Both Auto & General Life Insurance and King Price Life Cover offer robust coverage options tailored to meet different life stages and circumstances. Auto & General provides a broad range of life cover options with features like terminal illness benefits, funeral cover, and disablement cover. King Price Life Cover, backed by Stangen, presents flexible life cover solutions, salary protection, and commuter cover.
Fees and Benefits Comparison Table
| Feature | Auto & General Life Insurance | King Price Life Cover |
|---|---|---|
| Life Cover Amount | R200,000 to R10 million | Up to R10 million |
| Funeral Benefit | R50,000 (paid within 24 hours) | Customisable funeral benefits based on needs |
| Terminal Illness Benefit | Full payout if diagnosed with a terminal illness | Included |
| Disablement Cover | Two types: Occupation and Event-based | Lump sum payout for total and permanent disability |
| Dread Disease Cover | Covers critical illnesses like cancer and heart conditions | Critical illness cover included |
| Premium Waiver | Yes (for up to 5 years for life and dread disease cover) | Not explicitly included |
| Salary Protection | Not offered | Pays up to 75% of salary (up to R90,000) if disabled |
| Commuter Cover | Not offered | Pays out if death or disability occurs in a commuting-related accident |
| Medical Examinations | No medical examinations required | Minimal medical underwriting, no waiting periods |
| Additional Benefits | Guaranteed Assurability | Customisable group schemes for family or businesses |
Benefits of Auto & General Life Insurance
- Flexible Coverage: With cover amounts ranging from R200,000 to R10 million, Auto & General Life Insurance offers flexibility to match different financial needs.
- Funeral Benefit: A R50,000 funeral benefit is provided, paid out within 24 hours, ensuring swift financial support during difficult times.
- Terminal Illness Benefit: Auto & General includes a terminal illness benefit, providing the full life cover payout if the policyholder is diagnosed with a terminal illness.
- Disablement Cover: Two types of disablement cover are available—occupation-based and event-based—offering financial support in case of disability.
- Dread Disease Cover: Coverage for critical illnesses like cancer, heart conditions, and organ transplants is included, offering additional protection in case of serious health events.
- No Medical Examinations: For accidental disablement, Auto & General requires no medical examinations, providing hassle-free coverage.
Benefits of King Price Life Cover
- Life Cover: King Price offers life cover up to R10 million, providing substantial financial support to loved ones.
- Customisable Funeral Cover: The funeral plan can be tailored to individual needs, ensuring that specific cultural or personal preferences are met.
- Salary Protection: This policy provides salary protection, paying up to 75% of the policyholder’s salary (up to R90,000) in case of disability due to illness or injury.
- Commuter Cover: This unique feature offers coverage for commuting-related accidents, ensuring peace of mind for daily commuters.
- Group Schemes: King Price’s group scheme cover allows businesses to offer life insurance to employees at lower costs, providing excellent benefits for teams and groups.
- Minimal Medical Requirements: King Price Life Cover offers minimal medical underwriting and no waiting periods, making it an attractive option for individuals seeking quick coverage.
Requirements for Each Life Insurance Policy
Auto & General Life Insurance
- Age: Must be within the insurer’s specified age limits.
- Health Profile: While no medical examinations are required for accidental disablement, the insurer may consider the individual’s health profile for other cover types.
- Occupation: Premiums are calculated based on occupation, with riskier jobs potentially leading to higher premiums.
King Price Life Cover
- Age: Age requirements are determined by the type of cover selected.
- Minimal Medical Underwriting: Medical examinations are not typically required, making this an easier option for individuals who prefer minimal medical involvement.
- Employment: The salary protection feature requires the policyholder to be employed, and premiums are based on salary and risk profile.
Pros and Cons of Auto & General Life Insurance
Pros:
- Wide range of coverage options including life, disablement, and dread disease cover.
- Funeral benefit paid within 24 hours of a valid claim.
- No medical examinations required for accidental disablement.
- Premium waiver for disablement allows premiums to be covered for up to 5 years.
Cons:
- Premiums may vary significantly based on occupation and individual risk profile.
- Coverage decreases as the policyholder approaches retirement.
Pros and Cons of King Price Life Cover
Pros:
- High life cover limit of up to R10 million.
- Customisable funeral plan to meet individual preferences.
- Salary protection provides income security if the policyholder becomes disabled.
- Commuter cover offers additional protection for frequent travelers.
Cons:
- Salary protection is capped at R90,000, which may not be sufficient for high-income earners.
- Group schemes, though cost-effective, may offer less flexibility for individual needs.
Who Each Policy is Suitable For
Auto & General Life Insurance
Auto & General Life Insurance is best suited for individuals looking for comprehensive coverage that includes life, disablement, and dread disease protection. It is ideal for those who prefer having no medical examinations and need flexibility to adjust coverage as life circumstances change. The policy is also a great choice for those who want the assurance of a quick funeral payout.
King Price Life Cover
King Price Life Cover is suitable for individuals seeking high life cover limits, minimal underwriting requirements, and additional benefits like salary protection and commuter cover. This policy is especially beneficial for employed individuals who need salary protection and those who frequently commute. The group scheme option also makes it an attractive choice for businesses looking to provide life insurance for their employees.
Other Comparison Indicators
- Underwriting Process: Auto & General requires no medical examinations for accidental disablement, while King Price has minimal medical underwriting.
- Flexibility: Auto & General offers the ability to increase or decrease coverage as life circumstances change, while King Price allows customisation of funeral plans and group schemes.
- Disability and Commuter Cover: King Price stands out with its commuter cover and salary protection, making it an excellent option for daily commuters.
Conclusion
Both Auto & General Life Insurance and King Price Life Cover offer excellent life insurance options for South African consumers. Auto & General shines with its comprehensive coverage options, including funeral, disablement, and dread disease cover. It provides flexibility in adjusting coverage and ensures fast payout of funeral benefits.
On the other hand, King Price Life Cover, powered by Stangen, offers unique features such as salary protection and commuter cover, which make it an attractive option for working professionals and commuters. The customisable funeral plan and group scheme offerings also provide added flexibility and affordability.
Ultimately, the best choice depends on the individual’s lifestyle, coverage needs, and financial goals. For those looking for comprehensive life cover with additional health-related benefits, Auto & General is a worthy option. However, for those who prioritize salary protection, commuter coverage, and minimal underwriting, King Price Life Cover is the better choice.
