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Review: Get ABSA Instant Life cover in under 30-minutes, with lower premiums and 20% cash back

There are 4 things you should take notice of in the title of this blog post.

  • Get covered in under 30-minutes
  • Low premiums
  • 20% cash back
  • ABSA

Let’s add a 5th point to that:

  • Get a quote in under a minute

Here is the thing about life cover. None of us wake up every day thinking about life cover. Months and even years can pass by without us even being in the market for insurance cover, let alone life cover.

Then in a moment, something changes.

There is a death in the family, or a child is born. You hear a radio advert on your way home from work, or you receive a well-timed SMS on your cell phone. At that moment, you go from “I don’t need life cover” to “how quickly can I get this in place”.

At that point you have two options:

  • You get in touch with your Financial Advisor or Broker
  • You jump online and Google “Life cover”

Both options have some upside and downside:

Let’s start with the Financial Advisor or Broker option:

  • The upside is that you know the person and can trust them
  • The downside is that heavy commission is built into the product and its very time consuming to meet with someone, get all the paperwork completed, and then have the medicals done

If you jump online, this is the likely outcome:

  • The insurance company with the biggest Google Adwords budget is going to win and will occupy the top rankings in your search. That’s the downside because you are basing your decision based on search rank and not any real trust. “If it’s top of the pile, it’s probably the best, right?”
  • The upside is that you can chat to someone over the phone and keep your weekend or evening free

There is nothing wrong with seeing a Financial Advisor or Broker. If you have someone you trust chat to them first.

But what if you don’t have a relationship like that.

What if you’ve decided you need life cover today and you want to deal with someone direct?

Let’s introduce you to ABSA Instant Life

Everyone knows who ABSA is. Instant Life might be the bit you’re confused about? To cut a long story short, a few years ago ABSA acquired Instant Life. The reason why they did that was that Instant Life was one of the first companies in South Africa (if not the first) to offer online cover.

ABSA obviously liked the model of a slick quick life insurance process and ABSA Instant Life was born.

They offer a few different products:

  • Life cover
  • Work disability cover
  • Cancer cover
  • Accidental death
  • Critical Illness cover
  • Funeral cover
  • Funeral cover for families

In the next couple of weeks, we will get into more detail about all their products.

For now, we are going to focus on their life cover product:

Here are the product highlights directly from their website:

  • Up to R6 million cover with no medical examinations
  • 20% Cash Back every 10 years
  • Pays you cash up to 12 months before death in the event of terminal illness
  • Cover is for your whole life (no end term)
  • Increase, decrease or cancel your cover any time without penalties
  • Entry age 20 – 65

It’s the R6 million cover with no medical exams which is the kicker. If you add the 20% Cash Back benefit every 10 years, the prospect of giving them a call and getting a quote in under 10-minutes is starting to sound appealing.

Hold on, you’re probably asking yourself the following question.

“Is this only for ABSA clients?”

Nope, if you are an existing ABSA customer then you have some experience with the brand. If you aren’t, at least you know it’s a reputable setup.

A little added feature is access to myinstantlife.co.za which is a convenient online policy management service. Once you become a policy holder you can:

  • Change your banking and contact details easily
  • View your policy communications and policy documents
  • Make changes to your levels of cover
  • Update your beneficiaries

If you’re interested in receiving a quick obligation-free Life Cover quote from ABSA Instant Life, submit your details below.

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