December is nearly here! Which means it's time to review your 1Life Insurance policies and make sure they are ready for the holiday season. Plan your spending in advance so you have enough for your premiums, and all the end of year extras, and your holiday will be free from financial stress. Read on for all the help and advice you need.
Holiday season premium payments
Your funeral and life insurance policies ensure your family can give loved ones a respectable funeral and provide funds if an income earner is no longer around. The premiums for these policies are a must-pay expense!
If you miss a payment your policy could lapse, and be cancelled, which could leave your family destitute if something happened. And although the end of year is a time for relaxing, there is still a high risk of accidents, such as road traffic accidents that claim too many South African lives, so keeping your cover is critical!
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Make sure you can cover your premiums
Make sure you have enough in your bank account to cover your debit orders on the due date. Alternatively, you can arrange for early payment of your January premium so you don’t have to worry about that expense in the first month of 2024. Contact one of our skilled consultants on 0860 10 51 94 and we can help you make arrangements to pay your January premium early.
What to do if your debit order bounces
We’ll let you know via SMS when premiums are not paid such as when a debit order bounces, and let you know how you can make up the missed premium using one of our alternative payment options. We have a number of ways you can pay the outstanding premiums including:
- Request a special deduction on the online policyholder service portal
- Pay at a retail store including PEP, Ackermans and Pick n Pay
- Make use of apps like SnapScan and Zapper or your Shoprite app
- Pay using your ABSA, Capitec, Nedbank, RMB or FNB banking app using your unique easy pay reference
Struggling to pay your premiums?
We know times are financially challenging for many! If you are finding your premium too high, we can look at ways of reducing it, including reducing your cover, until your finances are more stable. Talk to us if you are struggling to pay your premiums so we can help you keep your cover.
What to do if your policy lapses
If your policy has lapsed, we may be able to reinstate it. Talk to one of our consultants who can advise if and how your policy can be reinstated so your family has the cover they need! If you are a life cover policyholder you can use the WhatsApp service centre to request your life policy be reinstated. Remember that if you reinstate your policy you will have to authorise your debit order using DebiCheck.
Review your policy
The end of year is a good time to review your policy to ensure it still meets your and your family's needs.
Make sure your policy is up to date
- Your sum assured on your life policy is enough for you and your family
- Your beneficiary contact details on your life policy are up to date
- All the member and beneficiary details on your funeral policy are correct
- Your bank account and policy details are correct
You can update your beneficiary and bank account details on the online policyholder service portal. Your financial adviser can help you with any other changes, or you can request a call back to speak to one of our skilled consultants to help you with your changes.
You should also inform 1Life Insurance if there have been any major changes in your life that may affect your cover including:
- Starting a new job
- Taking up or stopping smoking
- If you are going to be out of the country for more than 14 consecutive days
- Taking up a dangerous hobby such as scuba diving
Make sure your family knows how to claim
Let your family know where they can find important documents including your insurance policy, ID and will. And let your beneficiary or beneficiaries know how to claim. Share this beneficiary instruction sheet with your family for hassle-free claims.
Holiday season budget tips
Budgets have a habit of not taking into account the extra end of year expenses! Change that in 2023 by making sure your budget covers your must-pay expenses, including your 1Life Insurance policy premiums, as well as all the holiday season extras! Remember to discuss any budget constraints or changes with your family so you all know what you can and cannot afford! And be sure to save as much as you can in November to cover extra expenses in the coming months.
Check that you have included all the essentials and the extras, such as:
- Your basic monthly expenses including housing, food, insurance premiums and savings
- Accommodation and travel if you are going on holiday
- Holiday food and drinks
- Gifts, including any gifts for special clients, teachers and kids’ friends, as well as loved ones
- Entertainment and outings such as a meal out, a day at the zoo, botanical gardens or aquarium
- Special holiday items if you are going away such as a beach umbrella, swimming costumes, sunscreen etc.
Budget for all your essentials, including your insurance premiums. And be sure to add in school and tertiary education expenses for the new year.
Top tip: If you have extra income in the coming months, such as a bonus, either allocate this to an essential expense, a needed big-ticket item (school fees come to mind!) or consider saving some! BUT, only spend a bonus when it is in your bank account – not before!
Enjoy your festive season
Now you are ready for happy holidays! With your budget and your policies sorted you can end the year in style and welcome the new year knowing your insurance can protect your loved ones and that your finances are in good shape!