Many financial advisers are using life products to supplement medical costs. While current legislation does not allow for cover like critical illness insurance to be marketed as a product to cover medical costs, for most policyholders, that is...
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Options if medical schemes are unaffordable
Medical schemes remain unaffordable for many working South Africans. According to Gary Allen, chief executive at Sanlam Health, an individual should not be spending more than 10% of their income on health cover. Considering that a basic hospital...
Tips for filing a successful insurance claim
Filing an insurance claim can feel like a complicated and confusing undertaking. Karabo Kopeka, Head of Claims at MiWay Insurance, provides tips on how to avoid some common pitfalls. Claiming from your insurance can often be a challenging task,...
Funeral policy fraud on the increase
When fraudsters access your personal information, they can use this information to take out a funeral policy in your name, and then claim benefits on the policy using a fake death certificate and other supporting documentation. “Finding out you are...
E-cigarettes and your life insurance policy
Clyde Parsons, Actuarial Executive at BrightRock, explains why regular users of e-cigarettes are charged smoker rates by life insurers, and what you can do about it. For decades now, we’ve known that smoking is bad for our health – the research has...
How to save on home loan insurance
When applying for a home loan, the bank will insist that you take out home loan insurance to cover the repayments in the event of death, disability, or retrenchment. Evelyn Doubell, Private Wealth Manager at NFB Wealth Management finds that it’s...
Tips for a successful used car purchase
Ernest North, co-founder of AI-driven insurtech Naked, looks at some of the steps to follow before committing to a used car purchase. Numbers from TransUnion show that South Africans financed around 79 000 used vehicles in the first three months of...
Court rules for insurer to pay up
The global shutdown in the face of the COVID-19 pandemic is testing the clauses of insurance policies – specifically business interruption insurance – with claimants and insurers across the world fighting it out in court. The Western Cape High...
Video: Prepare for the weather
The summer rainy season is in full swing in Gauteng. The province has already seen heavy rain, flash floods and hail, and authorities have warned that more extreme weather is on the way. It is not surprising that this is the time of year that...
Get a home inspection before you buy
So you've finally found your dream home and are ready to put in an offer. Before you dive in, be sure that you conduct a home inspection. This is according to Marius Steyn, Personal Lines Underwriting Manager at Santam. Steyn suggests including a...
Previous Articles
Video: Spring clean your insurance
Whether you’ve recently made property upgrades or added a few new items to your home, it is time to spring clean your insurance policies to check that you are adequately covered. Your short-term insurance policy is automatically renewed almost every year but it is up...
Lower medical premium increases thanks to lockdown
An unexpected side-effect of lockdown has been smaller-than-usual annual medical aid premium increases. Despite fears that the outbreak of COVID-19 would result in high claims from medical scheme members, and a resultant increase in the cost of healthcare, the...
Don’t let your life policy lapse
It is important to understand how your life policy works and what your options are if you find that you are no longer able to afford your premiums. While the outbreak of COVID-19 raised awareness around the need for life cover, especially for those with financial...
Listen: How financial advisers choose their insurance
Maya (@mayaonmoney) and Mapalo (@womanandfinance) speak to independent financial adviser Markus Bauriedl on what to look out for when selecting life insurance to make sure it pays out as promised. Not all cover is equal, and some products work better than others....
Stay on top of your repayments
Most agreements to suspend debt repayments or monthly premiums have come to an end. Make sure you understand how this will affect your finances. In the initial stages of lockdown, most banks, insurers and retirement product providers offered installment or premium...
Video: Review your insurance and save
We should be in the habit of regularly reviewing our insurance cover, but if you haven’t done so for a while, COVID-19 lockdown is the perfect opportunity to make sure you have the correct cover in place and even save on premiums. You may find that the cover you have...
Income protection for ‘gig workers’ – finally!
By Elmarie Samuel, Senior Technical Marketing Specialist at life insurer FMI (a Division of Bidvest Life Ltd) South Africa’s gig economy is booming. More people than ever before are earning a living as so-called ‘gig workers’ - working as independent contractors,...
COVID-19: When would your income protection pay out?
If you get COVID-19, will your income protection or life insurance cover you? And what can you do if you can’t pay your premiums because the pandemic has affected your income? These questions are top of mind right now as the lockdown affects millions of South...
Make sure you’re covered for a power surge
Do you know whether you're covered if a power surge damages expensive electrical appliances? Identified by Google as South Africa’s most searched term in the past decade, loadshedding continues to cause a huge amount of frustration and inconvenience for many South...
Video: Car and handbag insurance for women
I always maintain that actuaries never lie, and women on average pay less for car insurance than men, so is it true that women are better drivers? In light of Women's Month, I am speaking to Christelle Colman of Elite Wealth Assets Insurance to explain why women pay...