Life insurance is one of those products where you, as the covered by insurance, pay money for the policy but don't derive any direct personal benefit. Nevertheless, it often is the only real asset left to a widow or other loved ones on the passing away of the insured. The subscription to the policy and the regular monthly premium to be paid for is, therefore, an act of love and consideration.

Life insurance as a product has seen an enormous evolution in the last twenty years or so. It's developed from a simple single advantage policy to a multi choice choice driven policy variety. This product evolution is the result of a changing world, offering more challenges during life than mere death by the end thereof. A number of these additions as options to life policies are the result of change in lifestyle and economical challenges which have developed after some time. The phrase 'job security' is fast evaporating making way for 'contracts' 'temporary positions' and 'retrenchments' as the new age buzz words in the employment scenario. This is generally caused by an uncertain worldwide economy with many countries facing total economic crashes notably a few that belong to the European Union, which is South Africa's main export market. Reduced exports and payment issues have caused a slump in local development and have lead to serious layoffs of staff.

This has created a new market in the insurance marketplace and a life insurance add-on of 'loss of income' insurance cover was borne. Changing lifestyles also created new insurance cover opportunities: heart related illnesses, diabetic issues, strokes, HIV Aids and other conditions are acknowledged by the insurance industry as life threatening conditions or at best as situations leading to temporary not being able to work and developed policies to take care of such situations. "No work, no pay" says the old saying, so again the insurance market recognised the truth that an average joe has a bond and a motor vehicle and a pool to be repaid, and made a product that will pay your debts for an agreed period of time should you be incapacitated through illness or losing your job. Life insurance, as a product or service, thus came quite a distance to catering for the requirements of modern man.

Life insurance alternatives take care of most life scenarios and it is best if you revise your policy collection from time to ascertain the current validity thereof and make the required adjustments. Life policies can certainly be added to, so if the first payout amount in modern terms seems substandard, you can complement that policy with yet another, thereby improving the insured amount, although the premium on such new policy could well be affected by your age and other factors. The entry qualifications on policies also seem to be more accommodating on life insurance lately and long waiting periods and strict health specifications seem to have abated. Entry conditions now seem to be much more accommodating and insurance plans can even be concluded on the net - easier than that is not achievable.