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Category Life Insurance

Is life insurance only for the rich – 1Life Insurance denies this!

20 July 2023 1Life Insurance

1Life launches Priority Life – accessible, affordable life insurance.

Today, 1Life Insurance announced the launch of a new product – Priority Life – ensuring that life insurance is not only a product for the rich but rather allowing the average South African consumer the opportunity to take the first step towards creating generational wealth – critical in today’s downturn economy.

“Sadly, consumers today still see life insurance as a financial product only attainable by the rich, and this couldn’t be further from the truth! In fact, life insurance should be seen as one of the first steps in building generational wealth and should be placed equal – if not superior to funeral insurance. Therefore, as a brand, we are striving to change this narrative and show the average citizen that they too can start creating wealth simply by taking up an affordable, accessible life insurance policy that won’t break the bank,” says Brina Biggs, Senior Manager at 1Life.

1Life’s latest product offering – 1Life Priority Life – is an entry level product that offers consumers the opportunity to insure their life at a lower sum assured (up to R300 000) for a substantially lower premium. Priority Life covers the life of the main member only and is subject to a 6-month waiting period, however, requires no HIV or medical testing – making it an easy to access and affordable life insurance solution for all South African consumers. 1Life Priority Life also offers consumers the option of choosing benefits that keep up with inflation, providing life insurance that retains its value in any economic climate.

“As a business that has very strong inroads into the funeral market, we identified that many consumers don’t even consider life insurance and default immediately to funeral cover. We want to change this mindset by demonstrating to these very funeral customers that they can have the same access and affiliation towards life cover that other, more affluent consumers do, but within their more refined budgets” continues Biggs.

“We believe we have struck the balance with this specific product which is key to our journey towards creating level playing fields when it comes to wealth creation for the next generation – no matter what your status or bank balance!” states Biggs.

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