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Life insurance


dale
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Hello,

We have life insurance on South Africa to cover our bond should anything happen. We are keeping the property in SA, can we still keep our life insurance or would we need to get something in Australia?

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The question is would that life insurance when converted to dollars be sufficient to give the remaining partner a house and an income. The life insurance on the bond is generally only enough to pay off the original amount borrowed on the bond. Presuming the surviving spouse remains in Australia, would the proceeds of the house sale plus insurance surplus pay off a house in Aus? Probably not.

Life insurance is cheapish in Aus. Superannuations offer it as well. My super offers $400 000 for under $50 a month. What would R2 500 000 of cover cost in RSA? Definitely not R330 a month!

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Life insurance is cheapish in Aus. Superannuations offer it as well. My super offers $400 000 for under $50 a month. What would R2 500 000 of cover cost in RSA? Definitely not R330 a month!

Def not R330, more like R1200. Just shows how much more we pay in 'hidden' taxes due to high crime rate and crazy driving.

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  • 3 weeks later...

Hello,

Thanks for the advice. Who would you recommend in Aus for life insurance?

In SA we are with Momentum, which we like because we can get to go to gym for practically nothing, do any of the life insurance companies in Aus offer something similar?

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