Absa Life is pleased to announce that it has been granted the necessary regulatory approvals, including approval from the South African Reserve Bank, to acquire a controlling interest in the direct life insurer Instant Life. This includes meeting all other conditions customary for a transaction of this nature. Instant Life, an online life insurance distribution platform offering life, disability and critical illness cover to qualifying customers, will now operate as Absa Instant … [Read more...] about Instant Life purchase approval granted
insurance
How to protect yourself against life or funeral insurance fraud
Despite its damaging consequences, life or funeral insurance fraud remains a relatively low-key subject in society. However, this type of fraud has the potential to ruin people's lives and negatively impact the viability of insurance providers. Lee Bromfield, CEO of FNB Life says identity theft is the predominant cause of life or funeral insurance fraud - where criminals steal the identities of unsuspecting individuals to defraud life or funeral insurance providers, disguised as policyholders … [Read more...] about How to protect yourself against life or funeral insurance fraud
Five Reasons why you should insure your spouse
Taking out life or funeral insurance on your spouse is often seen as a sinister move or the 'elephant in the room' among couples. For this and other reasons, spouses tend to neglect this responsibility, exposing their families to unnecessary financial risk. Lee Bromfield, CEO of FNB Life says this is one of society's common puzzles because people do not want to be seen to be planning their partner's death. "Couples need to treat life or funeral insurance as part of their day-to-day … [Read more...] about Five Reasons why you should insure your spouse
5 Tips when choosing life or funeral insurance
Many South Africans are realising the importance of owning a life or funeral insurance policy but very few understand what to look for when selecting cover for themselves or their family. In certain cases, individuals overlook vital elements on their policy, putting themselves at risk when it is time to claim. "It is very important to ask all the crucial questions before signing an agreement with your chosen insurance provider. Do not have reservations about asking too many questions or … [Read more...] about 5 Tips when choosing life or funeral insurance
Early Christmas Bonus for Lewis Customers
The Lewis Group [JSE:LEW] is refunding R44.1m to a group of its customers for the cost of loss of employment insurance mistakenly sold to them, together with R23m in interest accrued on this amount. According to Johan Enslin, CEO of Lewis Group, the refund follows an extensive internal investigation by Lewis, which was triggered by the National Credit Regular (NCR) bringing to the company's attention three such instances. Lewis Group's share price increased by over 1% to between R63.27 and … [Read more...] about Early Christmas Bonus for Lewis Customers
Protecting the human capital in your business
We previously discussed types of business insurance for your physical assets but insuring your human capital is equally important, says Port Elizabeth financial planner Pieter Willem Moolman. Depending on the nature of your business, these are some of the short-term insurance options you should discuss with your broker: Key person insurance – The loss of a specialist employee can set your business back. Key person insurance provides the funds to find and train a replacement and helps to … [Read more...] about Protecting the human capital in your business
Top 6 Business Short Term Insurance Essentials
Running your own business can be stressful and therefore business insurance cover is essential for peace of mind, says Port Elizabeth financial planner Pieter Willem Moolman. Business insurance may seem like an unnecessary expenditure but many small business owners only realise its value when they need to claim. You simply can't afford to be without it. The right cover for you will depend on the nature of your business. Although you do not need to invest in every possible product that is … [Read more...] about Top 6 Business Short Term Insurance Essentials
Port Elizabeth drivers are tops
According to a recent Discovery Insure survey, Port Elizabeth drivers are the best in South Africa. The motor insurance survey, which analysed the driving behaviour of more than 10 000 motorists over two years, showed that Port Elizabeth drivers beat Cape Town and Johannesburg drivers in terms of good behaviour. The study looked at aspects such as harsh braking, sharp cornering, acceleration, speeding, accidents and late night driving. Older drivers ranked better than their younger … [Read more...] about Port Elizabeth drivers are tops
Beware of leaving vehicles with motor dealers to be sold
South Africa's largest short-term insurer, Santam, is urging motorists to carefully consider the cover provided by their insurance policies before leaving their cars in the hands of motor dealers to be sold on their behalf. "When a vehicle owner leaves the vehicle at a dealership, the insurer has no way of telling who will be driving the car and where it will be stored and therefore, the known risk factors that are considered when constructing an insurance policy can no longer be applied. … [Read more...] about Beware of leaving vehicles with motor dealers to be sold
New income insurance product aims to cover temporary incapacity
Port Elizabeth-based Advanced Incapacity Management Solutions (AIM Solutions) has launched a short term insurance product, underwritten by Lion of Africa Insurance, that provides employee income insurance for temporary incapacity for a period of 12 months. The product differs from other insurance products in that it has been designed to manage claims rather than increase premiums. Johnny Johnson, CEO of Aim Solutions, explains the rationale behind the new product, "In general the risk … [Read more...] about New income insurance product aims to cover temporary incapacity
Steamed up Over Burst Geyser Cover
It appears that issues relating to geyser replacement in a sectional title scheme have got more than one reader steamed up. The typical scenario presented to our experts seems to be that there is insurance in place to cover the replacement of a burst geyser. However, the sectional title owner is then held responsible for the excess payable and/or any amount not covered by the policy. One reader in particular feels that, in her instance, the scheme was underinsured for the cost of her … [Read more...] about Steamed up Over Burst Geyser Cover
