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Many South Africans have probably withdrawn some or all of the savings they had pre-Covid-19, out of necessity to cope with steep monthly expenses.
The importance of full disclosure at the inception of an insurance policy can never be overemphasized. Similarly, updating any changes over the lifetime of your policy with your insurer is just as important.
South Africans have faced a range of increased costs across most spectrums, from rising fuel prices, increased inflation and interest rates, and a month-to-month battle with mounting food prices. The cost of living increases have placed consumers under pressure and it is becoming more difficult to save.
Let’s not beat around the bush – times are tough. Rising prices at the petrol pumps and the grocery store are alarming, particularly when your salary doesn’t seem to keep up with inflation. It feels like everything is getting more expensive and at the end of the day, this translates into less disposable income, and less money to save for a rainy day.
The strongest deterrent against FSP compliance missteps is or should be: