South Africans place too much emphasis on funeral cover and too little on life cover, said African Rainbow Life CEO Bongani Madikiza this week.

With the backing of Sanlam and Patrice Motsepe's African Rainbow Capital (ARC), Madikiza launched a new life insurer aimed at low and middle income clients. While African Rainbow Life also offers funeral policies, it is hoping to gain traction with life cover, dread disease cover and disability cover in households that earn between R3,000 and R30,000 a month.

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