Financial wellness: Understanding short-term insurance

Each week, Director at Emryn Wealth Financial Services, Ryan McCracken and guests chat to Koketso Sachane about useful financial tips and answer listeners' questions.

This week Koketso and Ryan are joined by Director at CJB Insurance, Saul Chiat focusing on short term insurance.

Director at CJB Insurance, Saul Chiat says the short-term insurance industry is massive.

There are hundreds of thousands if not millions of insured people and businesses and entities and there are almost as many people looking after these risks.

Saul Chiat, Director, CJB Insurance

People are suddenly awakened to the fact they need a return for the money they are paying out each month.

Saul Chiat, Director, CJB Insurance,

Chiat adds that there is a lot of policing and regulation in the short-term insurance industry which is necessary for the consumer's protection.

Chiat explains that insured persons are not entirely aware when it is justified to lodge a complaint against the regulatory bodies, adding that it can be frustrating.

The role that people like myself play in the industry is to educate and advice these people when the time is right and more importantly when it is not justified.

Saul Chiat, Director, CJB Insurance,

Director at Emryn Wealth Financial Services, Ryan McCracken weighs in on the knowledge consumers need to immerse themselves regarding insurance.

McCracken says individuals need to be mindful of things such as contracts, claims averaging, ensuring that they are insured correctly and checking whose responsibility is it to get a policy re-assessed.

Listen to the full interview on how to gear up your knowledge on short-term insurance:

This feature is presented by Emryn Wealth - Creating wealth and protecting your life and your loved ones.

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