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South Africans under-insured by R24 Trillion

05 June 2014 Nicholas van der Nest, Liberty
Nicholas van der Nest, Director of Risk Product Innovation at Liberty.

Nicholas van der Nest, Director of Risk Product Innovation at Liberty.

Liberty addresses the dire gap in the South African insurance landscape by providing Free Cover to South Africans.

South Africans are currently under insured by R24 trillion, R9.3 trillion of this is in the life assurance space. This is according to the third insurance-gap study commissioned by the Association for Savings and Investment SA (ASISA).

Recognising the importance of educating South Africans to see the real value of life cover rather than it being just another expense, Liberty is offering R25 000 worth of free life cover for a year through the launch of Free Cover – an innovative, first-to-market offering. This campaign is aimed at newlyweds, new parents and new home owners. It aims to help them adjust to these significant life-changing events and help them start their journey towards financial freedom.

Nicholas van der Nest, Director of Risk Product Innovation at Liberty says, "The ASISA figures are particularly concerning when one considers the number of families that do not have any or sufficient life and disability cover. As an insurer we need to educate South African’s on the far-reaching implications of not having the correct cover in place and how an accident or an untimely death can have devastating, far-reaching consequences on their dependants. There are many products available to them to alleviate the financial burden on their dependants in their absence. Educating clients about these products without forcing them into a sale is what our campaign aims to achieve.”

Liberty is challenging young adults to take the financial future of their families seriously by making insurance more understandable and accessible to a younger audience, and also by highlighting the need for risk cover at each of these critical milestones in a person’s life.

The Free Cover is available for up to a year from the date of registration. The ‘traditional insurance grudge’ of having to fill in a multiplicity of forms and going for health screenings has been eliminated. The entire application can be done online in less than two minutes – participants need to fall within one of the three groups of people, fill in a single form online and submit.

Amid the excitement of planning a wedding, decorating a nursery, or throwing a house-warming party, many people forget to consider the increased responsibilities they now face as a spouse, parent, or home-owner and the need for additional insurance cover. This is why Liberty has created a life cover product to address the needs of individuals in these cases.

Apply online at https://FreeCover.liberty.co.za. Terms and conditions apply.



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