How To Get Life Insurance In South Africa As An Expat (Or Local)

With international life insurance in South Africa, you can ensure your family’s financial security even after your death. This applies whether you’re a long-term resident who worries about how your family will deal with outstanding debts, or an expat who wants to guarantee your child a quality education.

Life insurance can make sure your family maintains their current lifestyle without being burdened by debts or unexpected expenses should you pass away. Your spouse can pay off your mortgage and your children can learn at private schools.

As international insurance specialists, we know global life cover can give you the further assurance that your family will be financially secure, no matter where you should die. We can help you understand what to keep in mind when choosing a global life plan and how to get started with a life policy in South Africa from William Russell. 

What to consider when buying a life insurance policy in South Africa

While shopping for life insurance, you may want to pay attention to much more than just the coverage amount. You want your loved ones to have a stress-free experience if they need to claim. To make sure of that, here are a few things to look for in an insurance provider:

1/ High levels of coverage

Most life insurance policies cover you for a multiple of your salary (such as 2x, 5x, or 20x).

So, you’ll want to calculate your family’s significant expenses should you pass and not be there to provide for them.

Costs can include mortgages, debt, and private education for your kids. Once you know the expected amount, you can find a policy that gives you the right level of coverage to take care of your family and help them pay off any financial commitments, and cover children’s private education costs.

2/ International or worldwide coverage

Are you planning to stay exclusively in South Africa, or travel overseas? If the latter is true, ensure your life insurance policy covers you internationally. Without global coverage, you may risk your family being unable to claim if you pass away abroad. 

3/ Personalised customer service

Your family deserves empathy and compassion. They should receive sensitive and respectful customer support that is easy to contact should they need to make a claim in the event of your death. 

Larger providers often use call centres to handle claims, but this can be frustrating and impersonal. Specialised firms typically assign a dedicated policy manager to each account. Reviews on sites like TrustPilot and Feefo can help you find insurance providers with attentive customer service. You can also check if the provider shares member testimonials on their website. 

4/ Early pay-out for terminal illnesses 

If you’re diagnosed with a terminal illness with less than a year to live, some providers (such as William Russell) will pay out your life benefit to you directly in one lump sum. An early lump sum payout gives you time to settle your affairs and enjoy time with your family members in South Africa, on a trip to your home country if you’re an expat, or anywhere you choose to spend your final moments with your loved ones.  

5/ Expertise in expat life insurance

As an expat, you want to avoid the complicated admin your family will deal with when making a claim on your life insurance. For example, your family may misunderstand a non-native English-speaking claims manager, struggle to find certified translators to translate your death certificate into English, and realise your life policy’s terms and conditions are too difficult to comprehend.

Look for providers specialising in expat insurance that may have smoother processes for filing claims outside your home country.

William Russell has been providing life insurance for expats (and locals) since 1992, and our life insurance policies cover all the above. Keep reading to learn more about how to get started with William Russell and what you’ll get as a member. 

How to get life insurance with William Russell

It’s easy to become a William Russell member. 

1. Use our online life insurance quote tool to start.
2. Let us know your age and nationality and choose South Africa as your country of residence. Our life insurance policies will cover you globally, but we need to know your primary area of residence.
3. Enter the amount you want to insure your life for. We can cover up to 20 times your annual salary, with a maximum limit of US$2,000,000.

You’ll see prices of your estimated monthly premium. If you’re ready, email us your filled-in application form. Your application may require a medical exam. If you prefer to have more information first, just hit the “contact us” button and we’ll get in touch.

What you get with William Russell life insurance

When you sign up for a life insurance policy with William Russell, you’re protecting your family’s future and ensuring your own peace of mind. Here’s what you’ll get with a life insurance policy from William Russell: 

Financial security for your loved ones

You can insure your life for as much as 20 times your annual income with a policy from William Russell to keep your family financially protected after you’re gone.

Consider this: with a US$50,000 annual salary, your life insurance coverage could reach US$1,000,000. As a William Russell member, your beneficiaries would receive this amount in one payment should you die.

Additionally, you can:

• Choose your beneficiaries, irrespective of their global location.
• Select the currency you’re comfortable with – UK sterling, US dollars, or European euros – for your premium payments and lump-sum payouts. These currencies are stronger than the South African rand and can give your family financial advantages, such as ensuring your funeral cover or, if you’re an expat, having enough money to move back to your home country.
• Decide on a life insurance payment frequency that aligns with your financial planning. Our options include monthly, quarterly, bi-annually, or annually.

