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Nominating a minor as a beneficiary on a life insurance policy

23 March 2016 | General

It is trite law that a person can nominate a minor as a beneficiary on a life insurance policy. Remember, the minor will not be regarded as a party to the contract (i.e. the policy) between the policyholder and the insurer. The issue of contractual capacity, which is required for a contract to be considered valid and binding in South Africa, thus doesn’t come into play. Contractual capacity refers to the legal capacity of an individual to enter into valid agreements.

The simple art of paying a claim

22 March 2016 | Estates & Wills

Processing a claim sounds simple enough, but sometimes even simple things can be complicated. Take for instance the payment of a capital claim on money invested in a beneficiary fund. The money has been placed in a beneficiary fund primarily to meet the educational and wellbeing needs of a minor child. It is their money, however the mandate of the administrator is to pay claims in accordance with the trustee approved policy. The trustees have a fiduciary duty to ensure that funds are used for the purpose that they are intended, and as such design policies which protect the minor dependents.

Momentum announces their 2015 claim statistics

17 March 2016 | Dread Disease and/or Disability / Critical Ilness

“Medical aids can never be a substitute for critical illness cover.” These are the words of Stephen van Niekerk, Head of Retail Life Insurance Products at Momentum at today’s media event during which he presented the 2015 claim statistics.

Overcoming the guilt of insuring your children’s lives

16 March 2016 | General

Life or funeral insurance is an important part of financial planning for families but in most cases, parents cannot bring themselves to insure their children’s lives. This is partly due to the perception of ‘bad luck’ when it comes to children and this form of insurance.

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What can retirement funds do to improve client-adviser engagement during members’ employment years?

Answer

Advice at onboarding Annual adviser check-ins Meet-an-adviser workshops Offer advice at life-stage events

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