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Glass Insurance

by Lawrence

Why on earth would anyone want to insure glass? If that question just popped into your mind don’t feel bad…judging from the number of enquiries (currently zero) we receive about glass insurance, it’s not top of mind with most business owners! But for certain business owners glass insurance is a must… So who should be looking at this type of cover? If you own any type of retail business such as: a supermarket, a café, a restaurant, an optometrist a hairdresser, or a jewellery store …then just maybe you need to rethink your strategy! In fact, right now, stop what you’re doing and step outside of your business. Take a look at it with a fresh set of eyes. Do you see what I see? How many large glass pane windows do you have facing the street…or what about that set of fancy glass sliding doors you open and close every day? Maybe you’ve had expensive signwriting done on the glass? And what about your shop counters, showcases, signs and mirrors? Now imagine for a moment the cost of having to replace all that glass? And the cost of having all that signwriting redone? Spare a thought for it happening ...

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Tagged as: Commercial Insurance, Short Term Insurance

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How Much Disability Insurance Can I Take Out?

by Brendan

This is a very good question and one that I get on a fairly regular basis. Before I answer this question, I think it is important to note that you get two types of disability insurance cover. The type that pays out as a lump sum at claim stage (the insured benefit amount) and the type that pays out as a monthly income (better known as an income replacement policy). Lump sum disability insurance benefits are very popular in South Africa and in order to estimate what is an appropriate level of lump sum disability cover to take out in order to cover your salary, it’s suggested that the disability lump sum is converted into an equivalent monthly income. I am going to cover that little calculation later in the blog post for you. You see, we take out disability insurance to protect ourselves against the financial loss we would suffer if we became disabled and couldn’t work. No work means no income. No income equates to a financial loss and that is what we are insuring against. It’s therefore important to note that when taking out any disability insurance cover your income is what is used to determine the ...

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Tagged as: disability insurance, Life Insurance

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What Is An Accidental Death Life Insurance Benefit?

by Brendan

Are all life insurance benefits the same? I guess the best way to answer that question would be to ask another question. Are all motor vehicles the same? While all motor vehicles have wheels and an engine, there is a massive difference between a BMW and a VW Beetle. Granted, fundamentally all motor vehicles serve the same purpose (to get you from point A to point B) but the difference is in the detail. Wouldn’t you agree? The same could be said for life insurance benefits. While designed to serve the same purpose (pay out a lump sum of capital on the death of the insured life), life insurance benefits do differ. Again, the difference is in the detail and in this blog post we are going to look a little more closely at an accidental death life insurance benefit. What are the pros and cons of owning a life insurance benefit like this? So what is the major difference between an accidental death benefit and a traditional life insurance benefit? No prizes for guessing right. An accidental death life insurance benefit will only pay out if the life insured dies as a result of an accident. That means no ...

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Tagged as: accidental death, Life Insurance

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Gap-Cover For Medical Aid Plans with Hospital Limits

by Brendan

In my last blog post I really pushed home the need to take out a medical aid top-up product. The extra in-hospital coverage is essential nowadays and the good news is that the premiums are cheap as chips.  Medical aid top-up or gap-cover products cover you for a few different types of risks (depending which product you take out).  I’ve spoken about the Pro-Care product offered by Turnberry Insurance group which boosts your in-hospital tariff coverage to 400% regardless of which medical aid you belong to. In this blog post I am going to tackle another great product called Maxi-Care offered by the same guys at Turnberry. This top-up product is a must for those of you that have a capped in-hospital benefit on your medical aid plan. Hold on a second, Brendan. What do you mean by a capped in-hospital benefit? Aren’t all my in-hospital expenses covered by my medical aid? Good question. Let me answer that for you. The first thing you need to understand is that your medical aid plan has two separate benefits aimed at covering two different types of medical costs. The first benefit covers your smaller day-to-day medical expenses like GP visits, flu medication, ...

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Tagged as: medical aid, medical aid top-up

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Time to top-up your medical aid !

by Brendan

In a recent blog post I highlighted the need for medical aid top up cover. Let me tell you that I’ve been blown away by the response the article generated! It’s been overwhelming and I’ve come to the following conclusion: There is obviously a growing need for good information on this subject matter and I need to knuckle down and start writing more blog posts. It’s 06H.30 on a cold Highveld winter’s morning, I’ve got my coffee and I’m sticking to my  guns (my hands are so cold, I might need to type this blog post out with my toes. So excuse any typos in the copy, I’m not yet a toe typing expert.) So why the need for a medical aid top-up cover product? It’s really simple. Medical aids are covering less and less of the costs associated with in-hospital procedures. Medical aid premiums are going up each year but the benefits aren’t. Actually in some instances, the benefits are being reduced. That means you and I (the medical aid members) are starting to pick up more and more of the in-hospital bills that our medical aids aren’t prepared to settle in full. I’m afraid to say that this ...

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Tagged as: medical aid

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Money Insurance

by Lawrence

As I begin typing this post, the refrains of “Money too tight to mention” (The band – ‘Simply Red’. The year – way too long ago!) come wafting into my brain. How does the song go again? …”We’re talking about money, money!” And while it’s OK to blow money (well sometimes it is!) on totally unnecessary purchases, it’s a whole different ballgame when someone steals it before you get to blowing it! OK, enough of my nonsense…let’s get on with it! And to confuse the matter I thought we’d start off with the bad news for a change… So what risks are not covered when it comes to money insurance? Right now, if you’re a shop owner reading this, you might be rubbing your hands in glee at the prospect of eventually being able to claim for all those till shorts. And let’s be honest…if you work in a cash environment there’s always going to be shortages, right? The first bit of bad news is that shortages are not covered. Dishonesty of employees is also not covered unless…you discover it within a specified time period (Usually 14 days is allowed for this but please check your schedule). A further risk ...

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Tagged as: Commercial Insurance, Short Term Insurance

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