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News Updates:

Life & Health Insurance

 

Life & Health Insurance / 28-07-23 / Chris Smit

Gap cover a critical financial essential as medical scheme buydown accelerates

"The sharp increase in gap claim values is firmly rooted in the affordability challenges that South Africans are facing in the current economic climate, compounded by the continual medical scheme alterations in benefit design, which is forcing…

Life & Health Insurance / 28-07-23 / Shelly Nxumalo

AllLife launches R50 000 Accidental Death Cover for all South Africans

"By offering accidental death cover to the majority of South Africans, we want to show everyone that they not only deserve life cover but that there are ways for them to get that cover," says Steph Bester, CEO at AllLife.

Life & Health Insurance / 28-07-23 / Shelly Nxumalo

Pick your product: unpacking healthcare products available

“Just 15% of the population is covered by medical schemes, according to the Council for Medical Schemes’ 2022 report. Simeka Health Group’s data on the employer groups they service further reveals that close to half of employees do not participate…

Life & Health Insurance / 18-07-23 / Tommy Jackson

Make healthy habits a priority early on

“We saw from our 2022 Sanlam Individual Life claim statistics that most sickness claims (40%) came from clients aged 26 to 35. This shows that the need for quality care and cover for this age bracket exists. But many young people are not taking…

Life & Health Insurance / 12-07-23 / Tommy Jackson

Estate planning & Aretha Franklin | Have a little R.E.S.P.E.C.T for my wishes

David Thomson, Senior Legal Adviser at Sanlam Trust says this is a reminder that drafting and signing a will ensures your final wishes are respected, and saves your loved ones from a long, and potentially expensive legal process.

Life & Health Insurance / 07-07-23 / Shanique Jina

Shanique Jina | A winning customer experience starts at underwriting stage

"There’s no doubt that the world has moved online, especially since Covid-19, but customers are still looking to financial advisers to guide their insurance decisions and smooth the claims process," says Shanique Jina, Underwriting Manager at…

Life & Health Insurance / 30-06-23 / Tau kaVodloza

Financial advisers can help keep the lid on customers’ retirement savings pots

“In the past, the capital in retirement annuities was secure until age 55; from 1 March 2024 customers in these products will have emergency access to up to one-third of their retirement contributions on an ongoing basis,” says Lizl Budhram,…

Life & Health Insurance / 30-06-23 / Sisanda Ndlovu

Current annuity rates offer a rare rescue package for living annuity investors in trouble

"We are most concerned about people with living annuities who are in their early 70s and drawing income at a rate of 8% or more instead of the recommended living annuity drawdown rate for this age group of between 5% and 6%," says Actuary Deane…

Life & Health Insurance / 26-06-23 / Tommy Jackson

Insurance Awareness Day: how - and why - to stay insured during tough times

"Cancelling your life or medical insurance when your budget is tight is one of the worst financial moves you could make, because it leaves your entire family exposed if anything happens to you. I always recommend that insurance is one of the…

Life & Health Insurance / 23-06-23 / Shelly Nxumalo

#Youth4Tourism to turbo-charge SA tourism industry

Paul Hanratty, CEO of Sanlam, says, “Close to 250 000 young people lost their jobs in the first quarter of 2023, which brings the total number of unemployed youth to 4.9 million. This is devastating in a country where our demographic dividend…

Life & Health Insurance / 23-06-23 / Sisanda Ndlovu

Mega Pet Insurance claims on the up

"For many pet owners, their pets are family members, so having an insurance solution that takes care of their pet's healthcare needs - in much the same way as people rely on medical insurance in a health crisis - is non-negotiable, says Candice…

Life & Health Insurance / 21-06-23 / Reuben Oosthuysen

Reuben Oosthuysen | Unlocking the power of life cover for young people

"There is a common misconception that life cover is only meant for older people with family responsibilities and dependents. However, the reality is quite different, as many young people find themselves in the role of being their family's primary…

Life & Health Insurance / 20-06-23 / Sisanda Ndlovu

Embracing uncertainty: finding success in uncertain times

"Our Fast-Track Events provide claim speed and certainty through quick, hassle-free pay-outs for a predefined list of common injuries, illnesses, and impairments. Last year, up to 86% of Bidvest Life's Income Protection claims were paid through…

Life & Health Insurance / 13-06-23 / Tau kaVodloza

Old Mutual pays out R14,7 billion in risk cover claims in 2022

“The decline in overall payouts of around R6,5 billion was expected, as 2021 was an exceptional year for claims due to the surge caused by Covid-19, and we are now starting to see a return to normal,” says John Kotze, Head of Retail Protection…