How life assurers have you covered for coronavirus
Firms expect a rise in claims for temporary disability on income protection policies
The country’s first two deaths from the coronavirus and rising infection rate has focused the minds of a number of South Africans on what their life policies cover — and, for those who don’t have cover or enough cover, on what could be covered by policies.
The Association of Savings & Investments SA (Asisa), which counts the major life assurers as its members, has been quick to reassure policyholders that the companies are well capitalised, with about R373bn in free assets — more than double the reserves that life companies are required to hold by law. In 2019, life assurers who are Asisa members paid out R491bn in claims and benefits, the association says. ..