Got Questions? We’ve Got Answers
Not sure how it all works? Here’s a quick guide to the questions we get asked most. And if something’s still unclear, please chat to us on WhatsApp.
About
BeneFactor.life™
New to life cover? Here’s how to begin, from who qualifies to what you need to apply.
What is Benefactor.life?
Benefactor.life is a life insurance product that pays a cash lump sum to your nominated beneficiaries when you pass away. It's designed to help cover funeral costs, debts, estate fees, and taxes, protecting your loved ones from financial strain.
Is Benefactor.life a standalone product or linked to other cover?
It is a standalone product, it is not linked to or accelerated by any other insurance.
Can I have more than one Benefactor.life policy?
No, you may only hold one active Benefactor.life policy at a time.
Who can apply for Benefactor.life?
You must be between 18 and 60 years old and earn a minimum monthly income of R12,500.
When does my cover officially start?
Cover for accidental death starts once your application is signed, even before full acceptance, for up to 30 days. Full cover starts once your application is accepted and all requirements are met.
Are there any waiting periods?
There are no waiting periods for full cover once your application is accepted after underwriting.
What does estate duty protection mean for my family?
Estate duty is a tax charged on your estate when you pass away. Our estate duty protection benefit helps cover this tax, so your loved ones can inherit more of what you intended for them.
What is the maximum entry age for Benefactor.life?
You can take out cover up to age 60.
Do I need to earn a minimum income to qualify?
Yes. You need to earn at least R12,500 gross per month to qualify for cover.
Your Policy and Premiums
How your cover works, how long it lasts, and how your premiums behave over time.
How long does my cover last?
Benefactor.life is a whole of life policy, it does not expire as long as premiums are paid.
How are premiums structured?
Premiums are age-rated, meaning they will adjust as you get older. Premiums also increase annually by the higher of CPI or 4% per year.
Are my premiums guaranteed?
No, premiums are not guaranteed. The insurer may review and adjust premiums, but you will always receive at least 31 days’ written notice of any changes.
Can I increase or decrease my cover later?
Yes. You can upgrade or downgrade your cover at any time:
● Downgrades: no medicals needed.
● Upgrades: you may need to complete new medicals depending on your original application outcome.
● Downgrades: no medicals needed.
● Upgrades: you may need to complete new medicals depending on your original application outcome.
Are there any exclusions I should know about?
Yes. Exclusions apply as per your policy documents, and include things like misrepresentation, death due to excluded causes, or claims outside the valid policy term.
What if I want to cancel my policy?
You have a 31 day cooling-off period to cancel without penalties if no claims have been made. All premiums paid will be refunded.
Payments and Lapsed Cover
Everything about debit orders, missed payments, and reinstating a policy.
How do I pay my premiums?
Premiums are paid monthly by debit order on your selected date: 1st, 15th, 20th, or 25th of each month.
What happens if I miss a payment?
If you miss a payment, you must catch up by paying double at the next premium date. If you miss two consecutive premiums, your policy will lapse.
Can I reinstate my policy if it lapses?
Yes, but reinstatement is at the insurer’s discretion. Full medical underwriting may be required again, and waiting periods may restart.
Health and Claims
Medical requirements, claim process, and payout details.
What medical information is required?
You must complete a medical questionnaire during application. Based on the outcome, you may be accepted at standard rates, accepted with a premium loading, or declined.
When does the cover pay out?
The benefit pays out upon the death of the plan holder, provided all terms and conditions are met.
How do claims work?
Claims must be submitted within 12 months of the claim event. The plan must be active and premiums up to date at the time of death. The insurer will validate the claim based on policy terms.