Life Cover

Life cover is a financial safety net that pays out to your beneficiaries in the unfortunate event of your death. It provides immediate and long-term financial support to your family, helping them manage costs and stay financially stable. It’s one of the simplest ways to ensure they are looked after when you are no longer around.

For a set monthly premium, Investec Life will ensure your beneficiaries receive a lump sum payment on your death to help them maintain their standard of living. It’s important to note that premiums are age-rated and reviewed annually, so your premium may increase each year to maintain the same level of cover.

The right amount of life cover depends on your financial responsibilities, dependants and the legacy you want to leave behind. Your benefit is designed to reflect these priorities without overextending your premiums. Speak to your financial adviser for personalised guidance.

In South Africa, life cover payouts are not taxed as income for beneficiaries. However, the payout may be subject to estate duty if the estate is large enough. Any interest earned after receiving the payout is taxable. Premiums paid for life cover are not tax-deductible.

Life Cover from Investec Life pays out a lump sum of up to R100,000 within two business days to the main beneficiary while the claim is being assessed. For larger payouts, the beneficiary has the option to receive a lump sum or have the benefit paid out in instalments over time. This quick initial payment helps provide immediate financial support to the family.

There is no legal limit to the number of life cover policies you can hold in South Africa, and each can pay out independently. However, being overinsured means paying premiums on unnecessary cover that exceeds your financial needs. Speak to your financial adviser to ensure you have optimal protection.