LLS

Life Lump Sum Cover

The life you’d planned for them can continue

What is it?

Life Lump Sum cover from Bidvest Life is insurance that pays a lump sum to your chosen beneficiaries when you pass away.

How does it work?

Your Life Lump Sum cover will pay out to your selected beneficiaries when you pass away. At the time of taking out cover, you can decide who the proceeds of the policy will go to and what percentage of the payout each of them should receive.

Who can get cover?

Everyone with dependents should have Life cover.

Why you need it

This cover is typically used to pay off your debt in the case of a death. Other once-off expenses may include executors’ fees, estate duty, transfer costs, capital gains tax, etc. In some cases, it can be used to provide dependants with a legacy.

”At the time of taking out cover, you can decide who the proceeds of the policy will go to and what percentage of the payout each of them should receive.”

How much does it cost?

You can take up a minimum lump sum of R 100 000.

What can you claim for?

You can claim for any cause of death, except if your death occurs in the first two years after the start date of your cover and is either self-inflicted or as a result of suicide.

What you need to know when applying

1) Benefits
You can select a combination of lump sum and income benefits when you take up both Life Lump Sum and Life Income from Bidvest Life. 

2) Cover Extension

You can choose for your cover to stay in place until your selected retirement age or for the rest of your life.

 

Additional Benefits

1) The Terminal Illness benefit is automatically included with Life Lump Sum cover and pays your full cover amount on diagnosis of a terminal illness with 12 months or less life expectancy.

2) The Immediate Expenses benefit is also automatically included with Life Lump Sum cover and pays lesser of R50 000; and 10% of the Life Lump Sum cover amount within 48 hours of receiving confirmation of your death.

3) The Medical Second Opinion Family Benefit is an optional benefit, which offers you and your immediate family an independent medical diagnosis and review of your treatment plan. The service includes access to a global network of more than 100 world-leading medical centres known for medical research breakthroughs and advanced treatments.

How can we help?

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