On the Money with Pieter Willem Moolman: The Long and Short of Insurance

www.MyPE.co.za: I
recently received an e-mail from a forward thinking 25-year-old reader
who wants advice on short term insurance.

He is just starting out on his working career and wants to make sure
that he has all his bases covered.

It’s almost impossible to give an in-depth overview of short term
insurance in one column, but I’ll nevertheless dwell on some of the
most important aspects. These facts apply to everyone.
Pieter Willem Moolman
Many people move around between different insurers just to get a lower
premium, but, be warned, cheap premiums usually spell danger.

A prospective client should rather make sure that the insurer has the
ability to pay out claims and that he can provide a quality service
that includes speedy payouts.

Another important point is the cover that is provided. Although
different insurers’ basic policies are relatively standard, there may
be substantial differences in terms of extensions and excess payments
among other things.

Your relationship with your insurer is another important component.
Payment of “dubious” claims is much more likely in cases where there
have been a lengthy relationship.

Also make sure you know what your broker’s service model is – in other
words, what each party’s responsibilities are. Seen against the
background of current legislation, a written agreement is recommended.

Such an agreement may include elements such as the service model,
compensation structure and review intervals.

It goes without saying that your broker should be both qualified and
licensed. Ask for personal details and make sure of his experience.

The next important question is whether your broker is accredited with
enough companies to enable him to help you meet your objectives.

Also make sure your broker is covered by professional liability
insurance. I wouldn’t feel comfortable with anything less than R5
million.

An experienced broker will also play a key role in making sure you have
all the cover that you need.

Ask your broker to explain all the sections that are covered in the
policy. Make sure he also points out any extensions and exceptions –
the latter can prevent disappointment in the future.

Also ask your broker to disclose the excess amounts. Although cover
with different insurers may be similar, the excess payable may vary
considerably.

If you become aware of any situation that may lead to a claim, be sure
to report it within the policy’s stipulated notice period. The policy
holder is not allowed to make any acknowledgements, statements, offers,
promises or indemnity payments – in other words, don’t acknowledge any
wrongdoing, even if you were guilty.

Premiums are payable in advance and if it is not received on the due
date, the insurer views it as being cancelled from midnight on the last
day of the previous insurance period. Therefore, make sure that you
always have enough funds available.

CLICK
HERE
to have
your financial
and other investment questions

answered courtesy of Coetzee Gouws from Full
Stop Communications
.

Pieter Willem Moolman is the founder of PWM Financial Management in Port
Elizabeth in the Eastern Cape. Their mission is to provide financial
security and create wealth for their clients.

Port Elizabeth Budget Accommodation

Go to:MyPE.co.za







Join Budget Accommodation Port Elizabeth

Todays Featured Port Elizabeth Accommodation

Dempsey’s

Dempsey's Guest House is a self catering guesthouse, centrally situated in the tranquil suburb of Walmer, Port Elizabeth. Dempsey's is owner-managed with your friendly hosts, Jack & Kathy, living on the property. Dempsey's Booking Enquiry Rates 6th January - 27th August 2018: Single: R495-00 per person per night Double: R600-00 per double per night Family: R950-00 per 4 people per night sharing. Single R525-00, Double R650-00, Triple R850-00 Minimum 3 night booking required for IronMan Triathlon, Easter weekend and dates Minimum 7 night booking required for IronMan 70.3 World Championship: 28th August – 5th … [Book here...]

More Affordable Port Elizabeth Accommodation Choices

More Port Elizabeth AccommodationHaven't made up our mind yet and want to browse more Port Elizabeth Guest Houses and Accommodation choices?

Go back to the Budget Accommodation home page, browse affordable Port Elizabeth Accommodation on the BnBPE Accommodation Port Elizabeth web site or pop along to MyPE Guest House Accommodation for a heap more choices that will also allow you to book direct with the owner.


On the Money with Pieter Willem Moolman: The Long and Short of Insurance

www.MyPE.co.za: I
recently received an e-mail from a forward thinking 25-year-old reader
who wants advice on short term insurance.

He is just starting out on his working career and wants to make sure
that he has all his bases covered.

It’s almost impossible to give an in-depth overview of short term
insurance in one column, but I’ll nevertheless dwell on some of the
most important aspects. These facts apply to everyone.
Pieter Willem Moolman
Many people move around between different insurers just to get a lower
premium, but, be warned, cheap premiums usually spell danger.

A prospective client should rather make sure that the insurer has the
ability to pay out claims and that he can provide a quality service
that includes speedy payouts.

Another important point is the cover that is provided. Although
different insurers’ basic policies are relatively standard, there may
be substantial differences in terms of extensions and excess payments
among other things.

Your relationship with your insurer is another important component.
Payment of “dubious” claims is much more likely in cases where there
have been a lengthy relationship.

Also make sure you know what your broker’s service model is – in other
words, what each party’s responsibilities are. Seen against the
background of current legislation, a written agreement is recommended.

Such an agreement may include elements such as the service model,
compensation structure and review intervals.

It goes without saying that your broker should be both qualified and
licensed. Ask for personal details and make sure of his experience.

The next important question is whether your broker is accredited with
enough companies to enable him to help you meet your objectives.

Also make sure your broker is covered by professional liability
insurance. I wouldn’t feel comfortable with anything less than R5
million.

An experienced broker will also play a key role in making sure you have
all the cover that you need.

Ask your broker to explain all the sections that are covered in the
policy. Make sure he also points out any extensions and exceptions –
the latter can prevent disappointment in the future.

Also ask your broker to disclose the excess amounts. Although cover
with different insurers may be similar, the excess payable may vary
considerably.

If you become aware of any situation that may lead to a claim, be sure
to report it within the policy’s stipulated notice period. The policy
holder is not allowed to make any acknowledgements, statements, offers,
promises or indemnity payments – in other words, don’t acknowledge any
wrongdoing, even if you were guilty.

Premiums are payable in advance and if it is not received on the due
date, the insurer views it as being cancelled from midnight on the last
day of the previous insurance period. Therefore, make sure that you
always have enough funds available.

CLICK
HERE
to have
your financial
and other investment questions

answered courtesy of Coetzee Gouws from Full
Stop Communications
.

Pieter Willem Moolman is the founder of PWM Financial Management in Port
Elizabeth in the Eastern Cape. Their mission is to provide financial
security and create wealth for their clients.

Port Elizabeth Budget Accommodation

Go to:MyPE.co.za







Join Budget Accommodation Port Elizabeth

Todays Featured Port Elizabeth Accommodation

Dempsey’s

Dempsey's Guest House is a self catering guesthouse, centrally situated in the tranquil suburb of Walmer, Port Elizabeth. Dempsey's is owner-managed with your friendly hosts, Jack & Kathy, living on the property. Dempsey's Booking Enquiry Rates 6th January - 27th August 2018: Single: R495-00 per person per night Double: R600-00 per double per night Family: R950-00 per 4 people per night sharing. Single R525-00, Double R650-00, Triple R850-00 Minimum 3 night booking required for IronMan Triathlon, Easter weekend and dates Minimum 7 night booking required for IronMan 70.3 World Championship: 28th August – 5th … [Book here...]

More Affordable Port Elizabeth Accommodation Choices

More Port Elizabeth AccommodationHaven't made up our mind yet and want to browse more Port Elizabeth Guest Houses and Accommodation choices?

Go back to the Budget Accommodation home page, browse affordable Port Elizabeth Accommodation on the BnBPE Accommodation Port Elizabeth web site or pop along to MyPE Guest House Accommodation for a heap more choices that will also allow you to book direct with the owner.


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