Life Insurance shouldn’t be complicated.

But in today’s competitive markets there are so many options to choose from.

At XINIX we strive to make insurance products as easy to understand as possible. So, if you are currently considering any long-term insurance products we have available, here is some FAQs to help you understand this a little better.

So where to begin?
Above is our easy to use life insurance form, why not try it to get a sense of what your long term insurance needs might be and what we require in order to get you going?

With the pandemic ripping through our country, on and off, first wave, second, third, we have had numerous clients contacting us to assist in revaluating their financial wellbeing.

Getting life cover need not be complicated. At XINIX, we have in fact transformed the process with a hybrid version of both online questionnaires and face-to-face / Zoom or MS Teams online meetings.

What you will find here, is transparency and a user-friendly process that will make taking out life insurance straight forward and easy, BUT still with the added advantage of skilled, qualified, and competent financial advisors who will hold your hand through the process.

So, here’s how it works:
Step 1
Complete the online questions

Step 2
Download the consent letter, sign, and return to life@xinixinsurance.co.za

Step 3
A qualified financial advisor will personally call you to set up, either a face to face or online meeting.

Step 4
At the meeting or before, it all depends on you, the advisor will get to know you better, answer your questions and do a financial needs analysis using your completed questionnaire as a guideline. You will have view on some quotes prepared.

Step 5
We will give each other time to action anything that needs to be done and a follow up meeting will be scheduled.

Step 6
We look forward to becoming family, partnering to service you as we navigate life together.

*Income protection against dying or being disabled;

* Goal savings. This will include all your financial goals, whether short or long term;

* Retirement savings. This should be treated separately from your other financial goals because of its importance; and
* Health assurance. Your medical scheme as well as hospital and chronic disease cover must be measured to see if they meet your needs.

The question is – how much money can you allocate to each of the above, and what will this buy you?

The best place to start is with how much risk assurance you need against dying or being disabled.

When you decide how much risk assurance you need, you must take the following into account:

* What you will need if you become disabled;
* Whether you have dependants, how many, and what their needs will be if you die or become disabled;
* Your assets. The more assets you have, the less you need in assurance. If you are wealthy, you do not need as much risk assurance as someone with low accumulated wealth but a high income;
* Your liabilities. What happens to your debts if you die or are disabled? The more money you owe, the more risk assurance you will probably need, and the greater the necessity for a properly constructed and targeted savings and investment plan;
* Your income and spending: Your current and future income and spending will determine the design of your financial plan, allowing you to decide on risk and/or investment priorities and what you can leave until later when you are earning more.
* Your health. If you are healthy, you can take a greater chance of meeting your risks through your income than someone who is unhealthy;
* Your current risk cover. Assess your current cover for death and disability to see if you have too much or too little, bearing in mind any benefits you will receive from a retirement saving plan, whether it is employer sponsored or attached to a retirement annuity; and time period. You need to break your risk insurance into different periods. For example, you do not need life insurance to cover the education of children until you are 70.

When assessing your life insurance needs, remember that you should aim to leave your dependants an adequate amount of money. Rather than leaving them immensely wealthy, you should use as much as possible to improve your wealth, particularly for your retirement.

When you die, your beneficiary receives a tax-free, once off lumpsum payment, dependent on the cover amount you chose.

Your premium is determined by your age, risk profile (i.e. health, smoker status, etc.) and the amount of cover your require.

Some companies pay death in service benefits, if you die while you are still employed and is usually 2 or 3 times your annual salary. If you leave this employer these benefits fall away. A Financial Advisor will be able to identify through the process of a needs analysis, if the life cover with your employer is adequate or not based on your specific needs.

Funeral cover insures you for when your death occurs and funeral services needs to be arranged, the funeral cover will cover the expenses/costs needed for the funeral.

Life cover is to secure the financial well being of your loved ones in the event of your death.

Yes, the insurers we work with will require you to go for medicals and you will have underwriting done prior to putting the policy in place. This will ensure an easier process at the time of a claim. The cost of the medicals will be paid by the insurer. You can consider it as a free medical check up.

There are many other covers which can be taken with life cover. Cover like disability cover and severe illness cover is also usually taken out together with life cover.

This is cover which you would take out in the event of becoming permanently disabled. The insurer will pay a lump sum benefit to you, where your claim is approved. This will allow you to make necessary renovations as a result of your disability. E.g. for moving around in a wheel chair and also to assist in paying off your outstanding debt.

This type of cover will cover you in the event of you being diagnosed with a terminal illness eg cancer, heart attack etc. The benefit will pay out dependent on the severity of the illness and this will assist in covering extra medical costs and paying off debt in the event that you are not able to work anymore.

Yes, there is a 2 year waiting period for suicide, if a suicide happens before 2 years there will be no cover.

Dependent on the insurer, but most work within a range of a Minimum 15 years and Maximum 62 years.

Dependent on the insurer, but most work within a range of a Minimum 15 and Maximum 62 years.

Dependent on the insurer, but most work within a range of a Minimum 15 and Maximum 62 years.

Dependent on the insurer, but most work within a range of a Minimum R150 000 with no maximum, however anything over R7 million will require financial underwriting.

Dependent on the insurer, but most work within a range of a Minimum R50 000 and Maximum R35 million.

Dependent on the insurer, but most work within a range of a Minimum R50 000 and Maximum R6 million.

Yes, Life cover can be taken as a stand alone, you do not need to take any other cover with it to get life cover. In fact, most insurers offer all the benefits as a standalone benefit.

Based on your needs and your lifestyle, our qualified financial advisors will be able to take you through the entire process to determine the cover needed to suit your specific needs best. Also you can make use of our cover calculators when completing the life questionnaire which also guides you on how much cover you may need.

There are cash back options that is offered on our products at an additional charge, our advisors will be able to discuss these benefits better with you. Some of our insurer partners, in addition to cashbacks have loyalty rewards that result in you receiving cash lumpsums for keeping your policy active and for not claiming.

Not paying your premium will result in a double debit the next month and if it is also unsuccessful this will result in the policy lapsing / cancelling. Your cover will end.

You have the option of deciding whether you would like a benefit increase yearly or not. A financial advisor will be able to assist you at best, dependent on your needs.

Yes, you can guarantee your premium and benefit amount for a specific period. Example 10 years. After the 10 years have expired, your premium will be reviewed, and the premium may change.