Brokers can now diversify and expand portfolios to clients and businesses looking for life cover options
Johannesburg, South Africa, 14 September 2023: AllLife, providing life insurance to South Africans living with dread and chronic diseases, today announced it is opening up its offerings to brokers with the launch of Uninsurable, a tool specifically designed for brokers looking for insurance options for clients previously considered uninsurable.
To date, brokers in South Africa have found it difficult, if not impossible, to offer life insurance to clients with chronic health issues, such as heart conditions, cancer diagnoses, high BMI, or even severe or poorly controlled diabetes. And the data speaks for itself, with the ASCO Post reporting that in 2020, almost 110,000 new cancer cases were diagnosed in South Africa. As a nation, South Africa also finds itself in the top 10 countries with the highest obesity statistics, and projections are that 47.7% of females, 23.3% of males and 22.1% of children will be obese by 2025. Further, according to the SA Heart and Stroke Foundation, 30% of the South African population has some form of cardiovascular disease (CVD).
“As our lifestyles, stress, and environmental factors change, more South Africans find themselves prone to diseases that deem them uninsurable, significantly limiting their life insurance options,” says Steph Bester, CEO at AllLife. “This has left brokers in a position where they simply can’t offer life cover to clients who are often high-net-worth individuals looking to leave behind financial security for their families and businesses.
“Brokers have often approached AllLife as the nature of our products aim to solve these unique challenges If there is one thing they understand, it’s that it’s not money that buys insurance; it’s health, and the reality is that anyone can get ill or receive an unexpected health diagnosis at any time. With Uninsurable, we officially give brokers the tools they need to expand their portfolios and give their clients options, regardless of their health condition. Most notably, it is born out of a company, AllLife, which has been pushing the boundaries on providing life cover options to individuals previously seen by the majority of insurers as uninsurable,” adds Bester.
Uninsurable is an online tool that is easy to navigate and provides quotes in seconds. Based on the success of AllLife’s proven models, clients are guaranteed to be accepted without the requirement of medical examinations or health questions, and there are no long forms to navigate and no underwriting processes.
As part of the initial offering, options are available from R100,000 to R3,000,000, and anyone from 18 – 75 automatically qualifies, with cover coming into effect from the day the first premium is paid. With the Uninsurable solution, life cover builds up monthly over a 36-month period, after which the full cover amount is available.
Uninsurable further offers brokers the opportunity to bring solutions to their clients for Keyman and Buy-Sell insurance requirements. With these products, businesses and shareholders can protect their organisation if essential employees or shareholders pass away.
Brokers interested in signing up with AllLife and the Uninsurable offering can visit http://www.uninsurable.co.za/.
About AllLife
AllLife believes everyone deserves the right to access life insurance and we are dedicated to providing comprehensive life and disability insurance to individuals living with dread and chronic diseases. Established in 2004, offering life cover to those living with HIV, AllLife today offers life cover to a range of people living with chronic conditions such as diabetes, heart conditions, cancer, mental health conditions and many more. Our products, underwritten by Old Mutual Alternative Risk Transfer Limited (OMART), have served over 200,000 clients, providing life cover valued over R20 billion. We strive to improve our customers’ quality of life by promoting healthy lifestyles and partnering with them in their health journey. For more information, call us at 0861 25 55 43 or visit https://alllife.co.za.
AllLife is an authorised financial services provider.