Bidvest Life

Since 1995, Bidvest Life has provided life insurance to safeguard the earnings of employed South Africans. They offer diverse insurance options, including income protection, disability, critical illness, and life cover to mitigate the hazards of illness, injury, or death.

What distinguishes Bidvest Life from other insurance companies is its innovative payout approach that disburses a monthly income instead of a one-time sum, which assists clients in managing their finances during trying times.

Even after becoming a part of the Bidvest Financial Services group in 2016, Bidvest Life remains resolute in its duty to protect its clients' income from any unexpected situation.

Bidvest Life is a South African insurer that’s been providing insurance products and services to individuals and businesses for over two decades. With a focus on personalised service and a commitment to meeting your needs, they’ve become a trusted name in the insurance industry.

Bidvest Life’s background story

They were founded in 1997 as a subsidiary of Bidvest, a South African conglomerate with interests in a variety of industries, including food, services, and trading. Since its founding, it has grown to become a leading provider of insurance products and services in South Africa, with a reputation for innovation, flexibility, and exceptional customer service.

On their list of services offered

They offer a wide range of insurance products and services to meet your needs and that of your business.

Their cover options include life insurance which provides financial protection for your loved ones in the event of your death, disability cover which provides financial protection if you become disabled and cannot work, and funeral cover which provides financial assistance to cover funeral expenses.

Top-class customer service

At Bidvest Life, customer service is a top priority. The company has a team of experienced advisors who are dedicated to providing personalised service and expert advice to help you choose the insurance products and services that are right for you.

They have a quick and efficient claims process to ensure that you receive prompt and fair compensation in the event of a claim.

Make sure you understand the terms and conditions

When applying for temporary income protection insurance, you’ll need to select a waiting period and benefits term that suits your needs. These choices determine how long you have to wait before making a claim, the duration of the claim payment, and the monthly premium amount.

The cover allows you to protect up to 100% of your after-tax income, and you can also protect multiple income streams. To qualify for the cover, you’ll undergo medical underwriting, which may involve answering medical questions, providing medical records, or undergoing medical tests to assess your health status.

Bidvest Life's disability cover is a comprehensive protection plan that covers individuals, families, and businesses.

If you suffer from a disability injury or illness, you'll receive 100% of your after-tax income until retirement or for life. Bidvest Life also provides temporary income protection, which pays up to 100% of your insured income when you're unable to work due to illness or injury.

Extended income protection is also available to cover a range of long-term injuries or illnesses, covering both day-to-day and unexpected expenses. Moreover, disability lump sum provides a lump sum payout to cover one-time expenses, while child protection pays a monthly income if your child is diagnosed with a serious illness or permanent childhood disability.

The options available with disability cover

Temporary income protection cover offered by Bidvest Life is an insurance product designed to protect your income in the event of injury, illness, or disability. It pays out up to 100% of your insured monthly income when you cannot work due to these circumstances.

This type of cover is available to a variety of occupations, including business owners, salaried individuals, contract workers, freelancers, students, and homemakers. They believe that everyone should have the opportunity to protect their income, regardless of their occupation.

How much the cover will cost

Temporary income protection cover is essential because it helps you continue paying for your monthly expenses and covers additional costs that may arise due to injury or illness. It provides financial stability during challenging times.

The cost of the cover depends on your selected sum insured, with premiums starting from as low as R100 per month. You have the flexibility to insure as little as R1 000 of your monthly income.

A more comprehensive cover option

Extended income protection cover is an additional insurance product that can be added to your existing temporary income protection.

It provides coverage that goes beyond the temporary period and pays out up to 100% of your insured income until your retirement age in the event of a long-term injury or illness, even if you’re not permanently disabled.

With extended income protection, the payments will start at the end of your selected temporary income protection benefit term, which can be 3, 6, 12, or 24 months. If you already have temporary income protection, you qualify for extended income protection.

The cost of the cover starts from as low as R100 per month, and you have the flexibility to insure as little as R1 000 of your monthly income.