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Insurance Bill brings Microinsurance one step closer

Published: Tue, 12 Dec 17

The long-awaited Insurance Bill was among a number of pieces of legislation passed by the National Council of Provinces, at its final scheduled plenary sitting for 2017, last week – good news for lower income South Africans as it brings access to microinsurance one step closer. In a statement released ...
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Don’t let your insurance cover take a holiday

Published: Mon, 11 Dec 17

By John Marsden, Managing Director: Citadel Financial Protection   Each December holiday season South Africans are confronted with shocking road fatality statistics. According to the AA, as many as 14,071 people died on South Africa’s roads in 2016 – a 9% increase from the12,944 deaths recorded ...
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Three steps to securing your long-term health

Published: Fri, 08 Dec 17

Shreekanth Sing, Technical Legal Adviser, PSG Wealth The average life expectancy in South Africa is among the lowest in the world at 49. 7 years. Once you reach the age of 65 years, however, your life expectancy soars to 90. This also means there is an increased likelihood that at some point, we will encounter ...
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Understanding accidental death and injury insurance

Published: Wed, 06 Dec 17

As South Africans gear up for the festive season, there is bound to be a spike in the number of road accidents. During the December 2016/January 2017 holidays, 1 714 fatalities were recorded nationwide – that’s a 5% increase from the previous year. “Accidents are by their very nature are unexpected,” ...
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Dignity, disability and life insurance – facilitating the balance

Published: Tue, 05 Dec 17

      Elise Burns-Hoffman MiM / UCT certified mediator         “The importance of dignity as a founding value of the new Constitution cannot be overemphasised. Recognising a right to dignity is an acknowledgement of the intrinsic ...
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FSB fines AVBOB R100 000 for contravening the Policy Holder Protection Rules (PPR’s)

Published: Tue, 05 Dec 17

The Registrar of Long-term Insurance (the Registrar) referred a case against AVBOB Mutual Assurance Society (AVBOB) to the Enforcement Committee of the Financial Services Board for the contravention of Rule 5. On 28 October 2010 AVBOB had entered into an intermediary agreement with Mr T Nyadombo (Mr Nyadombo) ...
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Life insurers make disability and critical illness cover available to people living with HIV

Published: Thu, 30 Nov 17

Over the past two years the majority of South African life insurers expanded their range of products available to people living with the human immunodeficiency virus (HIV) to include disability and critical illness cover. South Africa was the first country to introduce life cover for people living with HIV in 2001 ...
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Hospital Cash Back Fraud - Guilty Verdict

Published: Wed, 29 Nov 17

By The Insurance Crime Bureau     In this fraud the individual insured under a “hospital cash back policy” was impersonated, and multiple claims were submitted on her policy with false documentation. On investigation, and listening to the voice recordings, the insured quickly identified ...
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Never stop learning because life never stops teaching

Published: Wed, 29 Nov 17

      Elise Burns-Hoffman Disability, Incapacity and Claims Consultant         The powerful truth of the words in the title of this communique have been actively experienced over the past two months while engaging in training to become a Mediator ...
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OUTsurance offers instant death cover with a selfie on relaunched app

Published: Tue, 28 Nov 17

Centurion: OUTsurance has launched an enhanced app including OUTthere, accidental death and injury cover that doesn’t require you to commit to monthly premiums. This on-demand life insurance is available to you whether you are an OUTsurance client or not, for between one and 30 days and offers cover between ...
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Mobile funeral cover at your local spaza shop

Published: Tue, 28 Nov 17

Funeral inflation in South Africa has grown at a massive 12% – significantly ahead of standard consumer inflation. Costing a funeral is a pricey affair because it typically can include a casket, tombstone, flowers, catering, undertaker fees and more. Most of these items require fuel and labour – needless ...
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SMEs need funeral cover for their staff

Published: Mon, 27 Nov 17

Many entrepreneurs who typically hire one to five people often find themselves tapping into contingency funds to help out with funeral arrangements when a loyal employee tragically passes away. Lee Bromfield, CEO of FNB Life, says although the intention is good, using funds from the business to contribute ...
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Insurance Crime and Fraud Prevention

Published: Fri, 24 Nov 17

The Insurance Crime Bureau has released its 1st Annual Report. In this document you will be given a view into the world of Insurance Fraud & Crime, as well as how the Insurance Industry is coming together as a Community to combat the issue. Crime is without doubt a daily challenge to the average ...
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Ombud Council to Oversee Various Ombud Schemes

Published: Fri, 24 Nov 17

The Financial Sector Regulation (FSR) Act was signed by the President in August 2017. The National Treasury announced that it will be publishing a series of consultation documents, setting out in more detail the work being undertaken for each component of the Act. The first of these is a consultation policy document ...
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Don’t ignore cultural notions, says Long-term Insurance Ombud

Published: Wed, 22 Nov 17

          Judge Ron McLaren Ombudsman for Long-Term Insurance                     Cape Town: Cultural nuances must not be disregarded when considering a disputed pay out, the Ombudsman ...
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SA’S only race for teams of two sponsored by PPS

Published: Wed, 22 Nov 17

PPS is proud to announce its headline sponsorship of the Panorama Tour, the only four-day cycle race for teams of two in South Africa. This is the second year in a row that PPS will be sponsoring the race, which is celebrating its 13th anniversary. Encouraging our members to live an active and healthy lifestyle is ...
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Iemas members to receive R109 million in member benefits

Published: Tue, 21 Nov 17

              Johan Nel, Chief Executive Officer Iemas Financial Services (Co-operative) Ltd.               With a rich history spanning over 80 years, Iemas Financial Services (Co-operative) ...
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Tips to end 2017 on a financially high note

Published: Wed, 15 Nov 17

By Alexander Forbes Financial Planning Consultant Rita Cool Update your financial goals & requirements Your personal circumstances could have changed during the course of the year. Maybe you had a baby and you need to start saving for education, or you divorced and need to separate your finances ...
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Cancer Awareness Counts

Published: Thu, 09 Nov 17

How to stay financially fit in a health crisis   Each year, 100 000 South Africans are diagnosed with cancer and, thanks to the focused awareness campaigns that feature on the calendar each year, we’re better informed about the many (over 200) types that exist, as well as their symptoms and treatment ...
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Demystifying Trusts

Published: Thu, 09 Nov 17

By Theunis Ehlers, Citadel Fiduciary Partner   We are often asked about trusts, what their purpose is and how they function. A trust is essentially a contract between the Founder and the Trustees who undertake to manage the trust assets for the benefit of the beneficiaries. These assets do not ...
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Length of employment to determine benefit in a defined benefit pension scheme.
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