Chickens are coming home to roost for the credit insurance industry. Last month the National Credit Regulator (NCR) referred the financial services arm of JD Group to the National Consumer Tribunal for the mis-selling of credit life policies,...
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Proactive consumers pay less for insurance
If you haven’t contacted your insurer lately, you’re probably paying too much for your insurance. When I moved home I contacted my insurer, MiWay, to inform them of the change of address and that my car would no longer be in a locked garage. They...
Are you insured against power surge damages?
If you haven’t specifically taken out cover for power surges you will receive a nasty shock when your electronic goods are fried during load shedding, as one of my readers discovered. “I have faced a huge financial setback with my gate motor, alarm...
Is life insurance really for life?
The inefficient structure of existing life insurance products impact value and sustainability of cover for clients. BrightRock’s needs-matched life insurance addresses these shortcomings by pricing cover correctly for the term and trajectory...
Paying for someone else’s mistake
If someone jumps a stop street and crashes into you, you could find yourself liable for damages. When Chantal’s car was written off by a driver who jumped a stop street she was confident that the driver’s insurance would cover the full damages to...
Santam launches new safety app
Between 1 December 2014 and 5 January this year, there were 1 118 fatal road accidents recorded, resulting in 1 368 fatalities. Such frightening statistics have prompted short-term insurer Santam to develop an app which is designed to help your...
The high cost of death
Why death is killing us financially “Around 85% of people’s debt problems start with a death in the family,” says debt counsellor Deborah Solomon. Despite a relatively high penetration of funeral policies, Solomon says the cost of death in families...
The high cost of insuring your loan
Despite an investigation into the rates charged by credit providers for insurance, borrowers are still paying high rates for their credit insurance. If you were stuck for cash and needed to borrow R5 000 which you would pay back over just four...
Financial tools to keep you on track in 2015
In today's Internet age, keeping yourself on track financially has never been easier. There are a range of websites, smartphone apps and online financial tools to help you along the way. Track expenses and create a budget Find a way to track your...
Preparing for life’s surprises
Our parents’ experiences can teach us a great deal about how we should be making plans for our own futures. My mother, who is now 75 years old and relies on a pension, has seen her food bill increase from R500 per month to R1 200 in just six years...
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Car insurance – mind the gap
There are two major purchases you will make in your lifetime for which entering into debt can be justified: one is the purchase of property and the other is the purchase of a car. If you buy a car through bank finance, you will find that taking out comprehensive car...
Too young to get ill?
A person under the age of 35 is more likely to claim for income protection or disability than death. While life cover may not be a priority, protecting your future income should be. When Greg, aged 35, was rushed to hospital after a virus attacked his heart, it gave...
You can’t claim from both your medical scheme and the Road Accident Fund
A reader wonders why her medical scheme deducted her medical expenses from her Road Accident Fund settlement. Paseka writes: I was in a car accident and was awarded around R2 million from the Road Accident Fund (RAF). I was admitted to a private hospital and the total...
Finding cost-effective medical cover
We set ourselves a challenge to try and find medical cover for one of our readers. Our findings show that medical cover is expensive for many middle-income earners and that a comprehensive hospital plan is possibly the best option. Elizabeth has three children aged 3,...
More clout for medical scheme members
The Council for Medical Schemes (CMS), which is the regulator for medical schemes in South Africa, has initiated new processes to put more power in your hands so that you are able to take on large medical schemes. Consumers have always been able to take complaints...
Choosing the right life insurance
You need to ensure that you have the correct type of life insurance policy in order to leave a legacy. In order to make insurance more affordable insurers have introduced age-rated premiums where you receive an initial discount on your life insurance cover with...
Retrenchment insurance
When Chantal Ogle returned to work after the December holiday and was told that the IT company she works for was no longer considered part of the holding company’s “core business”, she was taken by surprise. However, she soon realised that she would be able to use...
The value of pet insurance
When we bought a gorgeous Labrador puppy for our son’s birthday I decided to take out pet insurance. Little did I realise that this was one of the best financial – and emotional – decisions I would ever make. Since we live in an area surrounded by natural veld, tick...
The five highest expenses businesses face in the first five years
This article was provided by hippo.co.za There are a number of factors to be taken in consideration with the start-up of any business, and inadequate planning may lead to your company’s demise. One thing your business insurance does not cover is insufficient planning....
Who should be providing good financial advice?
South Africans need better access to good, unfettered financial advice. But who is going to pay for this? Recently I was reminded of a story of a man I had once interviewed. Twelve years ago he was severely injured in a work accident and as a result he is permanently...