Life Insurance / General

A holiday may save your sanity, so here’s how to save for a holiday

The ongoing pandemic has, for obvious reasons, caused many to second guess their decision to go on holiday, whether it’s over the winter period, in spring, or even in a few months’ time over the 2021 festive season. Not only is the list of countries that South Africans are allowed to visit still very short, but health considerations and budget restrictions are also a big concern for those who are looking to take a break.

You are only young once! Take advantage of time and become money-wise Now!

Life insurers step up for brokers’ clients

The claims statistics published by South Africa’s largest life insurers give a clear indication of the impact of Covid-19 on the sector; but represent the ‘tip of the iceberg’ insofar the total claims the industry will entertain over the next three years. Liberty Life, which hosted a 2020 Claims Statistics webinar said it paid out R12.4 billion “across the South African life / risk business” in 2020. And Old Mutual made pay-outs totalling R14 billion to meet its underwritten, non-underwritten and corporate claims, representing a 24% increase on its 2019 experience.

Fourfold increase in death claims against fully underwritten life policies during second Covid-19 wave

Four of South Africa’s largest life insurers reported increases of between 50% and 60% in death claims against fully underwritten new generation individual life policies between March last year, when the first Covid-19 case was recorded in South Africa, and the end of January 2021.