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