ReleaseWire Connect

For most parents, providing their children with the best education they can afford is a number one priority. The proliferation of private schools in South Africa is testimony to this fact.

Income protection products seem to be hot news right now, with a few of the established players in the market launching and emphasizing enhancements to their income replacement offerings.

Making sure your children are provided for and their education needs are met, has become ever more important. This makes this need for good financial planning even more important.

Magic Software Enterprises Ltd., a global provider of software platforms for enterprise mobility, cloud applications, and business integration, announced today that BrightRock (Pty) Ltd, provider of South Africa’s newest and most innovative life insurance product – needs-matched insurance - has chosen Magic xpa Application Platform to rapidly develop and deploy specialized insurance products. BrightRock is backed by Lombard Insurance Group, which holds over R1,3 billion in assets.

Innovation is the development of new customers value through solutions that meet new needs, inarticulate needs, or old customer and market needs in new ways. This is accomplished through different or more effective products, processes, services, technologies, or ideas that are readily available to markets, governments, and society.

BrightRock offers a unique stance on life insurance. It’s made just for you at the start, and changes with you throughout your life and provides individualised life insurance cover that is designed to change with you throughout your lifetime.

“Critical illness and disability insurance are increasingly complex and policy holders are sometimes left with less money than they thought after a debilitating event. We ask how brokers should be advising their clients to make sure they get the most out of their cover.

If you are permanently disabled, you will probably face a choice in how you want to be paid a benefit.

One of the things I find most concerning when speaking to people outside our industry about their life insurance is their cheerful belief that some cover is better than no cover. This is purely anecdotal evidence from my own conversations with people – but it may also be one of the reasons why the often-cited 2010 insurance gap study by Asisa and True South Actuaries shows such massive underinsurance among the currently insured market.

Traditional disability assurance is paid based on your ability to work or not. Impairment assurance is based only on functional impairment.