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In 1694, Hugh the Elder Chamberlain had an idea that insurance needs to pay for medical expenses in the event of an accident. This idea only became a reality in the late 1800s with limited misfortune protection cover products, as it was called then.
The sale of income protection products – as well as the sum insured on these products - has more than doubled in the last five years to 2013, says Petrie Marx, Product Actuary at Sanlam.
As a rule, South Africans are underinsured. The often cited True South Insurance Gap Study suggests that, relative to the financial risks consumers face, their life insurance coverage lags behind by at least R24 trillion. This translates into a shortfall of two thirds of the requirement for a 40-year-old.
Long-term care is still one of the great unknowns of growing old. Advisers and clients must address the potential need to meet long-term care costs, and then come up with a plan..
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?