Unlock New Insights with Insure Brokers This November
- Gabz Da Costa
- Jun 25, 2024
- 3 min read
Updated: Nov 29, 2024
As we move further into November, we want to reach out with a warm hello and share a few updates to support you in this season of change.
At Insure Brokers, our commitment to you goes beyond coverage; we’re here to provide guidance, peace of mind, and resources that make a difference.
Whether it’s new developments in coverage or ways to optimize your protection, we hope these updates prove valuable.
Thank you for allowing us to be part of your journey. We’re here for you every step of the way!
How to make wise and healthy medical scheme choices for next year.
This is the time of year, just before the festive season hits, when you need to start thinking about your medical scheme choices for 2025.
Although it’s understandable that the kneejerk reaction is to look around for the cheapest scheme or the one with the lowest contribution increase, considering South Africa’s economic climate, this is a choice that needs to be more considered, taking several factors into account.
Since 2020, medical schemes have seen increased usage compared with the years when many people missed screenings for fear of contracting Covid-19. This has had two impacts. First, there has been an increase in the number of late-stage cancer diagnoses in the past two years, and second, this has translated to a higher number of claims being processed for larger amounts.
Although schemes had healthy reserves in 2020, quite a few opted to relay these benefits to members in the form of lower contribution increases. A review shows that many of them are now paying the price by having to implement higher contribution increases in 2025 to make up the difference.
Are you towing illegally?
Understanding vehicle towing capacity: towing capacity is the amount of weight that can safely be towed by a vehicle. Ignoring it can have implications both for your vehicle and road handling, and your insurance cover.
A vehicle’s maximum towing capacity is based on its overall design and individual elements, such as the engine, brakes, wheels, and suspension. When you tow a weight exceeding what is recommended, you place stress on the various components of the vehicle, which may impact on its handling, especially braking and acceleration, and general maneuverability. The vehicle and whatever it is towing (a trailer or caravan, for example), could experience dangerous swaying/side-to-side movement that could present a danger both to the driver and other road users. In extreme circumstances, the trailer could flip over, dragging the towing vehicle with it. Driving an excessively laden vehicle will also affect its fuel economy.
What is Life Cover?
Life cover is also called life insurance or life assurance. Sometimes it is even called death cover.
In return for a monthly or annual premium, the policy pays a benefit – typically a sum of money - when you die. If you take out life cover on your own life, the benefit can be paid to your deceased estate or to any one you name in the policy, such as your spouse, children or other family members.
If someone who has an interest in your life – such as a business partner or your employer if you are a key employee – takes out cover on your life, the benefit will be paid to him or her.
In some cases, a life insurance policy benefit may pay an ongoing income to your family.
If the benefit is paid into your deceased estate, it can, after the estate’s debts are paid, be paid to your heirs in line with your will if you have one. If you die without a will, what is left in your estate, will be paid out in line with the law of intestate succession. See Why should you appoint beneficiaries on a life policy and Who will inherit if I die without a will?
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This newsletter is for informational purposes only and does not constitute financial or insurance advice.
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