Life insurance is a critical component of financial planning, providing peace of mind and financial security for your loved ones. This review will compare two prominent life insurance providers in South Africa: Assupol Life Insurance and 1Life Life Insurance. We’ll delve into their offerings, benefits, fees, and other relevant factors to help you make an informed decision.
Assupol Life Insurance vs. 1Life Life Insurance
Company Backgrounds
Assupol Life Insurance: Established in 1913, Assupol is a proudly South African company with over a century of experience in the insurance industry. Assupol offers a wide range of life insurance products designed to cater to various needs, from basic funeral cover to comprehensive life insurance plans.
1Life Life Insurance: 1Life claims to be South Africa’s #1 Direct Life Insurer, known for its innovative approach to life insurance. 1Life provides quick quotes and one-call underwriting, making the process seamless and efficient. They offer extensive coverage options with competitive premiums.
Life Insurance Products
Assupol Life Insurance
- Progress 4Sure Plan:
- No medical tests or questions required.
- Premiums start at R90 per month.
- Payout up to R300,000 on death.
- Includes funeral cover up to R10,000 for the policyholder and spouse.
- Option to increase coverage over time.
- 10% of premiums paid back every 10 years if no claims are made (4Sure Loyalty Reward).
- Progress 4Life Plan:
- No blood test, 8 yes/no medical questions.
- Premiums start at R120 per month.
- Payout up to R1.2 million on death.
- Includes funeral cover up to R20,000 for the policyholder.
- Immediate cover for natural causes.
- All premiums paid back every 15 years if no claims are made (4Life 100% Cashback).
- Progress Legacy Plan:
- Blood test and medical questions required.
- Premiums start at R150 per month.
- Payout up to R10 million on death.
- Potential retirement value increase when combined with Carefree Life Retirement Annuity.
- Progress Accident Plan:
- No medical tests or questions.
- Premiums start at R73 per month.
- Coverage up to R1 million for accidents.
- Covers the policyholder or the entire family.
1Life Life Insurance
- Pure Life Cover:
- Up to R10 million coverage.
- No paperwork or medical exams (only HIV swab).
- Immediate underwriting.
- Fixed premiums for the first 12 months.
- Includes R50,000 Pay Now death benefit for funeral expenses.
- Access to the ForKeeps digital legacy app.
- Pure Life Plus Cover:
- Combines life and funeral cover.
- Up to R10 million life coverage + R50,000 funeral cover for up to 16 family members.
- R5,000 memorial benefit, R6,000 grocery benefit, and repatriation service.
- No waiting periods for life cover.
- Fixed premiums for the first 12 months.
- No medical exams (only HIV swab).
- Saves 28% on premiums compared to separate policies.
- Priority Life Cover:
- Up to R300,000 coverage.
- No HIV test required.
- Affordable premiums (e.g., R100,000 cover from R308/month).
- No medical exams.
- Fixed premiums for the first 12 months.
- Includes R25,000 Pay Now death benefit.
- Immediate cover for accidental death (6-month waiting period for natural death).
- Terminal illness benefit pays out full cover amount.
Comparison of Fees and Benefits
| Feature | Assupol Life Insurance | 1Life Life Insurance |
|---|---|---|
| Minimum Monthly Premium | R90 (Progress 4Sure Plan) | R308 (Priority Life Cover) |
| Maximum Coverage | Up to R10 million (Progress Legacy Plan) | Up to R10 million (Pure Life Cover) |
| Medical Requirements | None (most plans), Blood test (Legacy Plan) | HIV swab only (most plans), None (Priority) |
| Funeral Cover | Up to R20,000 (Progress 4Life Plan) | Up to R50,000 (Pure Life Plus Cover) |
| Additional Benefits | Premium waiver, disability, critical illness | Terminal illness benefit, digital legacy app |
| Loyalty Rewards | 4Sure Loyalty Reward, 4Life 100% Cashback | None specified |
| Waiting Period | Immediate for natural causes (4Life Plan) | None for life cover, 6 months for natural death (Priority) |
Benefits of Each Life Insurance
Assupol Life Insurance
- Flexibility: Assupol offers various plans catering to different needs, with the option to increase coverage over time.
- No Medical Tests: Most plans do not require medical tests, making it accessible for individuals with pre-existing conditions.
- Loyalty Rewards: Offers loyalty rewards such as 10% premium payback every 10 years and 100% cashback every 15 years for no claims.
- Comprehensive Coverage: High coverage amounts up to R10 million with additional benefits like funeral cover and premium waivers.
1Life Life Insurance
- High Coverage with No Medical Exams: Provides up to R10 million coverage with minimal medical requirements (HIV swab only).
- Immediate Underwriting: Quick and efficient policy issuance with immediate underwriting.
- Fixed Premiums: Offers stability with fixed premiums for the first 12 months.
- Additional Benefits: Includes terminal illness benefit, digital legacy app, and extensive funeral cover.
Requirements for Each Life Insurance Policy
Assupol Life Insurance
- Progress 4Sure Plan: No medical tests or questions.
- Progress 4Life Plan: No blood test, requires answers to 8 yes/no medical questions.
- Progress Legacy Plan: Requires a blood test and detailed medical questions.
- Progress Accident Plan: No medical tests or questions required.
1Life Life Insurance
- Pure Life Cover: No paperwork or medical exams, only requires an HIV swab.
- Pure Life Plus Cover: No medical exams, only requires an HIV swab.
- Priority Life Cover: No HIV test or medical exams required.
Pros and Cons of Each Life Insurance Policy
Assupol Life Insurance
Pros:
- Variety of plans to suit different needs.
- No medical tests for most plans.
- Loyalty rewards and cashback options.
- High coverage amounts.
Cons:
- Some plans require detailed medical questions and blood tests.
- Premiums can be higher for more comprehensive plans.
1Life Life Insurance
Pros:
- High coverage with minimal medical requirements.
- Immediate underwriting and policy issuance.
- Fixed premiums for the first 12 months.
- Extensive additional benefits and services.
Cons:
- Limited loyalty rewards compared to Assupol.
- Higher premiums for high coverage amounts.
Who Each Policy is Suitable For
Assupol Life Insurance
- Progress 4Sure Plan: Ideal for individuals looking for basic coverage without medical tests.
- Progress 4Life Plan: Suitable for those who want a balance of coverage and affordability with minimal medical questions.
- Progress Legacy Plan: Best for those seeking high coverage and are willing to undergo medical tests.
- Progress Accident Plan: Perfect for those who need accident coverage for themselves or their family without medical tests.
1Life Life Insurance
- Pure Life Cover: Suitable for individuals seeking high coverage quickly and with minimal medical requirements.
- Pure Life Plus Cover: Ideal for those who want a comprehensive package that includes life and funeral cover.
- Priority Life Cover: Best for those who need affordable premiums with moderate coverage and minimal medical exams.
Conclusion
Both Assupol Life Insurance and 1Life Life Insurance offer robust and varied life insurance products catering to different needs and preferences. Assupol stands out with its variety of plans, loyalty rewards, and high coverage options. 1Life excels in providing high coverage with minimal medical requirements, immediate underwriting, and additional benefits.
Ultimately, the choice between Assupol and 1Life depends on your specific needs, medical history, and financial situation. Consulting with a financial advisor can provide personalized advice to help you choose the best life insurance policy for your circumstances.