Long-term cover in South Africa is necessary to protect families against financial uncertainty in the case of death, incapacity, or serious sickness. It provides the money the insured or the beneficiaries will need in unexpected situations. In 2025, experienced insurers will continue to provide diverse and customised long-term cover to South Africans. They are known globally for stability, product diversity, and a high standard of service.
Top SA Long-Term Insurance Companies
Old Mutual Life Assurance Company
Old Mutual remains one of South African insurance’s strongest and soundest brand names, with over 175 years of history. It provides a wide array of life cover products in the long term, including life insurance, funeral cover, and cover of disability, besides education protection products. Their Greenlight products are highly sought, and the life and risk insurance can be tailored according to the customer’s needs.
Sanlam Life Insurance
Sanlam is also one of South Africa’s leading long-term insurers. It is a longstanding and established company that started in 1918. It is a reputable company with cutting-edge and flexible life cover products. Life coverage, disability coverage, critical illness benefits, and education savings are some of its products under the long-term insurance category. One of its best-selling products is the Sanlam Matrix Life, which includes different levels of cover depending on one’s life stage and requirements.
Discovery Life
This is distinct in that it incorporates a Vitality-based cover model. This, in turn, encourages the insured to adopt a life that can reduce premiums. They accomplish this while maximizing cover in the long term. Discovery’s long-term products include full coverage, extensive sickness benefits, income protection, and education protection.
Liberty Group Limited
Liberty Group was a constituent of South African life insurance in 1957. It provides coverage for life, income, disability, and education. Liberty products stand out due to their incorporation of personalization and financial planning. Liberty Lifestyle Protector plays a significant role, and flexible products are synchronized according to life’s changes.
Hollard Life Assurance
Hollard is a user-friendly and customer-centric insurer that deals with long-term insurance coverage like funeral cover, life cover, and accidental death cover. In some situations, Hollard life insurance products provide a maximum cover of R1.5 million and have no medicals. They also cover the members of your family under one life insurance cover. It is thus best suited for the breadwinners of large families.
1Life Life Insurance
1Life is all about affordability and convenience within the online space. They are bought online or telephonically and offer up to R10 million cover without waiting in line to sign forms. They offer funeral cover, life cover, dread disease cover, and debt protection products. 1Life’s “Truth About Money” system also provides free advice and products to the company’s clients.
Assupol Life
Assupol is a low-income funeral and life cover brand. They provide products that provide low- and middle-income earners with a sense of security in the long term. Assupol funeral policies typically come with cash-back benefits, first-day accidental death cover, and the choice to cover the whole family. They also have the Excellence Family Funeral Plan and Progress Legacy Plan, which contain more extensive longer-term benefits, including lump-sum death benefits, terminal illness benefits, and the ability to buy optional disability cover.
AVBOB Life
AVBOB is renowned for its funeral joint insurance and other products. It is best associated with funeral cover but also includes more extensive longer-term insurance products in the form of whole life cover and funeral insurance that are money savers. Its customers are millions of South Africans who appreciate the social purpose of the business alongside material benefits.
Absa Life Insurance
Absa Life is a banking giant’s subsidiary that provides combined long-term insurance products. They provide life insurance, credit life insurance, cover for disabilities, and benefits against critical illnesses. It can be managed using the Absa app or internet portal, and it’s simple and quick. It’s intended for existing banking customers but is also available to the general public.
Nedgroup Life Assurance
Member company Nedgroup Life offers straightforward long-term life-related coverage, income protection, and retrenchment coverage. Its selling point is its integration with the other Nedbank products, in that customers have one canopy to manage the policies and funds. Nedgroup Life excels at simple products and no more unnecessary complications. It has competitive rates, and the benefits of the policies are rapid claims and the presence of optional financial advice.
Allianz Commercial South Africa
A global brand with a local presence in South Africa, Allianz is a business entity that provides specialized risk cover to enterprises and individuals in a long-term perspective. They provide life cover, disability cover, and income continuation schemes as their products and services. Allianz in South Africa caters to upper-income individuals and business managers who need risk coverage in a long-term perspective.
Guardrisk Life Insurance
Guardrisk is a cell captive insurance business and tailor-made long-term insurance solution provider. They distribute products and sell primarily to corporations that want to give group life cover, disability cover, or funeral benefits to employees. They also distribute and sell to individuals through tailor-made life insurance schemes. Guardrisk stands out in that it is a highly flexible business and permits customers to share underwriting profit.
Centriq Life Insurance
Centriq underwrites and backs insurance provisions on a speciality basis. They distribute their long-term products using intermediaries and underwriting managers. They provide life cover, income replacement, critical illness benefits, and group schemes. Centriq is not as renowned to the general populace but highly established in the market in its support role and partnering business style.
Chubb Insurance South Africa
Chubb is a world-class insurer with a long, stable footprint in South Africa. They provide long-term insurance products for accidents, disabilities, and life cover for individuals and business organizations. Chubb’s competitive advantage lies in its customized risk analysis and promptness in claim settlements. They work closely with brokers and corporate clients to design long-term risk management solutions.
AIG South Africa
AIG South Africa writes long-term insurance, including life cover and critical illness, mainly for group schemes and corporate customers. It is a reputable name in South Africa because it is highly focused on international standards, financial solidity, and specialized products. It collaborates professionally with HR departments, brokers, and financial advisors in its group life cover and employee benefits offerings.
Final Thoughts
When choosing a South African long-term insurer, several important factors are scrutinized, including cost, flexibility, reputation when paying claims, and customer service. One of the insurers listed above excels in a specific quality through electronic innovation, traditional practices, group protection, or personal financial planning.
