Frequently Asked Questions
Confirmation of transfer of policies from Guardrisk Life to Absa Life
Which policies have been transferred?
Life Cover, Accidental Death Cover, Work Disability Cover, Critical Illness Tiered Cover, Critical Illness Cover, Cancer Cover, Convenient Life Cover, FitLife Cover, Funeral Cover and Family Funeral Cover policies sold by Instant Life prior to 1 April 2016 and which are underwritten by Guardrisk Life.
Will any of the terms and conditions, benefits or premiums of the policies change?
No.
Will affected policyholders’ policy numbers change?
No.
Will affected policyholders’ debit orders for premium payments change?
No.
Who will be liable for claim payments following the transfer?
Absa Life will take over this liability from Guardrisk Life. Payments will be facilitated through Instant Life as the administrator.
Will affected policyholders’ contracts remain valid?
Yes. The contract and all other documents and correspondence issued prior to the transfer will remain valid.
Will policyholders continue to enjoy the benefits and same level of service they did prior to the transfer?
Yes.
Will Instant Life continue to administer the policies following the transfer?
Yes.
Will policyholders be able to view and make changes to their policies online following the transfer?
Yes. Policyholders can continue to view and make changes to their policies at any time by logging onto myinstantlife.co.za.
Are affected policyholders required to give consent for the transfer of their policies to go ahead?
No. If the Prudential Authority approves the transfer, all affected policies will be transferred.
Is there any action required from affected policyholders before or after the transfer?
No.
Can affected policyholders object to the transfer?
Yes. Policyholders may submit representations to the Prudential Authority in writing or to any of the email addresses below.
compliance@absainstantlife.co.za; policytransfer@absa.co.za; compliance@guardrisk.co.za
What happens if a policyholder objects to the transfer?
The Prudential Authority will consider the merits of the objection in its consideration for approving the transfer. If the Prudential Authority approves the transfer, all affected policies will be transferred, including those of policyholders who objected to the transfer. If the Prudential Authority does not approve the transfer for whatever reason, there will be no effect on any policy and they will continue to be administered by Instant Life whilst being underwritten by Guardrisk Life.
Will policyholders be informed once the transfer has taken place?
Yes. A communication will be sent to affected policyholders confirming that Absa Life is now the underwriter of the policies.
Who can policyholders contact if they have any questions?
Policyholders can contact Instant Life on compliance@absainstantlife.co.za or 087 806 1413.
How do I get a quote or buy a policy?
To receive a quote go to www.absainstantlife.co.za and click on "Get Quote / Buy Policy".
Just follow the steps and you will be able to get a quote and complete an application directly.
Can I take out a policy for my extended family?
The person whose life is being insured needs to do the application and answer the questions directly. You may not apply on their behalf.
They would need to answer all the health questions and confirm the declaration at the end that all the answers are truthful. The debit orders may only run off the insured life or their spouse's bank account.
Can I add my spouse, children, parents or grandparents to my policies?
No. We only offer individual policies, so each person has to apply individually.
They would need to answer all the health questions and confirm the declaration at the end that all the answers are truthful. The debit orders may only run off the insured life or their spouse's bank account.
When is the first payment deducted?
Your first payment is deducted on the first salary date, on or after the policy start date.
Where must I go to have an HIV test?
Lancet Laboratories perform the HIV tests. Please visit Lancet's Locate a Lab page for your closest branch.
Can I change my policy details online?
Yes, you can make changes to your policy at any time by going to our website and logging into myinstantlife.co.za.
What else, other than life insurance, is included in the Instant Life premium?
Nothing. We have not complicated our products by including all sorts of hidden investment products and items that even people with a financial degree can't figure out. You decide what cover you want. We provide the lowest premium. If something happens to you, instantlife.co.za pays out the amount you have insured based on the terms of your policy. No hidden clauses; no fine print; no complexity.
How do I make a claim?
