By Zuko Komisa

- South Africa’s life and disability insurance gap has reached R50.4 trillion, leaving average earners R3.1 million short of essential cover.
- Millions hold multiple funeral policies, yet only 19% carry comprehensive life insurance to protect their family’s long term future.
- Capitec Life CEO Deepesh Desai urges the industry to swap jargon for human-centred advice to overcome behavioural barriers.
South Africa faces an alarming R50.4 trillion life and disability protection deficit, according to ASISA.
The average wage earner holds an individual shortfall of R3.1 million, leaving existing cover to meet just 39% of a household’s ongoing financial needs.
Despite this gap, consumer behaviour remains focused on immediate relief. South Africans hold 24 million funeral policies with 10.5 million individuals owning more than one yet only 19% maintain life cover.
Many conflate the two, overlooking that funeral insurance covers burial costs rather than long-term income replacement or debt.
Kaya Biz with Gugulethu Mfuphi spoke to Capitec Life CEO Deepesh Desai believes bridging this divide requires reframing insurance from complex products into personal commitments.
Desai argues that consumers avoid life cover not out of indifference, but because intimidating processes and dense industry jargon create friction.
By leveraging its vast retail base, Capitec Life aims to simplify policy language and guide South Africans from reactive funeral funding to lasting financial security.
Listen to the full conversation here:
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