WeeklySA_AdminStable: Clients are warned to check the company’s reputation and financial stability
By Isaac Moledi
Insurance policies are far from the most thrilling topic in the world, but it is vitally important to select the right products and make sure they are perfectly suited to your needs.
Nobody wants to end up with less than what they bargained for or worse, fall for a scam, says Edwin Theron, CEO at Sanlam Indie.
According to him, it is totally normal to be curious and cautious with your hard-earned cash. Just like you would research and compare different laptops before buying one, you want to do your homework on life insurance policies too. Ask about the coverage amount, premium payments and policy duration. And, cautions Theron, do not forget to find out about the insurance company’s reputation and financial stability.
So, before you jump into anything that you did not bargained for, ask your potential life insurer these six key questions:
- What do I need cover for?
When you are considering getting insurance coverage, you need to understand what risks you want to protect against. For example, you might need cover for your income, your health, your home or your life. Each type of policy will provide benefits for specific events or risks, so it is important to choose one that fits your needs.
- How much coverage do I need?
The amount of coverage you need will depend on your current financial situation and future needs. For example, if you have dependents who rely on your income, you may need more life insurance coverage than someone who is single and has no dependents. Consider your current debts, monthly expenses and any future financial goals you have, such as funding your child’s education or buying a home. Insurers sometimes offer calculators and tools that can help you to determine this.
- Do I have sufficient insurance?
Under-insurance can happen when you do not have sufficient insurance relative to your needs. There is a significant insurance gap in South Africa with many people not having sufficient insurance and often it is because they are simply unaware that it is not enough. Theron says it is important to regularly review your policies and adjust your coverage as your needs change.
- Can I afford the monthly premiums and howwill these change?
Insurance premiums can be a significant expense, so it is important to make sure they fit within your budget. If you cannot afford the premiums, you may risk losing your coverage and having your policy lapse. Make sure you understand how premiums will change over time and the consequences of missed payments. Some premiums are set to remain level for the duration of the policy while others increase annually. A policy that starts out being the cheapest will not necessarily always be the cheapest option over the duration of the cover.
- Who are my beneficiaries, and how can theyclaim when the time comes?
Your beneficiaries are the people who will receive the benefits of your insurance policy when you die. Make sure you understand who your beneficiaries are and how they can make a claim when the time comes. Keep your policy documents in a safe place and inform your beneficiaries of the policy and how to access it.
- Is this the right product, or is there something better out there?
When comparing insurance products, it is important to understand the difference between them and choose the one that best fits your needs. For example, funeral cover and life insurance both pay out on death, but life cover is normally significantly cheaper than funeral cover. Not everyone qualifies to take out cover. So you need to consider what risks you want to protect against. Theron advises you research, compare policies and consult with a financial advisor if necessary.
“Lastly, check if this is a legitimate business or a scam. Unfortunately, there are scams out there, so it is important to do your due diligence and ensure you are dealing with a reputable company.”
According to Theron, before talking to a life insurance agent, learn about the types of policies available so you can make an informed decision.
“Remember, the best policy is the one that meets your needs and your beneficiaries’ needs when you pass away. Take some time to do your research and make an informed decision.”
ACADEMY TO EMPOWER WOMEN TO BUILD A BETTER FUTURE FOR THEIR COMMUNITIES
Explore: The programme has enabled 25000 women entrepreneurs to explore the fundamentals of business
By WSAM Reporter
The U.S. Mission to South Africa and the Africa Women Innovation and Entrepreneurship Forum (AWIEF) are once again partnering to implement the Academy for Women Entrepreneurs programme in South Africa.
To expand the reach of this successful programme, the U.S. Mission has extended participation to Lesotho and Eswatini for the first time.
The AWIEF 2023 Academy for Women Entrepreneurs in Lesotho, Eswatini and South Africa, aims to promote economic growth and prosperity and empowers women to build better future for their families and communities.
The academy is an initiative of the U.S. Department of State’s Bureau of Educational and Cultural Affairs. It supports the U.S. National Strategy on Gender, Equity and Equality. Implemented in nearly 100 countries since 2019, the programme has enabled about 25,000 women entrepreneurs to explore the fundamentals of business and learn new skills, including how to create business plans and raise capital.
The Academy for Women Entrepreneurs in Lesotho, Eswatini and South Africa will implement a hybrid programme from July to November 2023. The programme will select 140 participants to join activities in Bloemfontein, Cape Town, Durban, Johannesburg, Maseru, Mbabane and Pretoria. With this expanded 2023 cohort, the total number of women entrepreneurs trained through the U.S Mission to South Africa and AWIEF partnership will surpass 550.
The programme will combine the DreamBuilder online platform (developed through a partnership between Arizona State University’s Thunderbird School of Global Management and global copper mining company, Freeport-McMoRan with in-class discussion, mentoring and support from local business experts.
Irene Ochem, AWIEF Founder and CEO , said: “The Academy for Women Entrepreneurs programme has been a huge success in South Africa, empowering enterprising young women not only with the knowledge, networks and access they need to launch and scale successful enterprises, but also personal development and growth.
We are excited to be continuing in our role as implementing partner and extending the impact to women in Lesotho and Eswatini.”
What do you gain from participating in the AWE LESA programme?
- Free entry to the programme;
- Enrolment in the DreamBuilder platform and expert-facilitated hybrid business management training and mentorship sessions;
- Networking and peer-learning opportunities with like-minded entrepreneurs;
- A collaboratively developed and refined draft of your business plan;
- A DreamBuilder certificate after completing the programme;
- Access to the U.S. alumni network’s robust network of support, including business opportunities, potential seed funding and a vast, global network of like-minded and highly regarded entrepreneurs;
- Membership to the online AWIEF Community (https://AWIEFCommunity.com/), which provides ongoing peer learning and support;
- Free delegate pass to the 2023 AWIEF Conference in Kigali, Rwanda, from November 9-10, 2023.
What are the criteria to apply?
- Women between 21 and 35 years of age;
- Able to read, write, speak and listen to the programme in English;
- Reside in one of the seven programme cities of Bloemfontein, Cape Town, Durban, Johannesburg, Maseru, Mbabane and Pretoria;
- Must have a viable business idea or have worked in business for less than two years;
- Must not be engaged in full-time employment, excluding self-employment;
- Able to participate in weekly group sessions and commit at least five hours per week to accomplish designated programme tasks;
- Must have computer skills, access to a computer and data to access programme content and activities and
- Able to participate in virtual or in-person training sessions at a designated American Space of the U.S. Missions to Lesotho, Eswatini and South Africa.
Academy for Women Entrepreneurs applications are officially open for highly motivated and self-driven young women from Lesotho, Eswatini and South Africa.
There is no cost to applicants at any stage, says Ochem.
To submit your application, please follow this link: https://apo-opa.info/42zRWtBThe deadline for submission is May 31, 2023 at 11:59pm Central Africa Time (CAT). For more information email: info@awieforum.org.
Published on the 98th Edition
