By law you are required to take out Life Insurance to cover the amount of your home loan and in most cases people simply accept the Insurance that is offered to them by the Bank.
It is your choice which Insurance company you use to cover your life and in almost every instance the cost of your Life Insurance will be significantly cheaper than the policy your bank offers you.
Using an Insurance comparison service gives you the opportunity to compare insurance quotes from South Africa’s largest insurance companies and get a much better premium than simply accepting the first premium you are offered. The simple fact is that Insurance companies are businesses just like banks, supermarkets or any other business that rely on you as a customer to grow their business.
Use your power as a customer to negotiate the very cheapest life insurance for your home by using a home insurance comparison service. This achieves 2 things, 1. you will be getting the cheapest possible life Insurance and 2. You will not be wasting time calling around to get insurance quotes from all of the Life Insurance companies to compare and then negotiate, this could take days!
If you are able to save just R100 per month on your life Insurance to cover your home loan and put that amount back into your home loan to reduce the capital amount of the loan, this will reduce the amount of interest that you will end up paying over a 20 year period very significantly. Try it, use the home loan calculator to see what a difference a R100/month additional payment into your home loan will do to your interest payment.
Right, now that you calculated the enormous saving such a small amount will make, get the Insurance comparison people working to find you the cheapest Life Insurance to cover your home loan, cancel your existing Life Insurance from your bank and put that money to work paying off your home loan.
Home Loan Life Insurance Quotes