Review: Buying life Insurance review Hippo

It is hard to say exactly why buying life insurance is such a difficult decision for some people.

The question I get asked the most is “how do I know that the policy will pay out in the event of my death?” The Life insurance business is highly regulated. There are regulations in place to prevent any insurer from operating and insuring lives without having the funds to cover those lives safely put away in a way that they cannot access those funds.

Policies are checked for so-called loopholes and institutions cannot sell a policy that falls outside of regulations. When you choose a single life insurer, or you want to take out multiple policies with multiple insurers.

There is some research that you can do.

1) How long has the insurer been insuring lives for?

2) Check the registry https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=List_Of_Registered_Insurers

3) Search online for reviews

How to buy life insurance?

1. If you do not already have a financial broker, then you could search for one or ask for a recommendation. The advantage of a FB is that they have already done the homework and could possibly advise you what is best for you. The con to that is that you may be paying more than if you went online when buying life insurance yourself.

2. Go online and compare insurers with each other. Do not over complicate this or you could die early from information overload! But seriously, compare by the features that matter to you and not the ones that are bells and whistles.

(An example of this might be an insurer that offers a bunch of administrative add-ons. Such as wills, executor functions and more. If you don’t need these things, then you might be better off elsewhere)

Comparing insures, online.

Many, if not most policies are alike in most ways. However, many of the standard features do not matter to everyone and so one brand might highlight certain features over another. And / or discount a policy for a certain segment of the population. There are policies that are tailored for Women and others that might allow for more than the normal number of beneficiaries to be added.

A simple way to do this is to go to a review quotes review website such as Hippo sites like this are upfront and honest about the offerings and, once again, they have already done the groundwork for you.

If you have already done this and you’d like to see how you can save on that then maybe visit MoneyShop and see what sort of discount you could get.

Until next time, Happy Living…….

The MoneyShop Team

This article has been prepared for information purposes only and it does not constitute legal, financial, or medical advice. The publication, journalist, and companies or individuals providing commentary cannot be held liable in any way. Readers are advised to seek legal, financial, or medical advice where appropriate.