OUTsurance life insurance is a life insurance policy for people aged 18 to 64. The life insurance product can cover an individual for as little as R200,000.00 and as much as R16 million. There are no medical exams required for up to R5 million in cover, and one can be covered on the same day.
The OUTsurance life insurance policy includes a terminal illness benefit that pays out 50% of the total death cover in the event of a terminal illness. The terminal illness benefit is limited to a maximum payout of R1 million. If the principal life insured is expected to live for less than 12 months, the terminal illness benefit kicks in.
The OUTsurance life insurance premiums are guaranteed to remain constant for the first 5 years after the policy is purchased. Furthermore, policyholders have the option of increasing their cover amount and premiums on a yearly basis. This is done to help the coverage grow in line with inflation.
The OUTsurance life insurance policy also includes a funeral benefit. The money from the OUTsurance Funeral benefit is paid out to the nominated beneficiary of the principal life insured to ensure that funeral arrangements go as planned. Other family members can be added to the funeral benefit for a fee.
OUTsurance life insurance offers a variety of benefits to policyholders. Below, we look at the benefits of choosing OUTsurance life insurance.
Benefits of OUTsurance Life Insurance
As life is unpredictable, it is impossible to predict how much money you will be able to leave your family to meet their financial needs. You can ensure that your family’s aspirations are realized in your absence by purchasing adequate life insurance. When you choose to insure with OUTsurance, you will receive a number of benefits. Some of the benefits of using OUTsurance life insurance options are as follows.
- You get salary replacement if you get critically ill or suffer an injury.
- Your beneficiaries will get to pay off all your debts that may include your home loan.
- Kids will have money to further their education or finish high school.
- Not only will your spouse or kids benefit but your parents can also benefit.
As you can see, these benefits are for you and your family if something happens to you while you are a policyholder. Now that you understand the benefits of using OUTsurance as your life insurer, let’s look at the Outsurance life insurance packages.
OUTsurance Life Insurance Products
OUTsurance provides three life insurance solutions for individuals. Available life insurance solutions from OUTsurance include death, disability and critical illness cover.
OUTsurance Death cover
The death cover is a comprehensive life cover from OUTsurance that safeguards the financial future of your family. This cover will provide a long-term solution to your family’s financial needs.
Here are the reasons why you should choose the OUTsurance death cover as your life insurance:
- Terminal illness benefit – should you suffer from a terminal illness and it leaves you with less than a year to live, 50% of your death cover is paid out to you. 50% is only limited to R1 Million on your entire policy. Therefore, only those with R2 Million cover or less can get to withdraw 50% of their cover amount. On the other hand, those with a cover amount of R2,000,001.00 or more can only get a payout of R1 Million.
- Five-year guarantee – after taking a comprehensive death cover your monthly premiums will be fixed for five years. There won’t be any interruptions on your premiums.
- Free medical tests – the death cover requires underwriting so blood tests are part of the underwriting process. OUTsurance covers the blood test expenses.
If any of the three reasons are compelling enough for you to join OUTsurance life insurance then you can take advantage and choose the cover.
Let’s look at the highlights of the OUTsurance death cover
- You get covered immediately after taking the comprehensive death cover.
- Premiums you pay are subject to your risk factors.
- You need to be between 18-64 years of age to take the death cover.
- The cover amount is between R200,000.00 – R16 Million.
- The death cover comes with a Funeral benefit. This amount is the amount that speeds a portion of your comprehensive death cover.
- As a policyholder, you can add a spouse or child to your death cover.
OUTsurance Disability cover
Accidents occur on a daily basis and can occur to anyone. Having disability insurance can provide you peace of mind if you are involved in an accident. With a disability, one’s is likely to lose his/her monthly wage or income. During this time, your insurance will cover some or all of your requirements.
Here are some of the additions that you can make on your disability cover:
- Own occupation cover – if you get ill or suffer an injury performing in your own occupation, the own occupation cover will pay if you are a policyholder.
- Suitable occupation cover – this cover is there to cover you should you suffer from an illness or disability that has resulted in you being permanently inable to perform your own occupation and other occupation, education, training and/or taking your training.
- Accelerated cover – if you take out this cover your claim for disability or critical illness will payout from the death cover.
The disability cover has some highlights of its own, here are the highlights of the disability cover:
- Free medical tests
- The disability cover is a stand-alone cover and has no effects on your death cover.
- You get immediate cover.
- Five years of guaranteed fixed premiums.
- Your risk factor will determine your premiums.
OUTsurance Critical illness cover
The critical illness covers a number of critical illnesses according to OUTsurance. Critical illness can include cancer. Critical illnesses are life-threatening in nature and as a policyholder, you will receive a payout should you be diagnosed with a critical illness.
Here are the features and benefits of the OUTsurance critical illness cover:
- The critical illness cover, covers 40 illnesses.
- The cover is immediate so there is no waiting period.
- Five years of Fixed premiums.
- Free medical tests.
- Your premium is subject to your risk factors.
You can take the accelerated cover to lower your premiums on the critical illness cover. This is because your claim for disability or critical illness will payout from your death cover total sum.
Conclusion
The OUTsurance life insurance policy is a popular life insurance policy in South Africa, offering some of the best benefits for a life insurance policy. It is critical to understand how OUTsurance life insurance works. Before purchasing the OUTsurance life insurance policy, familiarize yourself with the product so that you can make an informed decision.
