The New Year provides an opportune time for one to reflect, take stock and review their insurance covers to ensure that they are financially prepared to handle any unexpected events throughout the year.
Fact of the matter is that life is full of uncertainty, and none of us can predict what lies ahead. While we often focus on living life to the fullest, the well-being and safety of our loved ones is equally important.
Considering the current inflationary cost of living, the next couple of months will continue to be financially challenging for many South Africans and based on common past behavioral trends, this might lead to some consumers considering insurance policy cancellations.
Lee Bromfield, Chief Executive of FNB Insure says, “The importance of having insurance cover for you and your family is of paramount importance. While some might be financially pressured at times throughout the year and cancelling their policies to relieve immediate financial pressure, we continue to encourage policyholders to ensure that they prioritize maintaining their insurance cover for themselves, their families and assets, to avoid losing all cover for short-term relief.”
FNB Insure recommends the following measures to ensure that you continue to service your insurance covers while managing possible financial strain:
· Review your budget: You’ll be surprised how much you can save by being diligent in monitoring and tracking your expenses. Make this a weekly exercise to assess what you spend your money on, and which items are
necessary.
· Choose debit order to avoid skipping repayments: It’s much easier to see what has or hasn’t been paid when all your payments come off one bank account. This helps you to stay on top of every obligation and minimizes
the risk of mistakenly skipping a payment.
· Revisit your policy: If you had an increased premium on your policy as a result of health conditions or dangerous habits, you could approach your insurer to reconsider the premium if
your health has improved significantly or when you no longer take part in the dangerous habits i.e. drinking and or smoking.
“If you have loved ones who count on you for financial support, your priority this year should be to ensure that you keep or upgrade your insurance cover, to protect yourself and your family should the unfortunate happen”, concluded Bromfield.
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