King Price Life Insurance Review

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King Price Life Insurance at a Glance

King Price Life Insurance at a Glance

  • Comprehensive and flexible offerings.
  • Affordable premiums that are designed to fit your budget.
  • A quotation is accessible through the website's insurance calculator.  

What we like:

King Price offers innovative products that are designed to cater to infrequent but consequential occurrences. A notable example is its Crime Injury Cover, which allows policyholders to choose specific coverage triggers.

Best for:

King Price Life Insurance is comprehensive and flexible, making it suitable for people wanting a tailored life insurance solution. 

  • No medical exams are required for most policies.
  • Quick and seamless online application process.
  • Personalised service and tailored advice from Stangen's experienced life insurance professionals.
  • Some policies may have subtle exclusions that can make it difficult to make a claim in.
Table of Content

Death is a natural and inevitable event that occurs in every part of the world. In 2022, recorded approximately 663,075 deaths in South Africa. Unfortunately, disability is also significant in South Africa, with a national prevalence rate of 7.5%. Females are more likely to experience disabilities than males, with prevalence rates of 8.3% and 6.5%, respectively. In light of this reality, insurance companies such as King Price have tailored their products to cater to the life coverage needs of South Africans. King Price insurance products provide financial protection for policyholders’ dependents in the event of a policyholder’s death or disability. Dependents can include children, spouses, and elderly parents.

King Price offers a comprehensive range of life insurance products that cover policyholders and their loved ones in any eventuality. Its coverage includes life cover, which provides financial security for the policyholder’s family in the event of their untimely death; funeral cover, which helps beneficiaries cover the costs of funerals; and salary protection, which maintains a policyholder’s income when they become disabled or unable to work. The overarching spectrum of coverage options also extends to disability coverage, critical illness coverage, and commuter protection. 

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What Makes King Price Life Insurance Different?

King Price life insurance products are flexible and can be customized to meet a policyholder’s specific requirements, and the affordable quotes make it simple to acquire the required financial protection. King Price life insurance arm, Stangen, also offers an online calculator and a fully digital underwriting process, making it fast and easy to get a personalized quote and secure coverage, without the inconvenience of medical tests. This sets King Price Life aside from other life insurance providers that fail to provide this level of comfort.   

Stangen a prodcut of King Price

King Price Life Coverage Options and Benefits

King Price Life Cover - Stangen Life Cover

Life cover provides financial security for a policyholder’s family and other financial commitments in the event of their death. With life cover, the sum assured is paid out to chosen beneficiaries, who can use the money to settle debts, school fees, medical bills, and more. It can also provide investment income for dependents’ recurring expenses and leave an inheritance for some beneficiaries. As long as a policyholder maintains their premium payments, the life cover will expire at death.

Stangen offers an accelerated funeral add-on that prioritizes a speedy payment of up to R30 000 to your beneficiaries to cover funeral expenses within 24 hours of receiving all required information for a valid claim. The remaining lump-sum portion of the cover amount will be paid upon completion of a full claims investigation.

King Price Salary Protection - Stangen Salary Protection

Stangen’s Salary Protection provides monthly payments to policyholders who become disabled due to illness or injury and are unable to work. Payments begin after a 3-month waiting period and are limited to 75% of the policyholder’s after-tax income before becoming disabled. Coverage can extend up to R90,000 per month.

For the first 12 months of disability, the policyholder’s specified occupation will be taken into consideration when assessing their ability to work. After this initial period, alternative occupations for which the policyholder is suited by skill, education, and training will be evaluated.

The monthly benefit will continue until the policyholder recovers, turns 65, or passes away and is evaluated by Stangen’s appointed medical team using industry best practices. With Salary Protection, policyholders can rest assured that their financial commitments will be taken care of in the event of disability.

King Price Critical Illness Cover - Stangen Critical Illness Cover

Stangen’s Critical Illness Cover offers a lump sum payment if a policyholder is diagnosed with certain medical conditions, such as a heart attack, stroke, heart surgery, or cancer. A policyholder can receive up to R5 million in coverage, and a medical exam is not required for qualification. The policy wording outlines the specific qualifying definitions, and Stangen’s medical team must confirm diagnoses. The best part is that there’s no waiting period, so you can get the coverage you need right when you need it.

King Price Disability Cover - Stangen Disability Cover

Stangen Disability Cover provides a lump-sum payment in the event that a policyholder becomes completely and permanently unable to perform their insured occupation due to a disability caused by illness or injury. Depending on a policyholder’s income, they can qualify for coverage ranging from R100,000 to R5 million and also have the flexibility to use the payout as they see fit. They may choose to settle outstanding debts, adjust their lifestyle to accommodate their disability, pay for medical expenses or school fees, or create a recurring income stream to cover expenses.

