Be money-wise and keep an eye on your policies

The last thing anyone wants to think about when planning to go on holiday or visit relatives during the festive season is preparing for the possibility of death, injury or disability resulting from road accidents.

Statistics released by the Ministry of Transport earlier this year revealed that road accidents and deaths increased by 11 and 14 per cent respectively between 1 December 2015 and 11 January 2016.

Lee Bromfield, CEO of FNB Life, said according to the statistics, the probability of being involved in an accident significantly increases over the festive season. Therefore, if you are going to be travelling on the road, it is important to review and update your funeral and life policies, in case anything happens to you or your family.

“Take extra precautionary measures and avoid illegal and irresponsible behaviour or doing anything that may result in your insurer delaying the processing of your claims,” said Lee.

The Ministry of Transport found that human factors mostly contributed to the road accidents, including jay-walking, speeding, overtaking on the wrong side of the road, hit-and-runs and drunk driving.

He also said that the most important thing is to ensure that you or your family have sufficient cover and can seamlessly claim from your insurer without experiencing any challenges, in the event of an accident while travelling.

“For example, FNB Life is continuously looking for ways to reduce the amount of time that customers wait for their payout. However, while we currently pay about 80 per cent of claims within a day of receiving all documentation, it is essential that our customers’ policy documents reflect the most accurate and up-to-date information, in order for us to fast-track the process,” he told the News.

The fact that your debit order goes off every month does not mean you do not need to update your policy. If there has been any change in your personal details – marital status, address, contact details and beneficiaries – you should update your policy.

Furthermore, make sure that the cover amount is still sufficient as your personal circumstances may have changed, for instance you may now have a bigger family and more financial responsibilities.

“Before going on that well-deserved holiday, take a few minutes to review and update your funeral or life policy and have peace of mind knowing that you and your family will be adequately covered in the event of an accident,” concluded Lee.

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