Top 10 best life insurance in South Africa in 2022: which are the best ones?
Life is unpredictable and shorter than we think. If you, unfortunately, pass away unexpectedly and have any dependents you support financially, you can be sure they will be fully prepared financially. Life insurance is the best way to ensure this. So, what are the top 10 best life insurance in South Africa in 2022?
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The best life cover in South Africa will pay out an adequate amount of finance available in the fund without hefty monthly fees that leave significant financial strain. The best options also do not have any hidden terms and conditions that are not transparently discussed.
Some organisations have impeccable reputations thanks to transparency in their terms and conditions, high value for money, and outstanding customer service. Here, we highlight some of the highest-rated companies to choose from when getting life insurance.
Who is the number one insurance company in South Africa?
South African life insurance companies can be measured based on various things, but the most reliable form of rating is through customers. As of 2022, the company that comes out on top is Absa Life, with a satisfaction rate of 83.2 recorded at the end of 2021.
Which life insurance has the highest cash value?
Although there is no confirmation since each payout depends on the scenario, Discovery is well-known for its generous payouts. It has also developed a form of life cover that pays out in the US dollar, giving them a competitive edge.
What is the cheapest life cover in South Africa?
Affordable life cover is one of the main concerns regarding choosing options. If you are on a tight budget, you can turn to Assupol Life Insurance, with a minimum premium of R90.00, and 1 Life Insurance, with a minimum premium of R150.00.
Is FNB Life insurance good?
This cover is among the highest-rated options, with a customer satisfaction rate of 82.2%. Their impressive satisfaction rate makes them one of the country's top choices.
Who is the best life insurer in South Africa?
So, which life insurance option is best? Here is a list of the best life cover in South Africa in 2022 about customer satisfaction, in no particular order:
10. Liberty Life
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Customer satisfaction rate: 75.2
Liberty has been around for many years, with the company's founder, Sir Donald Gordon, selling its first retirement annuity in 1957. Since then, it has grown to an impressive clientele list of more than 3.2 million individuals across the African content.
9. Discovery Life
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Customer satisfaction rate: 75.7
Discovery offers you various financial plans for those of all ages from 18 onwards and is one of the most popular assurance organisations within the country. After being established over two decades ago, the company is doing better than ever.
8. Momentum
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Customer satisfaction rate: 74.5
This award-winning organisation has cemented itself as a heavyweight within the industry, with accolades from the Hedge Fund Awards, Raging Bull awards, PMR.africa Golden Arrow Awards and a Silver Loerie Award.
7. 1Life Insurance
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Customer satisfaction rate: 80.1
1Life Insurance emphasises the stats to prove their client satisfaction and is rightfully proud. Out of 6 954 official reviews and counting on Hello Peter, they have an average rating of 4.33 out of 5, an impressive feat.
6. Sanlam
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Customer satisfaction rate: 78.6
Sanlam boasts of being one of the country's largest financial services providers (FSPs), with knowledgeable, skilled employees focused on getting the best financial protection for you and your family. Their ever-growing database of clients is directly reflective of that.
5. Old Mutual
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Customer satisfaction rate: 80.3
Old Mutual provides complete assurance solutions and an impressive 80.3% customer satisfaction rate. With options ranging from personal, wealth, corporate and business, they are an ideal choice.
4. Standard Bank Life
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Customer satisfaction rate: 82.7
Standard Bank offers tailor-made solutions that are aimed at ensuring you get the best options for you. The assurance specialists aim to work with their clients to find the most comprehensive cover that suits their budget.
3. FNB Life
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Customer satisfaction rate: 82.2
With one of the highest customer satisfaction rates, FNB makes the top three spots. Besides the impressive cover options, you can earn cash back through benefits like up to 40% back in eBucks.
2. Metropolitan
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Customer satisfaction rate: 79.6
Metropolitan has been around for over 120 years, being one of the most recognised financial services providers within South Africa. Today, they offer quality funding options you can rely on when in need.
1. Absa Life
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Customer satisfaction rate: 83.2
Absa has offered South Africans affordable premiums with comprehensive cover and options suited to your budget. Millions of Rand can be paid out in the unfortunate event your beneficiaries need.
Choosing any of the top 10 best life insurance options in South Africa as of 2022 will ensure that you will end up with the best cover suited to your needs.
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