Guiding consumers since 2009

Life insurance policy pays R119 million

By Staff Writer
On 31 May 2014 a 47 year old man from Gauteng died in a tragic sporting accident. Just ten months earlier he had taken out a life insurance policy with Altrisk, paying out R119 million – the highest to date by Altrisk on a single life.

 
“You never look forward to receiving a client’s claim because the reasons for claiming are often times devastating,” said Susan Gonnermann, claims manager for Altrisk. “But when you see that your work makes the world of difference to the people your client loves the most and leaves behind, it makes all of it worthwhile,” said Gonnermann.

 
Financial planning is crucial
According to Gonnermann, the policy ensured that his family and business were financially secure: “The claim payment has taken care of the policy holder’s family and allowed them to retain some sense of stability in an exceptionally difficult time, as well as enabled his business partner to continue running their company,” said Gonnermann.

 
How was the client able to insure himself for so much?
Hayley Taylor, managing underwriter at Altrisk, explained that with extreme sports on the rise such as mountain biking and trail running, insurance companies are structuring policies to benefit those needing cover from regularly participating in the sport.

 
 “Certain hobbies may attract an additional loading on the premium offered, however the client can opt for an exclusion instead, especially in instances where participation is irregular or on an ad-hoc basis, and the client cannot justify the additional avocation (hobby) loading.”

 
In this case the claimant was paying a monthly premium of approximately 40k a month, a premium based on his ‘unique’ circumstances.

 
Why was Altrisk quick to pay?
Gonnermann explained that “full and accurate disclosure” upon taking out the policy, whereby the client advised Altrisk of his participation in a dangerous sport, was ‘key’ to the claim being promptly settled.

Recent Articles

Featured What to do when you’ve been denied a home loan

After months of scanning property sites and attending showhouse after showhouse, you’ve finally found what you’ve been looking for. But your dream of owning a home comes crumbling down when you receive the news that you’ve been denied a home loan. So, what now?

Can your retirement annuity be used as collateral for a loan?

If you have a retirement annuity, you may have wondered whether you can use this as collateral when you take out a loan. We decided to do the leg work and find out whether this is possible or not.

Best travel cards offered by top South African banks

Planning a trip abroad involves a lot of administration. You need to consider travelling arrangements, reasonable accommodation, and a daily itinerary. But have you considered how you’re going to pay your bills once you arrive? Besides considering bank costs, you also need to consider exchange rates.

Best ways to save your money short-term

For many, it seems close to impossible to save when spending on holiday getaways, Christmas gifts, while also trying to ensure there’s money left to survive January. Justmoney takes a look at the best ways you can save during the short term.

Deals

Marble Gift Card Special

Price: From R1000
When: Until 25 December 2019
Where: Johannesburg

Trennerys Hotel and Camping Januworry Special

Price: R950
When: From 10 to 31 January 2020
Where: Centane (Eastern Cape)

Bakwena Standard Packages Special

Price: From R999
When: Until 31 December 2019
Where: Nationwide