The Insurance Gap Study finds SA’s life and disability shortfall has swelled to R50.4 trillion, with the average earner holding only 39% of the cover their dependants would need.
ASISA’s research shows formally employed South Africans face a major liquidity risk: R4 trillion in earnings versus only R1.1 trillion in critical illness cover.
Complaints about life-benefit payouts climbed to 36% of the Division’s cases, from 34% in 2023.
Even when an employer’s doctor declares an employee unfit, group policy definitions such as ‘Own Occupation’ vs ‘Any Occupation’ can lead to claim denials.
Sales of recurring-premium savings policies continued to improve, while lapses of risk policies declined.
Choosing the best life insurance for your clients is about more than comparing prices. It’s about ensuring the cover meets their unique risks and needs, from income protection to cancer care, says Bidvest Life’s Mark Neil.
