Category: Insurance

South Africa’s Best and Worst Insurance Companies

The Office of the Ombudsman for Long-Term Insurance is an independent body to which consumers can complain if they believe they have been treated unfairly by their insurer. In the latest annual report, it is stated that the Ombudsman had recovered R184.4 million in the form of lump sums for consumers from long-term insurance companies.

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The Ombudsman said it had received 9,815 written requests for assistance – which is an increase of 6% from the previous year. Of these complaints, 5,018 were chargeable complaints, with 3,491 cases full cases finalised. Three in 29.8% cases were resolved in favour of the complainant.

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The Difference Between Fee-Based vs Commission Based Financial Planning

northwood-man-sitting-at-deskAt present, the majority of financial planners in the greater financial planning industry work on a commission-based system. Here, the financial planner works their personal fee into the total cost of the policies and packages to which he or she sells their clients.

 

Although a typical industry standard, a financial planner working in accordance with a commission-based system faces two challenges: Continue reading “The Difference Between Fee-Based vs Commission Based Financial Planning”

The importance of planning and regularly reviewing your Last Will and Testament

Discussing matters of your death with your loved ones is never an easy conversation to have, nor is there ever an ideal manner in which to approach the topic. However, doing so can save your family, assets and estates in the long run. The following article discusses the critical importance of constructing, and regularly reviewing, your Last Will and Testament.

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A client of mine, Walter, married his wife in 2000. As good citizens, he and his wife made each others sole beneficiaries to each others possessions, and assigned their parents as the inheritors thereof in the event of their death.

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The benefits of creating multiple passive income streams

During the course of our careers, in our respective places of employment, we may receive a number of promotions and salary raises that will aid toward increasing our monthly incomes. Despite this, our incomes; or our costs to our respective companies; will never bring us wealth. Our employers will often award us a sum each month that allows us to be comfortable, or at minimum, survive the month. Wealth is created through making clever decisions and having strategic financial plans in place. To grow your wealth, you should seek to have more than one income stream, as it is those extra income streams that create wealth.

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New cost comparison standards set for investment products

stack-of-coins-on-tableWe have all faced the nightmare of looking at two quotes for investments and trying to decide between which is the better option.

Our challenges are that:

  • True costs are not disclosed
  • Subtle charges are not disclosed
  • Strange terms such as TER or RiY are used

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SASRIA offers cover for accidental or deliberate damage to property

northwood_financial_services_broken_car_windowMr. Jones arrived at work in his brand new BMW and proudly parked it in his designated parking bay. During the course of the day, a dispute broke out at work, and before he was aware of the risks, the workers began to destroy the premises. All the vehicles, including Mr. Jones’ new car, were set alight.

After the incident, Mr Jones queried the incident with his insurance company. To his dismay, the insurers informed him that he was not able to lay a claim due to the fact that no insurance policy covered damage caused by any person or group taking part in a riot, strike, lock-out or civil commotion.

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Insurance: How to Value Contents Carried on Your Person

personal-insurance-itemsIt’s all very well insuring your household contents, but what happens to the items you carry with you, such as your wrist watch, mobile phone, laptop or tablet, MP3 player? Unfortunately, in the world we live in today, we need to insure the items that we carry on our person, as well as those we have in our homes, in case of theft or loss. Continue reading “Insurance: How to Value Contents Carried on Your Person”

How to Value Your Home Contents

household-insuranceInsuring your household possessions and valuables is vital in this day and age, particularly if you have certain items of value such as original artworks, antiques or expensive jewellery. However, it is crucial that you evaluate the contents of your home and your possessions correctly. If you fall short and underestimate your contents – you risk an insurance shortfall – overestimate the value of your possessions and you end up paying excessive premiums. Taking that extra time upfront to evaluate the contents of your home and your valuable possessions correctly and honestly reduces the chance that you may come a cropper in the long run! Continue reading “How to Value Your Home Contents”

How to Value Your Home for Insurance Purposes

house-insurance-policyYour house is in all likelihood your most valuable asset, so it is vital that you have sufficient coverage for your property in terms of insurance. A comprehensive short-term insurance policy can be taken out to protect both the value of your entire home structure, as well as its contents against unforeseen circumstances, such as fire or flooding. Depending on the age and condition of your home, and where you live, the cost of insuring your house can vary significantly, just as under insuring your home could have drastic consequences should it burn down. Continue reading “How to Value Your Home for Insurance Purposes”