Bidvest life told us that they have set out to change the way South Africans do life insurance by embracing an approach that’s built around insurance that pays monthly.
“Traditionally, life insurance is sold as life cover which pays out as a lump sum. We want to change that to insurance that pays out monthly. This solves for what really matters: protecting yourself, your business and your family against unexpected expenses incurred due to illness, injury, disability or death,” says Bidvest Life CEO Lulu Rasebotsa.
It’s a significant change in mindset for advisers and consumers alike. But we’re making progress. For a start, Bidvest Life is fast becoming the advisers’ choice: two-thirds of our top 100 supporting advisers have their own Bidvest Life policies, which illustrates we are the product of choice for many advisers.1
Covid-19 was a cataclysmic disruption that we are all still coming to terms with. For South Africans, the pandemic was a hard lesson on why we need to budget for the risk of losing our monthly income, and the importance of insuring our salaries against life’s setbacks. Especially for business owners and self-employed customer, it highlighted that when it comes to life insurance, the value of monthly pay-outs makes all the difference.
As a result, there’s been a clear shift in momentum amongst South Africans who realise the importance of protecting their hard-earned income, and this is evident in our policy uptake.
In 2020, 44% of Bidvest Life’s policies sold were for income protection. In 2021, that had risen to 47%. At the same time, Bidvest Life saw the highest number of claims in its history in 2021, with claim volumes increasing by 44% over 2020 – and 92% of claims paid were for income protection benefits. 2
“The pandemic showed us unequivocally that income protection is still the most effective insurance against the risk of injury, illness or death. We’re seeing clearly that our policyholders are much more likely to claim on income protection than any other type of life insurance, whatever the cause,” says Rasebotsa.
When life happens, count on
Bidvest Life to show up.
The results speak for themselves, two-thirds of our contracted top 100 supporting advisers have their own Bidvest Life policies*, which further proves that we are the product of choice for our advisers.
With our diverse range of life insurance solutions, our goal and vision for 2023 is to continue to protect all working South Africans by paying a monthly income or once-off lump sum if you are injured, ill, or pass away.
*Bidvest Life 2021 Claims Report.
Bidvest Life Ltd is a licensed Life Insurance Company and authorised Financial Services Provider FSP 47801
Why choose Bidvest Life?
We cover a wide range of occupations, including individuals whose occupations may not qualify for traditional cover.
We offer shorter waiting periods to a wider range of occupations, which increase the chances of claims being paid.
Our innovative Fast-Track Events provide claim speed and certainty. We offer quick, hassle-free claim pay-outs for a set list of common injuries, illnesses and impairments.
Critical Illness cover with an Income First approach. Our CI Income benefit pays a boosted monthly income for up to a year if your clients are diagnosed with a listed critical illness, even if they continue to work.
Future proof your clients’ cover with no medicals. Our unique Future Insurability options offers the flexibility to increase, decrease and add benefits to client policies as their lives change – even if they have claimed or their health has changed.
Life cover paid out monthly. Life Income provides your clients’ beneficiaries with the certainty of a monthly income to ensure their monthly expenses are covered.
CI Assist supports your clients through the treatment and recovery process when they qualify for a critical illness claim.
Automatic Critical Illness Cover for kids. Biological or legally adopted children are automatically covered for 10% of the Critical Illness Lump Sum cover to a maximum of R250 000.
Female policyholders enjoy a cash boost to help cover any additional expenses when their child is born. With our temporary income protection cover, the Childbirth benefit is automatically included and pays out the value of the total policy premium x 12 months.
1&2 Bidvest Life 2021 Claims Report