Life insurance is a crucial financial product, providing a safety net for your loved ones in the event of your untimely death. In South Africa, 1Life and 1st for Women are two prominent providers offering comprehensive life insurance products. This article compares 1Life Life Insurance and 1st for Women Life Insurance, highlighting their features, benefits, fees, and suitability to help you make an informed decision.
Overview
1Life Life Insurance offers three main products: Pure Life Cover, Pure Life Plus Cover, and Priority Life Cover. Each product caters to different needs, with varying coverage amounts and benefits. 1Life is known for its straightforward application process, with no paperwork or medical exams required for most policies, except for an HIV swab. They also provide immediate underwriting and fixed premiums for the first 12 months.
1st for Women Life Insurance is tailored specifically for women, with products that address unique risks and requirements. Their life insurance products include Basic Life Cover and Elevated Life Cover, offering up to R10 million in coverage. They also provide add-on covers like All Woman Dread Disease Cover, Standard Dread Disease Cover, and Disablement Cover. Additionally, 1st for Women offers a range of lifestyle assistance benefits under their Guardian Angels program.
Comparison Table: Fees and Benefits
| Feature | 1Life Life Insurance | 1st for Women Life Insurance |
|---|---|---|
| Coverage Amount | Up to R10 million | Up to R10 million |
| Application Process | No paperwork, no medical exams (HIV swab only) | No lengthy paperwork |
| Premiums | Fixed for the first 12 months | Based on risk profile |
| Beneficiaries | Not specified | Up to 10 |
| Additional Benefits | ForKeeps digital legacy app | Guardian Angels Lifestyle Assistance |
| Funeral Cover | Included in Pure Life Plus (R50,000) | Not specified |
| Waiting Period | No waiting periods for life cover | Not specified |
| Terminal Illness Benefit | Yes | Not specified |
| Disablement Cover | No | Yes |
| Dread Disease Cover | No | Yes (Standard and All Woman Dread Disease Cover) |
| Immediate Cover for Accidents | Yes (Priority Life Cover) | Not specified |
| Repatriation Service | Yes (Pure Life Plus Cover) | Not specified |
Benefits of 1Life Life Insurance
- Pure Life Cover:
- Up to R10 million coverage.
- No paperwork or medical exams (HIV swab only).
- Immediate underwriting.
- Fixed premiums for the first 12 months.
- 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 (HIV swab only).
- 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.
- 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.
Benefits of 1st for Women Life Insurance
- Life Cover:
- Provides financial protection to loved ones after death.
- Offers up to R10 million in coverage.
- Allows for up to 10 beneficiaries.
- Cover never expires.
- Easy adjustment of cover amount if circumstances change.
- Two options: Basic Life Cover (up to R200,000) and Elevated Life Cover (from R200,000 upwards).
- Add-on Covers:
- All Woman Dread Disease Cover: Covers a wide range of woman-related and childhood cancers. Coverage options from R250,000 to R1 million. Also covers pregnancy complications and accidental HIV infection due to violent crime.
- Standard Dread Disease Cover: Pays out a lump sum upon diagnosis of severe illnesses like cancer, heart conditions, or organ transplant needs.
- Disablement Cover: Provides financial support if the insured becomes permanently disabled and unable to work.
- Other Benefits:
- Guardian Angels Lifestyle Assistance:
- Guardian Angel on Call: 24/7 road assistance with mobile crash detection, tow truck service, and emergency help.
- Road Assist: Help with breakdowns, lockouts, flat tires, etc.
- Home Assist: Access to plumbers, electricians, locksmiths, and glaziers for home emergencies.
- Medical Assist: 24/7 telephonic medical advice and emergency assistance.
- Finance, Tax, and Legal Assist: Expert telephonic advice on financial, tax, and legal matters.
- Concierge Assist: Assistance with various tasks like booking tickets, ordering cabs, etc.
- Guardian Angels Lifestyle Assistance:
Requirements of Each Life Insurance Policy
1Life Life Insurance:
- Basic requirements include being a South African citizen or permanent resident.
- No medical exams required except for an HIV swab.
- Applicants need to undergo immediate underwriting.
1st for Women Life Insurance:
- Tailored specifically for women, considering their unique needs and risks.
- Premiums based on the risk profile, considering age, gender, occupation, and health.
- Applicants must not withhold any information, as claims can be rejected for non-disclosure.
Pros and Cons of Each Life Insurance Policy
1Life Life Insurance:
- Pros:
- High coverage amount (up to R10 million).
- No paperwork or extensive medical exams.
- Fixed premiums for the first 12 months.
- Comprehensive benefits like the ForKeeps app and funeral cover.
- Immediate underwriting.
- Cons:
- Limited add-on covers compared to 1st for Women.
- Specific product limitations (e.g., lower coverage for Priority Life Cover).
1st for Women Life Insurance:
- Pros:
- High coverage amount (up to R10 million).
- Tailored specifically for women, addressing unique health risks.
- Comprehensive add-on covers like All Woman Dread Disease Cover.
- Extensive lifestyle assistance benefits.
- Flexible coverage adjustment.
- Cons:
- Premiums based on a detailed risk profile, which could be higher for some.
- Specific exclusions in claims (e.g., non-disclosure, suicide within the first two years).
Suitable for Whom and Why
1Life Life Insurance is suitable for individuals looking for high coverage without extensive paperwork and medical exams. It is ideal for those who want immediate coverage and fixed premiums for the initial period. The inclusion of funeral benefits and the ForKeeps digital legacy app makes it a worthy choice for comprehensive life insurance needs.
1st for Women Life Insurance is designed for women, offering tailored coverage that addresses unique health risks and lifestyle needs. The extensive add-on covers and lifestyle assistance benefits make it an excellent choice for women who seek comprehensive protection and support. It is also suitable for those who need flexible coverage adjustments and high beneficiary limits.
Other Relevant Comparison Indicators
- Customer Service and Support:
- 1Life offers quick quotes and one-call underwriting.
- 1st for Women provides extensive support through their Guardian Angels program, including medical, road, and home assistance.
- Digital Experience:
- 1Life provides access to the ForKeeps digital legacy app.
- 1st for Women offers a range of digital assistance services through their Guardian Angels program.
- Claims Process:
- 1Life has immediate underwriting and straightforward claims process.
- 1st for Women has specific exclusions but provides comprehensive assistance and support for claims.
Conclusion
Both 1Life Life Insurance and 1st for Women Life Insurance offer robust life insurance products with high coverage and unique benefits. 1Life stands out for its straightforward application process and immediate underwriting, making it ideal for those seeking quick and hassle-free coverage. On the other hand, 1st for Women excels in providing tailored coverage for women, with extensive add-on covers and lifestyle assistance benefits.
When choosing between these two, consider your individual needs, health risks, and the type of support you value. Both insurers offer valuable protection, but the right choice depends on your specific circumstances and preferences.
