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Why term insurance is so cheap? |
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Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Some term insurance policies can be renewed when you reach the end of a specific period, but many policies require that evidence of insurability be furnished at renewal for you to qualify for the lowest available rates.
Term insurance is much cheaper than whole life insurance. To illustrate the point, I requested a quote from Momentum Life a few years ago.
For R1-million life cover, the monthly premium for a 5 year term was R273.84 compared to R600 for a whole life policy! The reason term insurance is cheaper, is that the risk of the insurance company is statistically for a much shorter term.
Of course, one should be very sure that you indeed only need the life cover for 5 years and I would
recommend that you speak to your broker first.
 IMPORTANT: This e-mail is intended for general information only and is not intended to serve as
financial or other advice. My Wealth considers the
information reliable, but we do not guarantee, express or implied, the accuracy of
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