Life policies

Policies taken out before 2003/4 could include an investment portion, which can be claimed upon surrender.

South African life policies

What is a life policy? A life policy is an insurance contract with an insurance company which offers lump sum payments (death benefits) to beneficiaries of the insured in exchange for monthly premiums.

These policies could include further cover for dread disease and disability – which means the insured will receive either a lump sum or a monthly income for a set period of time depending on their claim – whether illness, disability or loss of income.

What can South African emigrants do with life policies?

Policies taken out before 2003/4 could include an investment portion, which can be claimed upon surrender. Where a life policy is ceded to a bank the ceding can be cancelled (assuming the debt linked to the cession has been paid) and the investment value withdrawn, but the process is more complex.

If you’re the beneficiary of a South African life policy and live overseas you can consider financial emigration to ensure proceeds can be freely transferred offshore in the event of the death, of the insured.

How does it work?

FinGlobal will deal directly with your insurer to either assist with the surrender or make all the necessary endorsements to your policies, which means you won’t get stuck in administrative red tape.

We can also refer you to a new adviser or insurer abroad who can assist you in applying for relevant cover in your new country of residence.

What are the fees?

Our initial consultation to you is cost-free and includes a quotation for our services. Fees are fixed and payable only on successful completion of the job.

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Client testimonials

Thank-you to all FinGlobal staff who helped us officially migrate and transfer our policy funds from South Africa to Australia. Your professionalism and advice made the process much easier and stress free. I would recommend your services to anyone requiring financial advice and/or transferring of funds from South Africa. You guys rock!!

Dale Ric-Hansen

I thought I only had 1 policy but delighted when FinGlobal (previously cashkows) discovered another one! cashkows made the procedure effortless and dealt with it in a very professional manner. Thank you for helping me through the process!

Georgina Oliver-Hancock

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