OUTsurance Life Insurance Review

Written by Better Insurance
Mar 14, 2023

OUTsurance Life Insurance at a Glance

The company pioneered cashback incentives in insurance.
Offers a myriad of insurance products.
So far OUTsurance has paid out R3 billion in Outbonuses.

6.8

What we like:

There are three main policy structures, offering options for those who want to fix their premiums and cover. Additional benefits such as educational benefits or funeral benefits allow your family to more easily manage the payout money. Coverage is often immediate, with policies under R5 000 000 not requiring medical tests.

Best for:

OUTsurance’s life insurance policies are best suited to individuals in the 18 to 65 age range. Given that there are stand-alone options and a range of payment and add-on options, OUTsurance is great for people who know what they want out of a life insurance policy.

Pros

Payouts range from R200 000 to R 16 000 000.
Tailored to your lifestyle and needs, so you won’t pay more than you need to in premiums.
Option to increase your premium or cover annually.

Cons

Successful claims are subject to a number of terms and conditions which can become confusing.

Death is an unfortunate certainty of life and it can have a financially devastating impact on your loved ones in South Africa. Life insurance helps you ensure that your family still receives financial support when you’re no longer around. Offering life insurance since 2008, OUTsurance claims to offer comprehensive tailored insurance packages to suit your needs.

Let’s review OUTsurance’s life insurance policy including its benefits, drawbacks, pricing, and overall coverage!

What Makes OUTsurance’s Life Insurance Different?

OUTsurance offers a tailored approach to life insurance, with the cover taking into account many personal details of the policyholder. This means if you’re leading a healthy lifestyle and have low-risk factors, you can enjoy a lower premium.

There are options to keep your OUTsurance premiums fixed. Additionally, OUTsurance guarantees your premium for the first five years, allowing you to budget accordingly. Your cover is also flexible, meaning you can make changes in the future. Lastly, there’s less hassle involved as OUTsurance will pay for any required lab tests.

OUTsurance Life Insurance Coverage Options and Benefits

Three Insurance Structures

At the ‘Level premium – level Sum OUTsured’ tier, OUTsurance will not change your monthly premiums and your payout amount for the specified cover period.

OUTsurance will also keep the payout amount the same at the ‘Increasing premium – level Sum OUTsured’ tier. However, your premiums will increase at an agreed-upon percentage every year.

Lastly, OUTsurance will increase both the premium and payout amount annually with their ‘Increasing premium-increasing Sum OUTsured’ tier. Bear in mind that the percentage by which these values change are usually different.

Death Cover

There are two main types of death cover: accidental and comprehensive. Accidental cover will only pay out if the policyholder dies as a direct result of an accident which occurs during the cover period. Comprehensive death cover will pay out if you pass away during the cover period, including optional educational and funeral cover benefits. If you’re battling a terminal illness and have been given less than 12 months to live, OUTsurance may pay out up to 50% of your life insurance cover amount.

Critical Illness

OUTsurance also pays out specifically in the case of critical illnesses such as cancer, heart attacks, and strokes. The amount paid out depends on your policy, cover amount, and severity of illness. Critical illness cover is also available as a comprehensive, accelerated, or free-standing policy.

Disability

In the unfortunate event that you are left disabled through an accident or workplace injury, OUTsurance will provide financial compensation to you and your loved ones. Their disability cover comes with the condition that your condition will not change for the better with or without medical intervention. This includes surgery, medications, and physical therapy.

OUTsurance also offers two options when it comes to disability cover: own occupation, and own or suitable occupation. Separately from this, there is accelerated and free-standing disability cover.

OUTthere

If you’re a thrill seeker or an adrenaline junkie, there’s no need to worry. OUTsurance offers an on-demand death and injury life insurance cover, called their ‘OUTthere’ policy.. The policy only requires you to pay one premium and covers you immediately for up to 30 days. The payout amount is flexible and ranges from R100 000 to R1 000 000. This type of cover is designed to mitigate risk from once-off life events, and is not a long-term solution.

Pricing and Discounts of OUTsurance Life Insurance

During the life insurance process, you may hear of something called an insurance schedule. This refers to all the essential information regarding your policy including but not limited to: your payout amount, personal details of the policyholder, the beneficiaries, and the details surrounding your payout.

At OUTsurance, your policy schedule encompasses the type of cover you choose as well as the policy structure. OUTsurance offers you and your loved ones financial protection from death, critical illness and disability. On top of this, OUTsurance offers three tiers of insurance policy structure. Your premiums are based on your individual policy schedule, however, you can get a quick quote online to see how much you might pay.

Where Can OUTsurance Improve?

There are a number of terms and conditions that have to be met in order to ensure a successful claim. These include the cause of death, waiting periods, diseases covered etc. During an emotional time such as a death, accident, or terminal diagnosis, it can become difficult to keep track of all the formalities.

Always remember to read over your life insurance policy carefully, making a note of any important clauses. This can relate to how your premiums are calculated, the circumstances surrounding the payout, or any reasons why your policy may be cancelled. If you’re unsure of anything in the policy, don’t hesitate to contact your insurance broker before you sign the contract.

How Do I Request a Quote for Life Insurance from OUTsurance?

Request a quote for OUTsurance life insurance online or via their app by filling in their short form.
Request a quote for OUTsurance life insurance over the phone by calling their customer support number 08600 70 000
To be eligible, you must be over 18 years old and have a valid South African identity document.

Frequently Asked Questions (FAQ)

What is the difference between OUTsurance’s life insurance and funeral cover?

A funeral cover is a financial product designed to help your loved ones afford a dignified send-off. OUTsurance’s funeral cover payouts are capped at a maximum of R100 000, and can include benefits. Examples of benefits include a tombstone benefit, catering benefit, and transport benefit. Life insurance is typically not reserved for a specific purpose and the beneficiaries have more freedom in how it is spent. Note that OUTsurance does offer funeral cover as part of some of their life insurance policies.

How do I change the details on my OUTsurance life insurance policy?

Life happens and you might need to update the information on your life insurance policy schedule. Perhaps you’d like to add or remove a beneficiary, change your address, or you’ve taken up a dangerous sport. OUTsurance can be informed of any changes to your policy via telephone, simply call the customer support number and speak to a consultant.

It’s important to keep OUTsurance in the loop so your premium amount can be accurately calculated. Moreover, you wouldn’t want there to be any complications when it comes to them paying out. If you’re unsure of any details in your policy or when OUTsurance needs to be informed of a change, speak to a consultant or your insurance broker.