ReleaseWire Connect

Many people in South Africa either do not have life insurance or are uniformed as to how and what their life insurance policy covers. This leaves them in the unfortunate situation of not only having to deal with the stress of fighting cancer, but also the worry of the potential financial burden and the implications that arise at claims stage.

This project aims to encourage South Africans proactively to research insurance benefits and rules and to encourage insurers to take into account how a cancer diagnosis affects their clients as well as how the long-term survival of patients may be catered for when developing insurance products. Approximately eight million South Africans purchase medical scheme cover each year in South Africa. However, with the ever-increasing cost of cancer treatment, additional non - medical expenses and decreasing scheme benefits, many are looking to insure themselves against the potential financial impact of a cancer diagnosis through alternate insurance products such as life cover, critical illness and disability.

South African Minister of Finance, Pravin Gordhan, stressed in his budget announcement in February that trusts have been used to “hide” the assets of high net worth individuals and reduce their estate duty liability. The reforms will also target the misuse of the flow-through principle, where capital gains and income are passed onto beneficiaries to cash in on the lower tax rates applicable to individuals in certain circumstances. The market is still waiting to see exactly how these proposed reforms will be implemented.

JESSICA le Roux from Richmond Hill in Port Elizabeth recently spent the day in a Johannesburg recording studio to hear the radio advert she scripted being recorded.

Single mothers in South Africa can experience big financial challenges. According to research done by the South African Institute of Race Relations, only 35% of children were living with both their biological parents in 2008, while some 40% were living with their mother only.

BrightRock will allow consumers to script its radio advert for its Love Change campaign through a newly-launched Facebook page and the ‘you change our ad’ application.

BrightRock offers unique needs-matched life insurance that is structured to allow you and your financial advisor to work together to create the best life insurance solution for you. Help BrightRock rewrite the script of its 'Fatherhood' radio advert. Through a special ‘you can change our ad’ app, consumers will able to suggest alternative wording to the ad.

Making provision for your child’s future is a complex task but a little foresight and planning now will help ease the financial burden later on. When calculating future costs, you need to take into consideration the rising price of living and education. More importantly, you need to consider adequate life insurance for yourself in the event that something happens and you are no longer able to provide for your child.

The best aggregation technology isn’t always all byte and processor. When it comes to creating insurance solutions that meet the consumer’s need, we believe there’s still no replacement for flesh, brain and heart.

Aggregators and online comparison sites are the fastest-growing distribution channel for motor and household insurance in Europe, but are not as firmly entrenched in the South African insurance industry.