Life Insurance Policies

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If you have any sort of financial commitment, like a home bond or a vehicle lease, you may require life cover. If you don’t, on your death, you leave your family with debts, not assets.

Life insurance is the only way to make sure that when you die, your loved ones will immediately be financially secure. Why? Because it will pay them a lump sum of money.

Estate duty might also become applicable on your death.

Estate duty is payable on the estate of every person who dies and whose net estate is in excess of R3, 5 million. It is charged and collected at a rate of 20%. It is levied on property of residents and South African property of non-residents, less allowable deductions.

How one is married influences the calculation. All property of the deceased will be brought into account. This includes fixed property, moveable property such as motor vehicles, furniture, artwork, investments (such as stock/shares), loan accounts, cash in the bank, unpaid salaries and leave pay.

The proceeds of any life assurances, whether payable to the estate or third parties also need to be identified, as well as the surrender values of any life policy owned by the deceased on the life of someone else.

From this asset total, all legitimate claims against the estate will be deducted, for example outstanding bonds, credit cards, overdrafts, last illness expenses, household expenses, funeral costs and any other suchlike costs, to arrive at the net estate.

We will help you decide what policy type best suite your needs.