Don’t cancel benefits completely, you have options
At PBA Financial Services we have noted the following common trends caused by the virus pandemic and would like to reassure all of you that you do not have to lose your cover or cancel your benefits and policies, many of the insurance providers have introduced relief options that can assist you during this difficult time.
We have noted that there are clients in South Africa who currently do not have any support from a Financial Advisor and do not know what options they have available, we have also noted clients simply assuming that the only option is to cancel your benefits, again this is not true and we have many solutions that can assist you.
Product Providers have introduced Premium Holidays where you don’t pay premiums for the next few months and then reinstate your cover and benefits, we have noted Providers allowing premium relief options where you have no cover or you have reduced cover(20% Life Cover or 25% Life and Disability Cover).
HOWEVER there is always going to be fine print so instead of approaching the provider directly, please discuss with your financial advisor so they can alert you to potential underwriting implications later, or future increased premiums.
At PBA we will assist you and assess your specific needs and provide a solution that meets both your reduced budget and your need for cover.
Potential solutions would be a payment arrangement where you have full cover now but arrange to pay outstanding premiums over several months, we could adjust as per your specific need your cover in place and ensure that you have peace of mind of the most important cover now and only pay R180 per month for the next few months, with no implication later when you simply reinstate all your cover and benefits. (Different options are provided by different providers)
We can apply to use Paybacks or rebate accounts to offset your Premiums.
It must be noted that this pandemic has left the “World” stunned and confused and without a vaccine or any cure and treatment protocols in sight, many are concerned about the future, as a result you need your benefits now more than ever.
We don’t know what impact this will have on the providers, I have already noted from international providers that this pandemic is far worse than 9/11, I have noted that Countries around the world are not offering new business cover for the interim period, or are restricting cover for our older clients, some have indicated no cover for over 60 year olds although many are indicating over 70 year olds.
Again the above illustrates how valuable your cover currently is especially with concerns about being effected by the virus.
Don’t Cancel! PBA Financial Services can assist you with options.
Contact one of our advisors for more information.
Phone: 011 803 9686