More often, people choose life insurance cover without fully understanding the difference between fixed and escalating insurance premiums. Knowing the contrast can help you choose cover that best suits your needs. Lee Bromfield, CEO of FNB Life, urges consumers taking out life insurance to make a more informed decision based on their individual circumstances, taking into account their short and long term goals. "Avoid choosing escalating premiums merely because this is the most popular … [Read more...] about Pros and cons of fixed life insurance premiums
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Save money by combining your funeral policies
Many consumers are not aware they are paying more than they should on funeral premiums by having more than one policy with different insurers. FNB Life estimates that 35% of FNB customers have more than one funeral plan to cover themselves; effectively paying up to 30% more than necessary. Lee Bromfield, CEO of FNB Life, says "Having multiple funeral policies makes funeral cover more expensive as each insurer factors in their expenses when calculating your funeral plan premium." For … [Read more...] about Save money by combining your funeral policies
Why life cover is key for self-employed individuals
Self-employed individuals that have taken a brave decision to leave their jobs and start a business should avoid mistakenly overlooking the financial benefits of having adequate life insurance. "Not having adequate life cover when self-employed can result in your family being left in a big pile of debt in the unfortunate event that you pass away," cautions Lee Bromfield, CEO of FNB Life. "Even if you had life cover in your personal capacity before starting out, it may still not be enough … [Read more...] about Why life cover is key for self-employed individuals
Avoid skipping insurance cover payments in January by planning ahead
Consumers are urged to spend wisely during the festive period and plan for the New Year to avoid falling into the debt trap and defaulting on monthly payments for necessities like funeral insurance. Over December and January every year, the number of customers that default on their funeral insurance premiums significantly increases. FNB Life's data showed that an extra 20% of customers default on their funeral insurance premiums over this period. This places immense pressure on household … [Read more...] about Avoid skipping insurance cover payments in January by planning ahead
National Population Registry access paying-off for insurance policyholders
The Department of Home Affairs has enabled insurance providers to verify the status of claimants on the National Population Register. FNB Life, the insurance distribution and administration arm of First National Bank (FNB) says being granted access to the Department of Home Affairs' National Population Registry is significantly benefitting its funeral policyholders and their beneficiaries. Lee Bromfield, CEO of FNB Life says this has been an important development for the insurance industry … [Read more...] about National Population Registry access paying-off for insurance policyholders
Can small and medium-sized businesses survive the rising interest rates cycle?
As South Africa comes to grips with the rising interest rates cycle, small and medium-sized businesses will face a tough task to stay in business. This is according to Lee Bromfield, CEO of Core Lending at FNB Business. "Following the end of a cycle in which the South African Reserve Bank (SARB) kept interest rates at their lowest levels in decades, the current trend will be a challenge for various sectors of the South Africa economy. The rise in interest rates will definitely have an impact … [Read more...] about Can small and medium-sized businesses survive the rising interest rates cycle?
