FANews
FANews
RELATED CATEGORIES
Category Life Insurance

Keep your life insurance policies and Will up to date before silly season begins

12 December 2022 FNB

The eagerly anticipated silly season is finally here, and many people will be taking some time off to unwind and recuperate before the new year.

It's unfortunate that this time of year is also notorious for tragedies like road accidents and general crime as people travel, explore, and celebrate locally or abroad with friends and families.

Lee Bromfield, FNB Life CEO, says: "For families who have not put in place adequate plans to safeguard themselves against the financial impact, the consequences of tragic events can be devastating. As a result, we encourage consumers to make sure they have funeral and/or life insurance, and those who have should make sure it is regularly maintained, particularly as the hectic holiday season gets underway."

Tips to help you keep your life insurance up to date:

• Pay your monthly debit order: Keeping your debit order up to date is the best way to keep your life insurance in good standing. If you get paid early in December, make sure you have enough money for the debit order date.
• Review your beneficiaries: Keep your beneficiaries up to date to avoid delays in the event of a life insurance claim. If you have FNB Life insurance, you can do this digitally in just a few clicks.
• Make sure you have enough cover: It's a good idea to update your insurance plans as your life events change. Make sure you have adequate insurance cover for a range of circumstances, such as death, disability, and chronic illness.
• Don't engage in criminal activity: Tragedies that occur because of criminal conduct might complicate the claims process for your beneficiaries. However, each life insurance provider will have its own set of restrictions and policy exclusions.

Aneesa Razack, CEO of FNB Fiduciary, also points out that a Will is a crucial element in your financial affairs. "In the event of your passing, your wishes about the distribution of your assets are expressed in a Will, a legal document. Your wishes may change as your life evolves, and you need to be sure that your Will reflects such changes. For instance, you might have gotten married, bought a house, or just want to make sure that your family member takes care of your favourite pet; all these things can be specified in a Will," she adds.

Tips to keep your Will up to date:

• Review your Will: Now is the time to go over your Will to make sure it matches your current wishes. If it does not, make sure you update it as soon as possible.
• Maintain an up-to-date inventory of your assets: Assets are essentially items you possess, and this varies from person to person. An inventory gives you a good idea of what you have and the potential value of your assets.
• Important documents must be kept safe: Some people keep their important documents in a storage at home, while others prefer third-party storage, but wherever you put yours, it must be in a safe place.

As a provider of advice-led financial services, FNB continues helping its customers with a variety of solutions to navigate life. Customers can get funeral plans and life insurance at the click of a button. FNB Life is the only life insurance provider that continues to process proactive insurance claims to assist beneficiaries. FNB can also assist you in documenting your wishes in a Will through Estate Planning services to protect your family and legacy.

Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now