“Can I have more than one life insurance policy?” asks Susan Maya replies: Although technically you could have more than one policy, you need to be careful that you are not “over-insured” as you may not receive the full pay-out that you have been...
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Insuring a young driver
There are ways to cut your insurance premiums as a young driver. Taking out motor insurance as a young driver can be very expensive, often making car ownership unaffordable. There are ways, however, to lower your risk and therefore your premiums....
Tough new requirements for electric fence compliance
New regulations may find your electric fence on the wrong side of the law. In a society where homes need maximum protection from criminals, it is easy to understand why you might choose to use electric fencing to protect your family and your...
Adviser dupes client into overpaying on commission
Make sure you read your investment contract to ensure it’s what you signed up for. Do you know how much you are paying for your investment policy? Could you state exactly how much of your monthly contribution is paid in commission or product fees?...
Motor insurance: making sure your policy pays out
When it comes to motor insurance, you and your insurer each have certain obligations that you have to meet in order to render the insurance contract valid. As a policyholder, if you don’t hold up your end of the contract, you could find yourself...
Weakening Rand to impact on insurance premiums
The sharp decline in the Rand against many major currencies, paired with the frequency of severe claims over the past year, is expected to have a significant impact on the personal lines short-term insurance industry, resulting in increased...
Hospital cash plans under threat
If the abuse of hospital cash plans continues to escalate, life insurers may be forced to implement tough measures to ensure the financial viability of these products, warns Peter Dempsey, deputy CEO of the Association for Savings and Investment...
What you need to know before turning 40
What most 40 year-olds discover is that the choices they made ten years ago are now limiting their options when it comes to retirement, risk and medical cover. When you are in your 20s, it is hard to imagine what it would be like to be 60 years...
Why companies pay you to be healthy
Many medical schemes and life insurance companies offer wellness incentive programmes to their clients. Considering the monthly membership fee is usually less than R200 a month per family, it is insignificant compared to the value of the discounts...
Are you paying too much for funeral cover?
It is important to find a balance between insuring for the unexpected and paying off your debts. Make sure you are not overinsured at the expense of your savings The average government employee spends around eight percent of their salary on...
Previous Articles
Seven golden rules to make your medical savings last
By August this year more than half of medical scheme members will have run out of day-to-day savings which means that doctor visits and medication would have to be paid for out of your own pocket. By managing your medical savings sensibly from the beginning of the...
One in four can no longer afford medical aid
One in four people can no longer afford to pay for medical aid, a flash survey among users of online financial guide, Justmoney.co.za, has revealed. As the price of medical aid premiums rises by an inflation-busting average of 9.11%*, adding to the cash woes of many...
Seven questions to consider when selecting a medical scheme
It is that time of year when your medical scheme will require you to select your plan for next year. This is a good time to reflect on your medical needs to ensure that you are on the correct plan. Andrew Edwards, principle officer at Liberty Health says many people...
Medical Aid for individuals earning less than R9k per month
Unexpected medical costs can wipe you out financially so insuring for hefty medical bills is an important part of your financial plan. Medical schemes are fairly expensive and have been seen as the preserve of higher income earners. Fortunately medical schemes have...
Make sure you understand your retrenchment offer
After working for his company for 24 years, Joseph was offered a voluntary retrenchment package. Due to his years of service the package is attractive with the company effectively offering him a year’s salary. Joseph is not part of the union and he wants to fully...
Why money is different for women
With so many articles and books written about "women and money" one may ask the question as to why we have this focus on “women and money” -surely money is gender neutral. The reality is that despite all the advances women may have made in the workplace, they remain...
What to expect when you are expecting
“What to expect when you’re expecting”, the latest American blockbuster that was released in South Africa in June this year, put the spotlight on the journey by parents-to-be as they prepare to become parents for the first time. This is both an exciting and...
Discovery Health data shows members are getting older and sicker
This is a very interesting press release from Discovery Health that argues that medical scheme costs are being driven by higher claims as more ill people sign up for medical schemes than healthy people. Actuarial research estimates that if medical cover was compulsory...
Valuing your vehicle correctly
It is important to review your vehicle insurance every year to insure that you have valued your car according to its replacement value. Insuring based on the replacement cost of your car not only saves you premiums but it is also important in the event of a write-off,...
Flexible life cover bucks the trend
Getting excited about life insurance may sound like an oxymoron but as I sat through the presentation of new long term insurance company BrightRock that is exactly how I felt - finally I had found the life cover I have been waiting for. As I walked out of the...