ARCHIVES: Economic pressure, from inflation to increasing interest rates and a cost-of-living crisis has had the knock-on effect of a significant increase in the number of life assurance policies rendered inactive due to non-payment and an increase in ...
According to the Association for Savings and Investment South Africa , while 293,423 new policies were sold during the six-month period to the end of June 2022, 319,318 policies were surrendered. A surrender occurs when the policyholder stops paying premiums and withdraws the fund value before maturity.
There were 34.3 million recurring premium risk policies in force at the beginning of this year. However, while consumers bought 4.4 million new risk policies in the first six months of this year, 4.3 million risk policies have lapsed and claims against 199,023 policies were submitted. This resulted in a marginal drop of 0.1% to 34.2 million in recurring premium risk policies at the end of June 2022.
Policyholders and beneficiaries received claims and benefit payments worth R270-billion in the first half of 2022. These payments included retirement annuity and endowment policy benefits as well as claims against life, disability, severe illness and income protection policies. “South Africans in this age group are meant to be economically active and under normal circumstances be concerned with buying risk cover to offer financial protection to their growing families as well as cover credit purchases such as mortgage bonds,” says De Villiers.
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