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...
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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...
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...
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...
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...
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...
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...
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...
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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...
Can hospital insurance fill your medical cover gap?
As medical cover costs increase many people are unable to afford even an entry level option on a medical scheme. There are other options in the market which provide at least some cover for basic medical needs. While people may be familiar with hospital plans, health...
Are you making use of your retrenchment cover?
Many consumers are unaware of the fact that their life cover, short-term insurance and retirement annuities may offer retrenchment cover. Auto & General issued a press release this week reminding customers that they offer a premium waiver for six months if the...
Do you leave your valuables in your car?
A new South African survey has revealed that 82% of respondents leave expensive belongings in their cars overnight, not only exposing their motor vehicle to potential expensive break-ins but also leaving their personal and sometimes irreplaceable belongings vulnerable...
Tow-truck scams to watch out for
Seeing tow trucks parked at my local intersection recently reminded me of a scam whereby tow-truck drivers dupe unsuspecting accident victims into allowing them to tow the victims' vehicles. The scam involves the driver telling you he will call your insurance provider...
Beware of the insurance rip-off
City Press was recently sent a copy of a loan agreement between a customer and micro-lender Letsatsi Finance. In this agreement Letsatsi Finance lent the customer R8000 and included insurance on the loan at a monthly cost of R320. According to the loan agreement this...
Credit Life: The cost of insurance on your loan
When you take out a loan or buy a car, you will often be encouraged to take out credit life which is an insurance to settle the loan should you die, become disabled or lose your job. While credit life has its place it can be abused and consumers need to understand...