King Price Commuter Cover - Stangen Commuter Cover

Commuter Cover is an insurance policy that provides coverage in the event of death or disability resulting from a commute-related accident. Stangen Commuter Cover is paid out in the event that such a disaster happens to a policyholder who is a non-professional driver, passenger, or pedestrian at the time of the accident. If a policyholder passes away due to a commuter-related accident or within 30 days thereafter, their beneficiary will receive up to R500k. The payment can be made within 24 hours of proof of death to cover funeral expenses. In addition, if a policyholder needs to be admitted to an Intensive Care Unit in a hospital due to a commute-related accident, the money in their policy can cover medical expenses.

King Price Group Cover - Stangen Group Cover 

Stangen offers customizable group cover products to employers, providing peace of mind to employees by ensuring that their loved ones will be taken care of in the event of any unfortunate events. This type of cover is often more cost-effective than individual cover while still providing the same benefits. Stangen’s group cover options include Group Life, Group Lump Sum Disability, Group Income Disability, Credit Life (Retrenchment), and Group Funeral, with coverage amounts ranging up to R10 million per person.

King Price Crime Injury Cover - Stangen Crime Injury Cover

Stangen has introduced a novel insurance product called Crime Injury Cover that offers protection to clients against death or serious injuries caused by violent crimes such as assault and rape. This policy provides a predetermined lump sum payout in case of hospitalization or death due to a crime incident. The coverage offered by Crime Injury Cover is designed to provide financial assistance to policyholders during challenging times resulting from criminal activities. This product highlights Stangen’s commitment to providing comprehensive and innovative insurance solutions to its clients.

Pricing and Discounts of King Price Life Insurance Products

King Price takes a personalized approach to life insurance coverage, recognizing that different policyholders have unique needs. Therefore, policyholders have the flexibility to customize their plans based on their individual requirements. As a result, the cost of coverage varies and is dependent on the amount of coverage selected. To obtain personalized quotes, policyholders can utilize Stangen’s proprietary online calculator. It’s important to note that King Price does not offer exclusive discounts on its life insurance products.

Where King Price Life Insurance Can Improve

King Price may consider enhancing its services for its loyal customers by offering them exclusive discounts on their life insurance premiums for consistent purchases or coverage extensions. The absence of such discounts for loyal customers implies that both old and new customers are charged the same price.

How to Request a Quote for King Price Life Insurance

If you’re interested in obtaining a quote for a life insurance plan, there are several options available to you. 

  • Visit Stangen’s website and fill out the “Get a quote” section. Once you’ve entered your information, simply click the calculate button to receive a quote that matches your requirements. 

  • You can also request a quote from King Price website.
  • Alternatively, you can make an inquiry by calling 010 020 7600. 

Frequently Asked Questions (FAQ)

When King Price launched in 2012, it only offered short-term insurance products. However, it has since expanded to offer long-term insurance products, including life insurance, and this happened 7 years after its launch. In 2019, African Phoenix Investments Limited (APIL) decided to sell its life insurance subsidiary company, Stangen, in pursuit of an alternative investment strategy. The APIL board believed that Stangen, with its strong management team and life insurance expertise, required a strategic partner to facilitate access to broader distribution channels and a larger customer base. As a recognized financial services company, King Price was deemed the ideal candidate to acquire Stangen and scale up more efficiently. King Price purchased Stangen for R140 million, and all of Stangen’s life insurance products now fall under King Price Life.

Stangen offers three primary products that provide coverage for coronavirus-related claim events: Life Cover, Funeral Cover, and Salary Protection Cover. Customers who have existing or new policies for Life Cover or Funeral Cover with Stangen will be covered in the event of a death resulting from coronavirus, provided that waiting periods for Funeral Cover have been met. For the Salary Protection product, coverage will begin after the deferred and waiting periods have been served. It’s important to note that salary protection is designed to insure clients against the inability to perform a job for a period of more than three months.

King Price Critical Illness Cover does not provide coverage for coronavirus-related claims. Disability insurance safeguards policyholders against the possibility of total and permanent disability. The likelihood of such disabilities being caused by the coronavirus is low.

In the event of a claim, it’s important to know that there are certain circumstances under which a policyholder may not be covered. If a policyholder passes away within 30 days of the triggering event, their claim may not be covered. Additionally, intentional inhalation of fumes or intentional or negligent consumption of poisons, narcotics, drugs, or medications that a medical practitioner does not prescribe may also not be covered.

It’s important to be aware that certain specific exclusions may apply to your policy based on your health or lifestyle. These exclusions will be clearly stated when purchasing your policy.

If an insured individual passes away due to suicide within 24 months from the start or reinstatement date of their insurance policy, King Price will not pay out a death benefit. If a policyholder decides to increase their insurance coverage amount during this period, the 24-month waiting period will also apply to the increased coverage amount as of the date it becomes effective. 

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