Streaming issues? Report here
Africa Melane 2019 1500 BW Africa Melane 2019 1500 BW
Weekend Breakfast with Africa
06:00 - 10:00
volume_up
volume_mute

Up Next: An Hour With a Special Guest on Just the Hits
See full line-up
Weekend Breakfast with Africa
06:00 - 10:00
Home
arrow_forward
Business

Who's offering relief? A look at medical aid, insurance and retirement annuities

8 April 2020 4:59 PM
Tags:
Medical aid
Life insurance policy
payment holiday
Covid-19 debt relief

Certified financial planner Kobus Kühn has compared what various companies, long-term insurers, and medical schemes are offering.

He's looked at Discovery, Momentum, Old Mutual, Liberty, PPS& Profmed, Sanlam&Santam and FMI in terms of relief they’re offering on medical aid, monthly investments, retirement annuities, and insurance products such as life cover, disability, and critical illness, and in some cases, short-term insurance.

Kühn joined consumer journalist Wendy Knowler and CapeTalk host Pippa Hudson to discuss the various Covid-19 payment relief options.

For a detailed look at Kühn's spreadsheet, visit his insightful Facebook page titled A Slice Of Finance.

Most companies stepped up to the plate. They're not all the same, some offer more than others.

Kobus Kühn, independent, certified financial planner

On retirement annuities

  • A premium holiday of six months with no penalty in the case of Liberty, Sanlam, Discovery and Old Mutual, but Momentum is offering just four months’ relief.

On life and disability policies

  • Discovery is allowing its policyholders to use their paybacks to provide premium relief or to suspend cover for three months.
  • Momentum: 2 options: decrease benefits with reduced premium, or a temporary pause in life cover premiums for three months - April to June.
  • Liberty: 6 months premium holiday on monthly premiums, with minimum sums assured per benefit still applying
  • Sanlam: Any policy older than three months can receive a 3-month premium holiday with the cover still in place.

On medical aid

  • Discovery, Momentum: Monthly contributions (payments) can be paid from medical aid savings.
  • Bonitas, Fedhealth, Medshield, : No payment, no medical aid cover
  • Profmed says it will hold back on terminating cover for three months. It will suspend for three months, but client won’t have cover.
  • Medshield - no payment relief. Policy will be suspended if no premium is received.
  • Medihelp: Payment holiday for 3 months, no cover during this time

RELATED: Covid-19 cancellations: A blanket 'no refunds' policy is against the law - Ombud

Knower also compared what banks are offering in terms of credit insurance. Read more on that here.

Please note: This information is subject to change as companies update their policies in response to the extent to which the Covid-19 virus escalates.

Listen to the full-length discussion on ConsumerTalk with Wendy Knowler:

Every Wednesday, on The Pippa Hudson Show, Wendy Knowler provides useful insights and tips on how to make the most of your buying power.

For more stories visit the ConsumerTalk feature page.

Got a consumer case you need help resolving?

Email: consumer@knowler.co.za, put Cape Talk in the subject line, followed by the issue e.g. cellphone contract dispute.

Subscribe to our Business Wrap Newsletter


8 April 2020 4:59 PM
Tags:
Medical aid
Life insurance policy
payment holiday
Covid-19 debt relief

Recommended

More from ConsumerTalk with Wendy Knowler

woman-medical-care-doctore-insurance-form-pexels-photojpeg

The Ombudsman for Short-Term Insurance report - what were the complaints?

27 May 2020 7:58 PM

The Ombud for Short Term Insurance’s aim is to resolve short term insurance complaints ''fairly, efficiently and impartially''.

Share this:
Read More arrow_forward

woman-medical-care-doctore-insurance-form-pexels-photojpeg

When credit life insurance goes wrong because of a UIF payment

20 May 2020 7:51 PM

Wendy Knowler, consumer Ninja, on the small print and pitfalls of credit life insurance.

Share this:
Read More arrow_forward

191118bankingjpg

The banking report is out - our Consumer Ninja takes a look

13 May 2020 8:00 PM

The annual banking ombuds report has been released. Were they good, were they bad; how many complaints have been received?

Share this:
Read More arrow_forward

Cars-For Sale-Automotive-Industry-Dealership-Vehicles-service-wheels-123rf

Car sales and repairs reopen, but no clarity on motor licensing offices just yet

13 May 2020 5:17 PM

Car dealerships and repair shops have been allowed to reopen under very strict conditions, explains consumer journo Wendy Knowler.

Share this:
Read More arrow_forward

claim-deniedjpg

Consumer Ninja: Many credit life claims are being rejected

6 May 2020 8:00 PM

It seems many credit life claims are being rejected. Here are nine companies that were named and shamed in a new report.

Share this:
Read More arrow_forward

office-gym-wellness-trends-2018

Do I still have to pay my gym membership (and other consumer-related questions)?

29 April 2020 3:31 PM

You can send your consumer-related questions and queries to consumer journalist Wendy Knowler via consumer@knowler.co.za

Share this:
Read More arrow_forward

bank-card-cash-money-walletjpeg

Here's what South African banks are offering when it comes to credit insurance

8 April 2020 4:15 PM

Consumer journalist Wendy Knowler has compiled some information regarding credit insurance policies offered by various banks.

Share this:
Read More arrow_forward

Loan lending

Payment holidays from the banks - can they be trusted?

25 March 2020 7:57 PM

Consumer Ninja, Wendy Knowler, on payment holidays from banks in which you get a break from interest and repayment of debt.

Share this:
Read More arrow_forward

consumer-talk-thumbnailjpg

When the coronavirus default tsunami hits, how will banks respond?

18 March 2020 8:03 PM

This edition of Consumer Corner looks at how lay-offs, closures and quarantine will impact people's income and ability to repay debt.

Share this:
Read More arrow_forward

bank-card-cash-money-walletjpeg

Covid-19 cancellations: A blanket 'no refunds' policy is against the law - Ombud

18 March 2020 6:12 PM

The Consumer Goods and Services Ombudsman says the Covid-19 pandemic should force suppliers to review their cancellation policies.

Share this:
Read More arrow_forward