Insurance experts advise public to consider ways to protect their income, assets

Insurance experts have advised the public to consider ways to protect their income and assets due to the negative financial impact of the coronavirus pandemic.

The industry says forward financial planning could help households stay afloat amid a crisis.

Chief Distribution Officer at Life insurer Steve Piper says, “Personally, I think the insurance sector has responded well to the COVID-19 pandemic. It was new territory for most people. A lot of claims are being paid at the moment and those are being honoured by the industry as a whole.

“What the pandemic has highlighted is that protecting your salary and income under whatever circumstances is absolutely critical. In a way, it has created a new awareness of the need to protect your income and that you have the right cover in place for times like these.”

In the video below, life insurance companies say they see a rise in policy claims:

[embedded content]

Last year, hotel and lodge owners lambasted insurance companies for routinely turning down claims for loss of business due to the COVID-19 pandemic.

Many in the Tourism and Hospitality sector said claims for relief that they consider to be legitimate, were declined. They say this is despite them meeting the relevant criteria for such pay-outs.

According to Tourism Recovery South Africa, more than one million jobs in the sector were in jeopardy and more than 600 000 are currently facing retrenchment.

Many hotels, lodges and B&B’s in the country are on the brink of closure.