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In tough economic times, clients are often on the lookout for cheaper rates on certain risk policies. However, there is another window that we need to look at this through. There is an Afrikaans proverb which states that goedkoop koop is duur koop; are your clients really benefitting their pockets in the long run when entering into survival mode?
In her statement, the Minister provided clarity that deductions from social grants may only be made in respect of funeral policies issued by registered life assurance companies and that they may only be applied to adult grants.
South African consumers spend almost 75% of salaries on debt payment.
The steep increase in the cost of living should prompt consumers to review their financial resolutions. In the first quarter on this year, consumers had to deal with back-to-back interest rates increases, which were quickly followed by electricity and fuels price hikes.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?