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2.8 Specific Needs Appropriate for Long-Term Insurance Products

Most people have both personal risk (wealth protection) and investment (wealth creation) financial needs. In such situations, it is important to prioritise these needs. It is recommended that personal risk (wealth protection) needs are addressed first. This means looking after the protection of the family in the event of death, disability and ill health, and […]

2.7 Life Investment Policy

Clients need to save for a variety of reasons, e.g. saving for a new car, a deposit on a house or saving for retirement. When saving for a particular goal, the term and purpose of the saving is very important, as this could determine the type of investment vehicle (product) selected. As previously discussed, once […]

2.6 Long-Term Reinsurance Policy

Reinsurance, also known as insurance for insurers or stop-loss insurance, is insurance that is purchased by an insurance company from one or more insurance companies (the reinsurer), to reduce the likelihood of having to pay a large obligation resulting from an insurance claim. The ceding company and the reinsurer enter into a reinsurance agreement which […]

2.5 Dread Disease/Trauma/Severe or Critical Illness Cover

Statistics show that one in three men and one in four women in SA will have a heart condition before age 60; whilst one in six men and one in seven women in SA will get cancer during their lifetimes. Advancement in medical technology means that most people who suffer from a severe illness (such […]

2.4 Disability Cover Policies

In terms of its definition as a separate class of long-term insurance business, a disability policy is a contract in terms of which an individual undertakes to, in return for the payment of a monthly or annual premium, receive policy benefits on the occurrence of a disability event. A disability event refers to an event […]

2.3 Life Cover

Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The insurance company promises a death benefit in consideration of the payment of premium by the insured. The purpose of life insurance is to provide […]

2.2 Assistance Policies (Funeral Cover)

Funeral benefits provide cover for the payment of costs and other expenses associated with the funeral arrangements that arise on the death of the life assured. Expenses could include the settling of debts, the costs of relatives travelling to the funeral, the costs of the funeral itself and some of the dependants’ immediate living expenses. […]

2.1 Introduction FLTI

Previously we considered the main types of long-term insurance policies and their general purpose and features as a whole. In this topic, the variations in cover offered, and the definitions for insured events used by insurers relating to the main types of long- term cover are considered.

1.7 General Risk Associated with Long Term Insurance Policies

The most important aspects that need to be considered before entering into long term insurance policies is to ensure that the product will adequately insure the policy holder for their personal risk level or that enough money is saved toward the saving goal of the client over the expected time frame while considering the investment […]

1.6 Fees and Charges on Long Term Insurance Products

Fees and charges are an important issue in long-term insurance policies. All policy quotes will detail the fees and charges that will be applicable for the particular structure of the product that is being quoted. A. Life risk policy For long-term insurance risk policies, fees and charges include the following: Plan Charge: This is a […]