Tag: insurance policy

Insurance claims can be repudiated for many varying reasons – from the most obvious to the least expected reasons. One of the best ways of trying to avoid an insurance repudiation is to understand your contractual duties stemming from your policy.

Cash flow management is a critical aspect of running a successful small or medium-sized business. For many South African businesses, ensuring that there is always enough money for payroll and salaries can be a daunting challenge.

Having a financial safety net in place through employee benefits can provide some much-needed reassurance that you and your family are protected if the worst happens. But, did you know there’s more to consider when looking into employee benefit plans other than what is offered?

In previous years, insurance advisers may have been seen as the ‘middleman’. Often, they were regarded as a form of salesman, primarily selling clients insurance policies on their properties and possessions, as well as assisting them with the claims process.

Load shedding – a measure implemented by Eskom to address mounting pressures on the national electricity grid, has been a South African reality since 2007. The past few years have, however, seen a dramatic upsurge in the severity of scheduled blackouts as Eskom attempts to deal with multiple infrastructural problems as well as theft and vandalism.

Insurance policies often contain a standard clause requiring policyholders to comply with the laws of the country where the policy is issued. The intention behind the clause is to ensure that policyholders act in a lawful manner. Failure to comply may lead to policy exclusions or the denial of claims.

By now you would be hard-pressed to find a South African who is not familiar with the terms Stage 1-6 of load shedding, or even the tongue-in-cheek, Eish-kom. All of these are used to describe the instability of the national power grid.

Both the role and value proposition of insurance advisers is changing as the insurance industry becomes more complex. Understanding the client’s risks and offering the most appropriate solution requires that insurance advisers are experts in their field.

Given the current high cost of living and uncertain economic environment, being caught off guard by an unforeseen life event may place one in a far worse financial position if no insurance policies are in place to safeguard themselves and their assets.

Insurance policies shouldn’t be seen as static agreements that are concluded as once-off arrangements. Instead, short-term insurance products are designed to evolve along with you and your family as your life takes shape, adapting to your changing needs.