You often see people requesting advice on social medical as to what medical aid they should consider, often enquiring “Which is the best medical aid?”. These posts generate a high number of comments with people generally sharing their medical aid …
While financial advisors and other people in the investment industry often refer to compulsory savings and discretionary savings, many people are often not sure what the difference is between the two. To put it briefly: Compulsory savings refers to retirement …
On retirement the transition is obviously made from contributing/saving towards your retirement to drawing from your retirement funds. This is process is enabled by purchasing a annuity. There are two categories of annuities A guaranteed life annuity and A living …
DISABILITY INCOME COVER The purpose of this benefit is to provide a monthly income in the event of the insured becoming temporarily or permanently disabled due to bodily injury or illness such that he/she is unable to perform his/her occupation, …
DEATH BENEFITS In many cases, death benefits form the basis of an individual’s risk benefits. Death cover was also the first cover offered by insurers to members of the public. Various forms of death cover exist, namely: Death benefits (all …
RETRENCHMENT BENEFIT This benefit may be purchased to either temporarily waive premiums on a policy or to provide a temporary income in case of retrenchment. Generally, this type of benefit will pay for a specified period, like 12 months. …
Future cover benefits give the policyholder the option to purchase additional cover with no, or limited, medical underwriting. A negative HIV-test result is generally required. The policyholder may choose to purchase a new policy, or to increase an existing benefit, …
GENERAL CLAIMS WORKFLOW Claim notification The life insurance company needs to be notified of a claim by the intermediary, claimant, beneficiary or policyholder. Some companies may have an automated process whereby the notification and registration process form part of the …
OVERVIEW OF THE UNDERWRITING PROCESS CLAIMS In general, a claim is a defined event and as such all terms and conditions are defined in the policy, whether it is for individual or group business. Claims assessment strategy involves two processes, …
DECLINE AND DEFER DECISIONS Decline In some instances, the life company may decide that the risk is unacceptably high and that they are not able to provide cover. They therefore decline the proposal for risk insurance. This is usually for …