From Nedbank Insurance to Assupol, five South African life insurance were included on the World’s Best Life Insurance Companies 2024 list that was released by Forbes.

To create the lists, Forbes partnered with Statista to survey 45,000 consumers in 15 different countries.

Participants of the survey who said they have held a life insurance policy within the last three years were asked how satisfied they were with their insurer and if they would recommend the insurer to other people.

Respondents were also asked to rate insurers based on criteria such as the advice employees offered, customer service and transparency.

Then the responses to the survey were analysed. Each insurer was given a score and then the list was finalised with 145 insurance companies.

Five best insurers in South Africa
Rank	Name	Head office	Year founded
1.	Assupol	Pretoria	1913
2.	OUTsurance	Centurion	1998
3.	1st for women	Joburg	2005
4.	Nedbank Insurance	Sandton	1973
5.	Sanlam	Cape Town	1918

Life insurance and funeral cover

A common misconception is that funeral cover and life insurance are the same thing, however, they are completely different things that cater to different needs.

A funeral policy is designed to pay for specific and immediate costs related to the funeral but will not be sufficient to help a family maintain their expenses.

A life insurance policy is taken to cover any outstanding debts and take care of important purchases that the family may need to make in the future, as well as assist the family with an income for a period.

Thembisa Mapukata, general manager: Tied Distribution, Old Mutual Mass and Foundation Cluster said: “The amount of cover the breadwinner can obtain for a life insurance policy is usually far higher than that available on a funeral policy, for a similar monthly premium.”

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