South Africa and Africa Life Insurance

Frequently Asked Questions
Frequently Asked Questions (FAQs)
Life Insurance and Premium Financing for Africa

Read our FAQs (Frequently Asked Questions) on South African and African life insurance and discover the different ways you can protect your family and your business.

If you’re looking for a life Insurance provider in Africa, do your research before making a decision. You can also choose an international life insurer to give you the cover you want.

Speak to an adviser and get a quote now and enjoy peace of mind, knowing that you’ll be looked after by one of the leading life insurance brokers in Africa.

  • How does life insurance in South Africa work?

    A resident of South Africa can buy a life insurance policy from a local life insurance company like FNB Life, Sanlam or Discovery Life, or they can buy an international insurance policy from some of the world's biggest and strongest global life insurers.

    Life insurance premiums are typically paid monthly or yearly depending upon the size of the insurance policy being purchased.

    Local life insurance companies’ monthly premiums start from Rand 100 for a low level of life cover. Compare this to international life insurers whose premiums typically start at $10,000 a year for a minimum of $1m of life cover upwards.

  • What types of life insurance cover are there for African residents?

    The following types of life insurance are available to anyone living or working in the African continent. Both expats and African nationals can benefit from the same types and level of cover.

    • Whole of life

    • Universal life insurance

    • Term insurance

    • Renewable term insurance

    Different types of life cover are available to meet different needs.

  • How many life insurance policies can I have in South Africa?

    You can have multiple life insurance policies in South Africa and there is no limit to the number of life policies you can hold under the South African Long-term Insurance Act 52 of 1998 which governs local life insurance compaies.

    For example, a South African resident may be insured through a group life insurance policy, as well as their own individual life cover policy.

    Whilst an African resident can hold multiple life insurance policies, an insurable interest needs to exist. An insurable interest means you can justify the amount of life cover you are applying for taking into consideration any cover you already have in place either with an African life insurance company or an international life insurer.

  • Can I claim on multiple life insurance policies in South Africa?

    Multiple claims can be made on life insurance policies on a South African or African resident. Beneficiaries of the deceased person can make a claim for the death benefit on each of the life insurance policies that the individual holds.

    However, some local South African insurance companies may reduce the pay out if the deceased person is holding more than one life policy from a different insurer. It is important to check if your insurer will reduce your life cover if you have several life policies.

  • Can I get 'no medical' life insurance in South Africa?

    A South African resident can get up to US$2m of life insurance cover in South Africa with no-medical requirement. However, some age restrictions apply to no-medical life insurance applications in parts of Africa and South Africa. For example, previous serious medical conditions and older life insurance applicants will require a medical examination before a life insurer will make an offer of cover.

  • Where can I get a life insurance medical in South Africa?

    Medical centres across South Africa carry out life insurance medicals for both local and international life insurance companies.

    Each insurer will have their own preferred medical centres and these can be found from your local South African life insurance broker or financial advisor working with you to get cover.

    Some of the clinics in South Africa approved by life insurers for medicals include The Mayo Clinic of South Africa and Life Healthcare.

  • Where can I get a life insurance medical in Africa?

    Medical centres across Africa carry out life insurance medicals for both local African insurers and international life insurance companies.

    Each insurer will have their own preferred medical centres and these can be found from your local African life insurance broker or financial advisor working with you to get cover the cover you want.

    African medical centres used by life insurers include the Euracare Multi-Specialist Hospital in Nigeria, Nakasero Hospital in Uganda and Premier Care in Tanzania.

  • Is life insurance taxable in South Africa?

    A life insurance policy pay-out is not taxed in South Africa.

  • What is South Africa life expectancy?

    The average life expectancy in South Africa is 63 years old (Source: Word Bank 2017) which breaks down as follows:

    • Average male life expectancy in South Africa is 60 years old.
    • Average female life expectancy in South Africa is 67 years old.
  • Can a South African finance a life insurance policy?

    South African residents can premium finance a life insurance policy.

  • How much life cover can I get living in Africa?

    Our appointed life insurance advisers in Africa will take you through a questionnaire that will be used by the insurers to assess how much life cover you can get and how much it will cost you.

    Find out how much life cover you can buy if you are a South African or African resident on the Capital for Life website.

  • How do I submit a claim for a life insurance payout in South Africa?

    Beneficiaries of a life policy on a South African or African resident can submit a claim as soon as a death certificate has been granted. Contact your local African appointed broker or email us at enquiries@capitalforlife.com.

    They will inform you of the life insurance claim procedure you will need to follow and the relevant documentation required to process your claim for the death benefit of the life policy.

  • Why should I consider taking out life insurance through a Capital for Life appointed adviser?

    Life insurance is one of the most important financial decisions you’ll ever make, which is why it makes sense to insure your life with one of the best global life insurers. All of the insurance companies we deal have a financial strength rating of 'A-' or higher from the global credit rating agency Standard & Poor's.

    If you are a resident in African, speak to a Capital for Life appointed adviser in Africa.

    Or speak directly to us about the options you have for life insurance and premium financing that available to you in Africa.

    Email us at enquiries@capitalforlife.com and we will be ready to assist you.

  • Can an African resident have overseas beneficaries of a life policy?

    A resident of South Africa or Africa can have both local and oveaseas beneficiaries to their life policy. There is no limit to the number of beneficiaries you can have for a life insurance plan.

  • How are life insurance premiums decided in Africa?

    Your life insurance premium is calculated based on where you are living in Africa. Each of the 39 African countries has its own risk rating by an insurance company. So your country of residence, age, gender, smoking status and amount of cover will decide how much life cover will cost in Africa.

Capital for Life in Africa
Leaders in African Life Insurance Solutions

The best international life insurance solutions for high net worth clients across Africa. Working with our appointed advisers we design life policies specifically for you and your needs.

  • How to contact Capital for Life in Africa?

    Speak to a Capital for Life appointed adviser in Africa or directly to us about the options you have for life insurance and premium financing that is available across 39 African countries.

    Email us at enquiries@capitalforlife.com and we will be ready to assist you.

  • Why use Capital for Life for life insurance in Africa?

    Life insurance is one of the most important financial decisions you’ll ever make, which is why it makes sense to insure your life with one of the best life insurers.

    We bring the best international life insurance solutions available to the African market.

    We are independent, have no conflicts of interest, provide you and your African based adviser with a choice of insurers and ways to pay for your policy,

    If you are a resident in African, speak to a Capital for Life appointed adviser in near to you in Africa.

    Or speak directly to us about the options you have for life insurance and premium financing in Africa.

    Email us at enquiries@capitalforlife.com and we will be ready to assist you.

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