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Tag Archives | Life Insurance

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Life insurers pay 99.3% of all claims against fully underwritten policies

South African life insurers paid 99.3% of all claims against fully underwritten individual life policies in 2020 to a value of R20.6 billion. The 2020 death claims statistics for fully underwritten individual life policies, released this week by the Association for Savings and Investment South Africa (Asisa), show that life insurers received 32 072 claims, […]

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Why are income protection claims rejected

Why are income protection claims rejected?

Policyholders’ misunderstanding of what is meant by waiting periods in the context of income protection policies was the main reason FMI rejected claims last year – and buying a policy with an inappropriate waiting period is also likely to result in disappointment at claims stage. FMI, which released its claims report for 2020, predominately sells […]

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FCSA will take further action to address ‘unfair outcomes’ on universal life policies

FSCA will take further action to address ‘unfair outcomes’ on universal life policies

The FSCA says it has begun consultations with the life insurance industry to develop solutions aimed at achieving “fair customer outcomes” for universal life policyholders. The authority said in a statement that the Ombudsman for Long-term Insurance (OLTI) has alerted it to the complaints the office has received over the past few months about universal […]

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Big jump in risk policy purchases while lapses fall

More South Africans are realising the value of life cover, with purchases of risk policies up significantly in the first six months of this year, while there has been a marked reduction in lapses. However, there has been a decline in individual recurring-premium savings policies. This is according to the Association for Savings and Investment […]

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Don’t put the cart before the horse – Ensure that an insured is appropriately covered

Obtain all the relevant and available information and make a recommendation that is appropriate in terms of your clients’ needs and circumstances. If advisors fail in this basic requirement, the outcome can be quite expensive. This was the case in a recent FAIS Ombud determination. Background The complainant, whose core business is the breeding of […]

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