It’s always a good idea to review insurance policies at least once a year or when there’s a material change in lifestyle. The start of the new year is a good time to take stock of life, including critical illness, disability, home, motor and healthcare covers and ensure that these policies are still meeting the needs of the policyholder.
“A financial advisor has the experience and qualifications to make sure you spend wisely and get the insurance coverage that most closely matches your needs,” explains Saks Ntombela of Hollard. “Just like in any crisis, when the time comes to claim you want the confidence that all your bases are covered. When you think about it, insurance is there to protect what you value the most. Given their importance, you don’t want to make decisions that could compromise any of them,” adds Ntombela. Consider these handy tips:
Written: Risk SA To get a quote and cover that will be sufficient for you please contact Sandy in our Short – Term Department, email [email protected], tel (011)658-1333 Source: Risk SA
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Around this time of the year, we would like to remind you to consider topping up your retirement annuity fund. According to the current legislation, you may contribute up to 27.5% of your taxable income (strictly speaking, non-retirement funding income) to a retirement annuity fund and enjoy tax deductions. As 28 February is the end of the tax year, you must calculate and pay the additional amount to your retirement annuity prior to this date, in order to qualify for tax deductions and tax refunds.
Below is an example of topping up your retirement annuity: Mr Jackson has a monthly salary of R50, 000. In December he received a bonus of R100, 000. Every month he contributes R3, 000 to a personal retirement annuity fund. His annual income is then R50, 000*12 + R100,000 = R700,000. The maximum tax-deductible contribution to retirement annuity is R700, 000 * 27.5% = R192,500. Over the year he has contributed the following to a retirement annuity fund: R3, 000 * 12 = R36,000 The additional amount he may top up in his retirement annuity (RA) is R192,500 Less R36,000 R156,500 He can expect a tax refund of R156, 500*39% = R61, 035 from his additional retirement annuity contributions. Should you require assistance to calculate the retirement annuity top-up amount, please contact your accountant or financial advisor, or speak to Koketso on tel 011-658-133, email [email protected]. Source: Kevin Yeh Discovery Invest has been around for about 10 years, it has grown in leaps and bounds, judging by its phenomenal growht in Assets Under Management (AUM). It has some interesting innovations, are they worth considering?
According to Discovery's brochure, they have three Classic products: Classic Preserver Plans: The Discovery Invest Classic Preserver Plans provide additional efficiency, improved performance and protection. Classic Retirement Plan: The Discovery Invest Classic Retirement Plan provides the ability to invest in a highly tax efficient product with improved performance and protection. Classic Offshore Endowment Plan: The Discovery Invest Classic Offshore Endowment Plan gives investors additional tax efficiency and protection against negative portfolio performance. Classic Preserver Plans has 6 unique benefits:
Clients should weigh up the cost against the benefits carefully, as these products require long-term commitment from clients. Here are useful guidelines when making a complaint to an insurance company in order to try to resolve the complaint before going to the Ombudsman:
* It is usually best to complain in writing. But if you phone, ask for the name of the person to whom you speak, as well as the reference number for the call. Keep a note of this information, with details such as the date and time of your call and what was said. With the smartphone technology available nowadays, you may also make a recording of the telephone call. This may be required at a later stage. * Remain calm and polite, however emotional, angry or upset you may be. You are more likely to explain your complaint clearly and effectively if you can stay calm. * Initially attempt to contact the person with whom you originally dealt. If he/she cannot help, indicate that the matter will be taken further. Seek details of the insurer’s complaints procedure. Attempt to take up the matter with a senior official at the insurer. * When you write a letter of complaint, set out the facts as clearly as possible. * Write down the facts in a logical order and stick to what is relevant. Include important details such as your claim number or your policy number. * Keep copies of any letters between you and the insurer. This may be in the form of email, electronic documents, scanned copies or hard copy. ![]()
R1050 R1300 R2 650 R3 300 R5 250 R6 500 Source: Bonitas ![]() Discovery is bringing some of these great enhancements and additions in 2017:
Click here for detailed enhancement overview ![]() Nowadays most medical schemes have a new-generation option that will typically be a hospital plan with a small savings portion. This means the consumer has the peace of mind that he can go to a private hospital for procedures and has a small savings account for day-to-day expenses. (Tip: Check at which rate your scheme covers hospitalisation. What is a medical savings account? The medical savings plan is designed to cover day-to-day expenses. The consumer gets a total annual amount that is available in advance in his savings account for medical expenses. If a consumer joins the medical scheme during the year, this amount will be calculated pro rata. In terms of legislation this amount may not exceed 25% of his annual premium. Once the benefit has been exhausted, the consumer will be responsible for any further day-to-day expenses. Any positive balance in the savings account at the end of the year will be carried over to the next year. If the member exhausts his savings component before the end of the year and switches to a new scheme or resigns from the scheme, the scheme may expect the member to repay the difference in savings to the scheme. The amount repayable by the member is the monthly savings multiplied by the number of months left in the year. Hospital plans with a savings component work on the same principle as the hospital plan, the only difference being that day-to-day expenses such as visits to doctors or dentists are paid from the savings component. This savings component forms part of the premium – you are actually saving your own money to cover day-to-day expenses. Please contact Namhla or Judy in our Health Department, email [email protected] , to find out about different Medical aid options Source: medicalaid.co.za |
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