cover for individuals living with HIV or Type 1 or Type 2 diabetes mellitus who commit to follow an appropriate health monitoring and treatment program.
Since 2005 we have provided affordable life cover for thousands of people living with HIV, as well as significantly improving the health experience of the individuals we insure through our adherence management program. Based on our clients’
enthusiastic response to our role in monitoring their health, in 2008 we extended cover to people living with diabetes mellitus, once again based on their commitment to ongoing health monitoring. This unique approach to life insurance enables
us to offer more competitively priced life cover, and to extend cover to individuals who the established life insurance industry may regard as ‘uninsurable’.
HIV Life Cover
AllLife provides comprehensive life cover to people living with HIV, and in 2005, was the first company in the world to offer whole life cover to HIV positive individuals. Our clients use AllLife products to qualify for home and business loans, to provide for people who depend on them financially, and to give their families peace of mind and financial security in the event of their death.
Our life products provide cover in the event of death of the life insured, whether this was due to an accident or a health related issue. There is no waiting period—which means that AllLife clients are covered immediately on inception of cover.
Diabetes Life Cover
AllLife provides comprehensive life cover to individuals living with Type 1 and Type 2 diabetes mellitus.
Our clients use AllLife products to qualify for home and business loans, to provide for people who depend on them financially, and to give their families peace of mind and financial security in the event of their death.
Our life products provide cover in the event of death of the life insured, whether accidental or health-related. There is no waiting period on claims—which means that AllLife clients are covered immediately on inception of cover.
Adequate life insurance can protect your family even when you are no longer around to do so yourself. A life insurance policy pays out a sum of money upon the death of the policy holder or insured person and can include additional cover for critical illnesses such as cancer.
Hunting for the best life cover can be tiresome and frustrating. However, InsuranceHound can make your life easier by sniffing out affordable, low-cost life cover while you sit back and relax.
You can get quotes from South Africa’s top-rated direct insurers and life insurance companies by completing just one form. You will then be contacted and presented with quotes on various life assurance policies. Simply compare life insurance quotes and select the cheapest and best life insurance policy. It is as easy as that!
There is no need to work like a dog trying to find life cover yourself. Let InsuranceHound do the work for you!
Saving a lifeline for the future....
Stem cells are currently used in the treatment of 80 Life-Threatening Diseases and with continued research this number is growing daily.
Lazaron, a proudly South African JSE listed pioneer in the field of stem cell preservation ensures your newborn baby's stem cells are safely stored in our Cape Town based high-tech facilty.
Should you or your family need the stem cells they'll be available to you within just 24 hours, ensuring maximum viability.
Track down the best health insurance quote today with InsuranceHound!
Ensure that you and your family will be cared for in case illness or accidents strike. Let InsuranceHound sniff out health cover for you and your family now. We source affordable medical aid quotes from leading health insurance companies for the cheapest, best buy policies.
It only takes a few minutes to fill in our quick and easy medical aid scheme quote request form. You will then receive personalised competitive quotes from the top medical schemes and medical aids in South Africa. Then compare the offers and select the medical insurance policy that is the best for you. You are under no obligation to buy and our service is completely free!
We can help you make smart medical aid buying choices!
Net premiums as per sector
46.9% or ZAR$97.4582 billion of the total net premiums of ZAR$207.8 billion is made up of life insurance, a decreased of
ZAR$17.4679 billion or 15.20% compares to ZAR$114.9261 billion for 2008.
Health insurance made up of 0.7% or ZAR$1.4546 billion of the total net premiums, a decreased of ZAR$1.0824 billion or 42.66% compares to ZAR$2.537 billion for 2008.
Disability insurance made up of 1.8% or ZAR$3.7404 billion of the total net premiums, a decreased of ZAR$0.3188 billion or 7.85% compares to ZAR$4.0592 billion for 2008.
Fund insurance made up of 48.3% or ZAR$100.3674 billion of the total net premiums, a decreased of ZAR$22.1679 billion or 18.09% compares to ZAR$122.5371 billion for 2008.
Sinking fund insurance made up of 1.1% or ZAR$2.2858 billion of the total net premiums, a decreased of ZAR$3.083 billion or 62.46% compares to ZAR$6.0888 billion for 2008.
Assistance insurance made up of 1.2% or ZAR$2.4936 billion of the total net premiums, a decreased of ZAR$1.0582 billion or 29.79% compares to ZAR$3.5518 billion for 2008.
Net premiums as per industry
Typical insurers (insurers who offer most of the six classes of business as defined in the act, in the primary market)
recorded a net premium of ZAR$176.526 billion for 2009, a decreased of ZAR$5.658 billion or 3.11% compares to ZAR$182.184 billion for 2008.
Niche insurers (insurers who conduct business in a specific target market) recorded a net premium of ZAR$885 million for 2009,
a decreased of ZAR$18 million or 1.99% compares to ZAR$903 million for 2008.
Linked investment insurers(insurers who underwrite policies whereby the value of the policy is directly linked to the value of the
assets invested in, and no guarantees are offered) recorded a net premium of ZAR$82.012 billion for 2009, a decreased of ZAR$22.309
billion or 21.38% compares to ZAR$104.321 billion for 2008.
Cell captive insurers (insurers who conduct business on a cell captive basis only) recorded a net premium of ZAR$1.72 billion for 2009,
a decreased of ZAR$0.026 billion or 1.49% compares to ZAR$1.746 billion for 2008.
Assistance insurers (insurers who offer life policies where the sum assured does not exceed R18 000) recorded a net premium of ZAR$822 million for 2009, an increased of ZAR$60
million or 7.87% compares to ZAR$762 million for 2008.
Reinsurers (insurers who conduct only professional reinsurance and are not involved in marketing to the public) recorded a net premium of ZAR$4.568 billion for 2009, an
increased of ZAR$0.351 billion or 8.32% compares to ZAR$4.217 billion for 2008.
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