Life Insurance: Closing the gap at a younger age

According to the 2016 Life and Disability Insurance Gap Study, the average South African earner has a Life and Disability Insurance gap of R2.1 million, meaning that most fall short of having their financial needs sufficiently covered in the event of death or disability1.


The 2016 Life Insurance claim results by insurers showing an increase in cancer claims among young adults is another concern2. Statistics by CANSA also show that 90% of cancers are caused by factors such as smoking, diet and lifestyle3.


Online insurance and financial comparison website,, did an experiment on their platform in order to compare Life Insurance quotes for smokers and non-smokers with exactly the same entry criteria for males and females in the respective age groups.


The below results show the differences in Life Insurance premium ranges for R1million cover4:


Criteria (Age)

Estimated Monthly Premium (smoker)

Estimated Monthly Premium (non-smoker)


25 years old

R112 - R230

R104 - R203

30 years old

R125 - R251

R104 - R211

40 years old

R214 - R365

R129 - R262

50 years old

R408 - R740

R221 - R394

60 years old

R816 - R1278

R438 - R742


25 years old

R204 - R290

R144 - R244

30 years old

R201 - R318

R144 - R252

40 years old

R320 - R486

R183 - R326

50 years old

R585 - R901

R323 - R530

60 years old

R1265 - R1943

R654 - R1091


*Figures as at 2 May 2017


“The sample results show estimate Life Insurance premiums from a range of different South African providers, says Derek Wilson, head of, “It is also interesting to note that premiums are lower when consumers take out Life Insurance earlier in life”.


Here are some more tips on how you could lower your Life Insurance premiums5:


  • Invest in your health by eating balanced meals and doing regular exercise in order to maintain a healthy weight. This could not only lower your Life Insurance premiums but also raise your life expectancy.
  • Quit smoking. As seen in the above experiment, insurers charge more for exactly the same criteria where the only difference is whether the individual is a smoker or non-smoker. Insurers refer to the smoking of all tobacco products and have different terms in which an applicant needs to be tobacco free. Enquire from your insurer before committing to cover for a non-smoker.
  • If you opt to select cover that runs for only a specified term (for example 10, 15 or 20 years to cover your bond) or one that covers only your debt such as credit cards, loans and Vehicle Finance, the premiums will be lower than the lifetime cover options.
  • Compare cover from at least three different providers to ensure you are getting the best deal for your needs. Remember to not only compare prices, but also benefits. offers an online comparison service, where you are able to compare quotes and benefits from a range of South African Life Insurance providers such as 1st for Women, 1Life, Absa, Alexander Forbes, Auto & General, Budget, Dialdirect, and Different Life, with more partners being approached to join the panel,” concludes Wilson.





Compare Car Insurance Quotes

Our trusted partners