lee bromfield

As a small business owner, one of your primary objectives entails safeguarding your business against financial risks that could threaten the profitability and sustainability of your entity in the unfortunate event that you lose a key member or employee. Lee Bromfield, FNB Life CEO, says every business, regardless of its size, should consider taking out business life insurance as protection against potential losses caused by the death, disability or terminal illness of a key employee or owner. … [Read more...] about Understanding business life insurance as a SME

COVID-19 may be contributing to the growing number of consumers who are using digital channels to take up or maintain their life insurance. This is according to FNB Life, which reported a 22% year-on-year increase in customers who take up or maintain their life insurance via FNB’s digital platforms. FNB Life Chief Executive, Lee Bromfield says, “COVID-19 has triggered questions about health and financial security among many families. As a result, since the beginning of this year, the … [Read more...] about Increase in consumers taking up insurance via digital platforms

One of the biggest changes brought by the COVID-19 outbreak to the insurance industry is that of being a catalyst for customer-centricity and satisfaction in servicing. While most insurers strive for faster, flexible and data-led approaches, the appeal from customers for basic, seamless and tailored insurance services continue to serve as the cornerstone of what insurance providers do. The views expressed by customers in the latest South African Customer Satisfaction Index (SA-csi) … [Read more...] about Customer satisfaction and value for money remain deal breakers for life insurers

As many people criss-cross the country to make the most of the Easter holidays, one of the concerns for families and authorities will be the unfortunate increase in road accidents which often lead to severe injuries or worse, fatalities. This can lead to a great deal of financial distress for families that do not have life insurance or those that are under insured, says Lee Bromfield, Chief Executive of FNB Life. “This is the untold truth about the consequences of accidents on our roads, … [Read more...] about Avoid the financial distress of road accidents over Easter

Many South Africans will be travelling in and out of the country to make the most of the festive season holidays. Unfortunately, this time of the year is also characterised by a spike in road accidents which often lead to a loss of life, long-term injuries or even a disability. While reviewing your life cover or funeral cover may be the last thing on your mind at this time of the year, the consequences of neglecting this important but relatively quick task could be dire. Lee Bromfield, CEO … [Read more...] about Review your life insurance policies before going on holiday

Consumers who have ceded their life policies as security over debt with a financial institution should not overlook the importance of releasing the cession when the debt has been fully settled. Releasing a cession involves requesting a financial institution to relinquish all its rights over your policy when you have fully paid back what you owe. Lee Bromfield, CEO of FNB Life, says consumers often mistakenly assume that once their debt has been paid up, the lender automatically cancels the … [Read more...] about The importance of releasing a life policy cession

Financial security continues to be one the most important factors couples consider when planning to start a family. Therefore, life insurance policies which are structured correctly play a key role in maintaining the financial well-being of a family should both, or one partner pass away. Lee Bromfield, CEO of FNB Life, says although life cover cannot take away the pain of losing a loved one, the surviving spouse or beneficiaries can use it to ensure that the family remains in the same … [Read more...] about Life cover is essential when starting a family

In a bid to tackle the ongoing issue concerning unclaimed insurance benefits, FNB Life has embarked on an initiative to proactively identify customers who have not submitted claims in the past. FNB Life has identified over R160 million worth of unclaimed policies in its books and has made a commitment to track down nominated beneficiaries, family members or the next of kin. The bank will do this by proactively accessing and analysing data from the Department of Home affairs in order to … [Read more...] about R160m in unclaimed policies – maybe your bit is in here?

Consumers who don’t adequately plan for post funeral expenses may find themselves having to borrow money to cover tombstone unveiling costs. Lee Bromfield, CEO of FNB Life, says “Post funeral expenses which can cost up to 50% of the initial funeral expense can put significant financial pressure on dependants. Many people overlook this expense when taking out funeral cover, resulting in tombstone unveiling costs being paid out of pocket or through loans.” A tombstone unveiling is an … [Read more...] about Don’t let tombstone unveiling costs be a financial burden