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Term Insurance.. the ins and outs

Term assurance is probably the oldest form of life assurance and was typically in force for a period of one year. Today this type of policy usually has a term between 1 and 20 years. It provides coverage at a fixed rate of payments for a limited period of time, called the term. After that [...]

By |May 18th, 2016|General, Insurance general|

Types of Whole Life Assurance

This is a follow-up blog on the discussion about 'What is whole life assurance'. Today we are talking about two different kinds of whole life assurance in this blog, namely whole life limited premium assurance and deferred whole life assurance. Whole Life Limited Premium Assurance A whole life limited premium assurance policy can be a with-profit [...]

By |March 17th, 2016|General, Insurance general|

What is whole life assurance?

The premiums are fixed, based on the age of the assured when the policy commences. A whole life policy usually doesn’t increase with age. The life assured usually pays premiums in regular instalments throughout his/her lifetime, except for limited pay policies which may be paid-up in 10 or 20 years or at age 65. The sum assured is then payable on the death of the assured. Whole life insurance belongs to the cash value category of life insurance, which also includes universal life, variable life and endowment policies. […]

By |March 9th, 2016|Insurance general|

Mobile money and micro insurance

Micro insurance is insurance with low premiums and low coverage. It primarily focuses on helping poor families by offering coverage to low-income households and individuals who have little savings. They are tailor-made specifically for lower valued properties and compensation for illness, injury or death or belongings, such as, huts, livestock or instruments. It is often found in developing countries, where the current insurance markets are ineffective or non-existent. Because the coverage value is lower than a usual insurance plan, the insured people pay considerably smaller premiums. […]

By |March 4th, 2016|General, Insurance general|

Digital money in Africa

I am thinking about the financial services industry and how mobile money can and will influence the insurance sector in the next decade. But before we delve into this discussion, let’s look at the digital money available in Africa. Mobile money, also called mobile payments, mobile money transfer and mobile wallet refer to payments made [...]

By |February 25th, 2016|Insurance general|

When outsourcing should become the strategy…

Outsourcing is a feasible option for many jobs from HR and payroll, training, cleaning, accounting and manufacturing and to asset management and IT services. Deciding whether or not to outsource is not an easy call to make. It’s crucial for every business, from the small start-up to the large organisation. And, more importantly, which problems you are expecting to solve. Outsourcing can definitely be the tool that could make your business more productive and profitable, if you know when to take advantage of it. Think about these criteria when deciding which tasks to outsource: The task isn’t fundamental to generating income The task is done routinely and wastes resources The task is often overlooked or delegated because nobody wants to do it The task can be done by someone with less/different skills The task may be done inexpensively in-house, but burdens employees that are better used elsewhere The task requires a specific or rare skill which regular employees don’t have […]

By |February 18th, 2016|General, Insurance general|

Why SA companies outsource

Amidst a storm around outsourcing in South Africa, let’s just take a step back and review the issue at hand. Determining how and when to outsource can be complicated. Even describing outsourcing is problematical and usually invokes emotional reactions. In our previous blog post, we listed the advantages and disadvantages of outsourcing. So what are [...]

By |February 10th, 2016|Insurance general|

Outsourcing

In the following few posts, we want to address the outsourcing issue. The term outsourcing means obtaining (goods or a service) from an outside or foreign supplier, especially in place of an internal source. Is this a good thing? Or better, will outsourcing give my business the cutting edge? One way of explaining or justifying outsourcing is that you should do what you do well and let another do everything else. In other words, you should rather focus on your company and growing your client base/products, and let someone else take care of the rest. This may sound as the ideal solution, but you need to take the pros as well as the cons into considerations. The fundamental key is to know your business and your goals. Then you can decide how outsourcing might help you achieve them. […]

By |January 27th, 2016|Insurance general|

Assurance vs Insurance

Both insurance and assurance are financial products that are offered by insurance companies. In Afrikaans there is only one word for both of them, namely ‘versekering’. The difference between the two terms has become blurry with time and the two are often used interchangeably. However, they mean different things. […]

By |January 20th, 2016|Insurance general|

The Benefits of Life Assurance

The core benefit is the amount that is paid out. This either occurs on death or at the end of a fixed period, whichever is earlier. Investing in life assurance gives the assured peace of mind that his beneficiaries will have sufficient funds or income when he/she passes away or is permanently disabled. Life insurance mainly [...]

By |January 13th, 2016|Insurance general|