Life Insurance

Comment on the Master’s Office by the Fiduciary Institute of Southern Africa (FISA)

Protect your income first

The significant increase in the frequency of life insurance claims through pandemic has forced South Africa’s financial advice community to reassess clients’ risk portfolios and ensure both adequate levels of cover and appropriate cover types. One of the truths revealed during FMI’s 2020 claims experience presentation is that income protection is more important than ever. The life insurer, a division of Bidvest Life, reported the highest number of claims in its 26-year history, up by 17% compared to 2019. Minor infections, which included Covid-19 infections and complications, were the main contributor to income protection claims for the year, accounting for 31.2% of the total.

Familiarise yourself with these insurance claims tips to fast track your claims process

The outbreak of the Covid-19 pandemic has shone a spotlight on the need for consumers to familiarise themselves with their insurance cover and what they need to comply with in order to lodge a successful insurance claim, says Kabelo Gude, Chief Operations Officer at Hollard’s Life Solutions division.

The Hidden Cost of Cancer: Financial Preparation before and after diagnosis