Understand Life Insurance

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How Life Insurance Premiums are Calculated

One need only watch the news to realise why it is important to make provision for your loved ones after your death. Whether you pass away from natural causes, violence, or are struck with a dread disease, getting life insurance will ensure that those who depend on you will not be left with debts or other expenses. While life insurance premiums may seem arbitrary, it is anything but. Insurance premiums are calculated based on specific risk categories. Charging different premiums to different risk categories ensure that each policy holder pays a fair premium.

The risk factors taken into account when taking out a life insurance policy may include age, gender, income, occupation, access to healthcare, lifestyle factors, and pre-existing conditions. ASISA states “By applying the rating factors insured lives are divided into groups where the risk of dying is similar. This enables the insurer to charge a fair premium”.

Why are these risk factors taken into account?

Statistics are used to determine if a person has a bigger or smaller (statistical) chance of dying in a set time period. For instance, gender is used because women, on average, live longer than men. A higher income also means that a person will most likely have access to better healthcare. If you have been diagnosed with any medical condition, it may mean that you fall in a higher risk group than someone without that medical condition. Your occupation may be taken into account to determine if the work you do places you at a higher risk of death. For instance, a police officer’s job may be deemed to be more dangerous than that of an admin clerk working for a company.

Do I have to disclose everything?

It is your duty to disclose any information required by the insurance company. If it is found that there has been non-disclosure or misrepresentation of any necessary information, the insurer is entitled to refuse to pay claims, may recover monies already paid in claims or may cancel the benefit. This is why it is very important to read all documents very carefully and make sure that you understand everything stated there.

By taking out a life insurance policy with a trusted insurer, you will have the peace of mind of knowing that your loved ones will be taken care of financially after your death.



Carin Marais writes web articles, blog posts, and fiction. With interests ranging from mythology and books to pop culture and technology, her writing covers diverse subjects. Some of her articles include The Top Reason Why You Need Insurance,  Live Your Own Hero’s Journey, Dare to Live Life Every Moment, and 5 Tips for Surviving Change: A New Job. Links to her writing and her contact information can be found at www.carinmarais.blogspot.com, or follow her on @CarinMarais.


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Live every single day to the max!

“Life is life


Life is life
When we all feel the power
Life is life
Come on stand up and dance
Life is life…”

(Recorded by Opus in 1984)

Makes you want to stand up and dance, doesn’t it? Celine Dion provides the plain and simple reasons for that, because: “There’s so much life I’ve left to live and this fire is burning still” (I Surrender – 2002), thus “I feel that I’m alive! (I’m Alive – 2002)”

The most chanted of all besides LOVE

Countless songs have been written about LIFE over the centuries. So were many emotions, meanings, reasons, motives expressed and questions asked about the very essence of life itself. Every single one of our senses is involved in the work of poets, philosophers and painters, depicting life and love. Yet, if we think about it, life is love and love is life.

What is it really all about, then?

The question now is: What is LIFE and what is it worth these days? How much do you think YOUR life is worth really? The most primitive instinct of all living entities on earth is to survive. Thinking of the many precious lives lost to suicide, murder, accidents, illness, etc. the past few months in the news headlines, one can’t help but come to a standstill and reflect on it for a change.

Nickelback asked (If Today Was Your Last Day – 2010):

“If today was your last day
And tomorrow was too late
Could you say goodbye to yesterday?
Would you live each moment like your last?
Leave old pictures in the past
Donate every dime you have?”
If today was your last day…”

“Listen To Your Heart” (Roxette 2003)

We can find so many truths, lessons and values in the songs passing us by, many times unnoticed in the rush of the day. Isn’t it time we start living in gratitude as if today was our last day and make every second count? Shouldn’t we value every other life form on our beautiful planet just as much as we should value our own life? After all, as we learn from Nickelback: “Each day’s a gift and not a given right”.



Author: Maritha Koortzen

The author writes to newspapers mainly on Health and Social Issues. She also talks at Ladies Events about Health and Wellness. Feel free to contact her for any free lance writing.

Contact:  marithak@webmail.co.za