Life cover vs funeral cover: Which oneâs for you?
By Staff Reporter
By Dominique Bowen
In a media release issued in March, Hennie de Villiers, deputy chair of the life and risk board committee at the Association for Savings and Investment South Africa (Asisa), said that the life industry had recorded 434 216 death claims in 2020. It was more than a third up from 2019âs figure, and more than half of these claims were for funeral policies. Covid-19 undoubtedly had a role to play not only in the uptick in claims, but also in the 8.9 million new individual recurring-premium risk policies that were taken out in 2020, according to the association. Still, South Africans face an alarming insurance gap: the deficit when comparing the cover an individual has in place and their actual cover needs.
How to ensure your insurance claim is not rejected
By Opinion
By Anton Keet
The pay-out from life insurance or disability or dread disease cover can help you and your family cope financially in difficult times. But if an important detail is not disclosed – even if it was not intentional – this may lead to a claim being rejected by the insurance company.
If you claim for a benefit you are not entitled to, that’s insurance fraud. This might be deliberate – falsifying documents, for instance – but it may also be the unintentional non-disclosure of important information.
As much as 60% of the claims declined by life insurance companies belonging to the Association for Savings and Investments SA were not paid because there was non-disclosure of some form by the policyholder. In many cases, the non-disclosure was inadvertent.
May 19, 2021
There can be no doubt that South Africa is massively underinsured. That’s true of healthcare, where around 80% of the population has no form of private health insurance.
By Greg Gatherer, account manager at Liferay
It’s also true of life and disability insurance, the Association for Savings and Investment South Africa (ASISA)’s most recent Life and Disability Insurance Gap Study showed that earners younger than 39 years face an average insurance shortfall of R1.4 million for life cover and R1.5 million for disability. That’s to say nothing of the more than 65% of vehicles on South African roads that are uninsured.
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