Coverage across the globe 

South Africa might be your base, but work and play will probably take you across its borders. 

William Russell’s life insurance gives you global coverage, which keeps your loved ones’ financial future secure no matter where you are (with a few exceptions).

A life insurance policy with William Russell will cover you for the most common causes of death (with some exceptions). Here’s what we cover:

For more information on our coverage, get in touch with our team.

Tailored assistance in times of need

In the unfortunate event of your death, your family should not have to navigate endless automated calls to claim your life cover. 

Every William Russell member has access to a personal policy manager for direct communication. We prioritise giving your family compassionate and individualised service in the aftermath of your loss. To ease the process, your beneficiaries have up to one year from your death to file a claim.

Policies you can trust

We started as a small family-run business in 1992 and have grown into a leading international insurance provider. We design all our policies with expatriates and global coverage in mind. Our members live in over 150 countries and choose our health, life, and income protection policies to accompany them around the globe. 93.63% of our life insurance members renew their policies with us annually.

Our members also come to us because they know we’re trustworthy. Both the Belgium-based Financial Services & Markets Authority (FSMA) and the UK’s Financial Conduct Authority (FCA) regulate our life insurance policies.

No additional medical evaluations

Based on your medical background, a check-up might be necessary before we can start your policy. We’ll reimburse you for up to US$750 in medical expenses once your policy begins.

However, once you’re a William Russell member, we won’t request any further medical evaluations or alter our original policy terms should your health decline.

Early access in case of terminal prognosis

If you’re diagnosed with a terminal illness with less than a year to live, you can receive your life insurance early as a lump-sum payment. This provides an opportunity to arrange your financial matters and offer you and your family some relief during an incredibly challenging time.

Additional income protection policy or optional coverage for accidents 

You never know what’s around the corner, especially while living abroad. If you’re critically injured or have a serious illness, you may need extra money during recovery.

An international income protection plan or our optional accident coverage can give you an extra layer of financial protection. 

Depending on your policy, an accident insurance plan with William Russell can cover you for up to US$500,000 if an accident leaves you incapacitated or unable to work. 

For Income protection, you can insure up to 80% of your salary (or up to US$144,000) if you have a prolonged illness or injury incapacitating you from work. You can apply for income protection until you are 60 and opt for one of two deferment periods: three or six months. We pay your income cover until you can go back to work, reach age 65, or die (whichever comes first).

Both types of insurance policies can be instrumental in keeping you and your family afloat financially during unforeseen health events. 

International medical insurance plans

Prevention is the best medicine. As you plan your family’s financial future, remember to look after yourself so you can be here for many years to come. And South Africa is a country where you can stay healthy more easily.

According to the Global Healthcare Index¹, South Africa has the best healthcare system in Africa (and 49th overall in the world). 

Still, you may find that the country’s public healthcare isn’t up to the same standards as Western healthcare. South Africa’s private healthcare system, however, is of a very high standard, and you can get access to specialised care far quicker than with the public healthcare system. 

If you’d like to take advantage of private healthcare but don’t want to pay the high fees, consider taking out a health insurance policy with William Russell. We can cover you, your family, and even groups. And you’ll have the same dedicated policy manager as your life insurance plan to help you set up your new health plan.

Global life insurance policies designed for South African nationals and expats

If you reside in South Africa for at least half a year, we can offer insurance solutions tailored to your needs. Our specialised life insurance is suitable for:

• South African citizens
• Expatriates resident in South Africa
• Self-starting entrepreneurs abroad
• Individuals and spouses
• Corporate entities or collectives

We design all our policies to fit the lifestyles of global citizens who travel frequently and move around the world often.

Choose William Russell for life insurance in South Africa

Whether you are an expat or a long-term resident in South Africa, a life insurance plan with William Russell provides a reliable safety net for your family.

You can cover potential mortgages, home loans, education fees, and deal with the burden of unforeseen living expenses. Start protecting your family’s future today. 

Sources:

1. https://www.numbeo.com/health-care/rankings_by_country.jsp

2. https://www.william-russell.com/blog/expat-cost-of-living-south-africa/