The recent Old Mutual Savings and Investment Monitor found that middle-class households are cutting back on insurance and medical cover. However, if you have a family, life cover is essential to provide for them if something happens to you. If you...
When the Ombudsman for Short-Term Insurance (OSTI) released its annual report recently, it was unsurprising that complaints around motor vehicle insurance are the most common, at over 48%. Of these complaints, 18% of motor vehicle insurance...
By having a blood test you can significantly reduce your life cover premium. So why are people so reluctant to do so? Maya Fisher-French (@mayaonmoney) and Mapalo Makhu (@womanandfinance) chat to Liberty expert Lisa Gibbon to understand what risk...
Media coverage around disallowed claims by life insurers has tarnished the industry. In this podcast, Maya Fisher-French and Mapalo Makhu chat to Dr Thabani Nkwanyana, lead specialist medical officer at Liberty on why a claim would be turned down –...
If you have any credit facility or a loan, there is a good change you have credit life insurance. This is an insurance which settles the loan should you die or become disabled, and in some cases covers your repayments for a period of time if you...
Life insurance is the easy part – you die, you get paid. But what about all those other insurances that we are told we need, like income protection, disability lump sum insurance and critical illness? What do they mean and when do we need them?...
Many people wonder whether they should claim from their car insurance after an incident that causes minor dents or scratches on their vehicle. Sumarie Greybe, co-founder at Naked Insurance takes a look at when it makes sense to submit a claim....
By Riaan Oosthuizen, Alexander Forbes Health consultant As financial intermediaries we are often asked why medical scheme cover is so expensive compared to health insurance. Three main factors influence this. Underwriting and open enrolment The...
The main reason we take out car insurance is so that we are covered in the case of an accident. However, if your car was not in a roadworthy condition at the time of an accident, or you were under the influence of alcohol, your policy might not pay...
An unavoidable expense when planning a holiday, particularly if you're going overseas, is travel insurance. If you have booked your flight using your credit card, you might have automatic travel insurance benefits. However you need to read the fine...
A reader asked about the pros and cons of taking out funeral cover through a burial home versus going directly through an insurance company. Our research found that the pricing tends to be cheaper if you buy cover through an insurer because, in some cases, the burial...
If you have an elderly parent who has been paying towards a life or funeral policy for many years but can no longer afford the premiums, it may make sense to take over the policy payments if you are the beneficiary. If the policyholder were to cancel the policy, they...
By Sumarie Greybe, co-founder at short-term insurer Naked It’s the time of year for festive-season parties and holiday travel and, along with them, headlines and awareness campaigns about carnage on South Africa’s roads. The average driver in South Africa has a 15% to...
Unpacking the recent controversy over Momentum’s refusal to pay a claim due to non-disclosure. Insurance group Momentum came under fire recently after it rejected a claim when a Durban man was shot and killed. The insurer rejected paying out R2.4 million because it...
With above-inflation price increases announced by medical schemes, many members may be looking for more cost-effective options when it comes to healthcare. But before making a change, ensure you understand what you are ‒and are not ‒ covered for. Every year our...
When you take out a mortgage or bond, you will be required to take out life insurance. This is so that if something happens to you, the insurance will cover your mortgage repayments. This usually includes death, disability and possibly retrenchment cover. What you...
If you have been diagnosed with breast cancer, you may qualify for a higher income in retirement. When it comes to taking out life insurance, underwriting for the cover usually means that a prior illness results in a higher premium. However, when it comes to...
With third-party insurance available for only R38 per month, not being insured could be the most expensive decision you ever make. A reader wrote recently to complain that a driver had stopped in front of him unexpectedly, causing him to crash into the back of her. As...
Don’t rush off to the emergency room too quickly – it may cost you more than you realise. A recent twitter rant by a Discovery Health Medical Scheme member highlighted an often-misunderstood fact about hospital plans: they don’t cover visits to the emergency or...
New short-term insurer Naked challenges the insurance status quo. When it comes to car insurance, ideally you want to be fully insured so that your own car is covered in an accident or theft, but that doesn’t mean you have to pay the highest premium in the market. Car...