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Consumers urged to get back on track post premium relief options

28 October 2020 Liberty

During the height of the COVID-19 crisis, many insurers offered wide ranging relief measures to help people cope with their financial pressures brought about by the economic ramifications of the lockdown.

The relief measures were a temporary solution, and as the country transitions into economic recovery mode, South Africans are encouraged to look at how they can do the same with their finances.

“The reality is that there is no real substitute for being fully up-to-date with your premiums. We introduced relief because it was the best option for many people who may have lost their jobs, had salary reductions, or were simply trying to save money during this uncertain period,” says Johan Minnie, Group Sales Director at Liberty.

We are encouraging clients who can get back to paying their full policy amounts, to do so as soon as possible, and this is one way to ensure that their cover is secure, and their long-term investments are back on track, says Minnie.

In order to get back on track, Minnie advises South Africans to engage their Financial Advisers.
"Financial Advisers help you rework your budget so that your finances are seamlessly managed. They are trained for times such as these; to guide you and provide clarity should you have any questions. Regardless of whether you made use of the premium relief or not, we believe it is critical for you maintain your cover, because it provides much needed protection from unforeseen life events,” says Minnie.

Quick Polls

QUESTION

How to give affordable and appropriate financial advice to the low income market segment. There is little room on a R50 pm policy for advisers to be remunerated for the time it would it would take to educate & fulfil admin function. What is the solution?

ANSWER

[a] Eliminate non-advice sales / telesales
[b] Implement industry standards for non-advice information
[c] Introduce an insurer-funded pro-bono advice network to low income earners
[d] Reinforce the Policyholder Protection Rules
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