To make a claim, the policy owner or someone acting on the owner's behalf simply needs to provide us with the necessary confirmations. We understand the grief that you and/or your loved ones must be going through, and will ensure the claim is handled appropriately. Kindly email us at claims@absainstantlife.co.za to start the process. For alternative contact details please click here.
Who is the underwriter of your policy?
Instant Life policies are underwritten by Absa Life Limited, an insurer licensed to conduct life insurance business.
More questions Show all answers
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Can I combine products?
Yes. You may purchase multiple products at once through the application process.
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When will cover start?
On your selected policy start date.
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Who is behind Instant Life?
Instant Life policies are underwritten by Absa Life Limited, an insurer licensed to conduct life insurance business.
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How do I increase my cover?
You can apply at anytime to increase your cover by going to our website and logging into myinstantlife.co.za to make the changes online. However, we're not obliged to approve the increase. Our approval will depend on several factors such as your state of health.
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How do I change or add a beneficiary?
You can change the beneficiary on your policy at any time by going to our website and logging into myinstantlife.co.za to make the changes online.
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What is my estate?
Your estate is the net value of your assets and liabilities after death.
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How are Estate Expense cover benefits paid?
10% of the benefit, up to a maximum of R 50,000.00, will be paid to your nominated beneficiary within 48 hours of the claim being accepted. The remainder of the benefit will be payable directly to your estate.
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How will my Estate Expense Cover work?
The benefit will be paid directly to your estate to cover the costs and fees associated with winding up your estate. If the fees charged are less than your benefit, the balance of the money will remain in your estate. If the fees charged are more than your benefit, the balance of the fees will need to be covered by your estate.
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How are the Ongoing Expense Cover benefits paid?
The benefit will be paid to your nominated beneficiary in 12 equal monthly instalments.
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How will my Ongoing Expense Cover work?
The benefit will be paid to your beneficiaries to cover day-to-day expenses while your estate is being wound up.
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How do I change my banking details
You can make changes to your banking details at any time by going to our website and logging into myinstantlife.co.za.
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How do I change my contact details?
You can make changes to your contact details at any time by going to our website and logging into myinstantlife.co.za. By keeping your details up to date, this will help ensure you receive our communications.
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Will my monthly payments be increased?
Yes. Your premium will increase by 7.5% per year. We have taken the view that for the vast majority of people, their income will increase at least with inflation. 7.5% should therefore be affordable. We also offer a 5% optional benefit increase each year at the anniversary of your policy, with a corresponding premium increase.
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What is Cash Back?
Our cash back offers you 20% of your premiums back every 10 years. Find out more...
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What is Primacy Cash Back?
Our primacy cash back offers you 3 of your premiums back after 6 months if you meet certain criteria. Find out more...
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Does Instant Life underwrite at claims stage?
No. You are fully covered when we issue your policy. When you claim, like all insurance companies, all that is required is to ensure your claim is valid based on the answers you provided on the medical questions. The lack of standard medical testing at the start does not mean any extra checking at claims stage, just less hassle at the start.
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Does Instant Life offer financial advice?
No. We do not offer or profess to offer that Instant Life can do your risk planning for you. If you are unsure, please approach a FAIS approved financial advisor.
At Instant Life, we start from the premise that you know you need life, disability, cancer or cover based on the other risks we insure. We then enable you to buy this directly online in the simplest way possible, and at the lowest cost.
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Can anyone around the world buy an Instant Life policy?
At this stage, instantlife.co.za is offered to anyone with a South African bank account and who resides in any one of our specified countries presented in the application process.
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Will I be required to go for an HIV blood test?
As advised during the sales process, we require you to have an HIV test done in order to remain on comprehensive cover.
This test needs to be done within 3 months of your policy start date. The test can be done at any LANCET or PATHCARE Laboratory. You will be required to present proof of ID and your policy number when going for your HIV test. No other supporting documentation is required. Note that tests done directly through a doctor will not be accepted.
If we do not receive a negative HIV test result within 90 days of the policy start date, then your cover will be limited/cancelled as reflected in your policy terms and conditions.