First of all . . .
  1. know how much life assurance you need.
  2. know what is it going to cost every month.
  3. know if you can afford to pay the premiums (the cost of life assurance depends on age, personal habits e.g. do you smoke?, and your health).
You will be asked to:
  1. Complete the application form – called a PROPOSAL FORM. Your financial advisor will help you.
  2. Provide plenty of personal information (name, age, ID number, address, type of work, sport and hobbies, and information about your personal health, and the health of other members of your family).
  3. Sign a Declaration that gives the life assurance company permission to obtain information about your health from your doctor or local clinic. If a life assurance company finds out that you knowingly gave false information or with-held any information, they can reduce or even refuse to pay out the claim!

    REMEMBER – the names and the medical information of people who apply for life assurance and who have a serious illness are recorded on the Life Registry at the Life Offices’ Association This organisation’s objectives are to promote the business of life insurance and to protect the interests of the life assurance companies.
  4. Name the beneficiary of the policy. This is the person / s who will receive the money when you die. A little mistake in the spelling of a name or an incorrect ID number could cause many delays in the paying out of the policy.
  5. Go for a medical examination IF the company wants to check or find out more about any of the medical information on your application. All costs of the medical examination will be paid for by the life assurance company.
  6. Take a compulsory HIV test.  
  7. Check your documentation. Once your application for life insurance is accepted, you will receive confirmation of the details of the policy. Check that all the details are correct. If you are not satisfied, you have 30 days within which to change the details or to cancel the policy.