There is no shortage of insurance firms jostling for your attention, wanting to offer you the “best deal” for a “special once-off price” if you “call us right now”.
If you plan to make a financial investment in your future, you need to be able to discern between superficial cover and a comprehensive insurance policy that will provide you and your family with the right safety net.
It’s important to do extensive research when exploring the insurance market. Check to see if the insurance company is a licensed financial service provider (FSP) – this should be displayed on their website and any marketing material. If not, ask for the FSP number and search for it on the FSCA website to see if they are an authorised provider.
“The search will also tell you who their key individuals and representatives are and what products they are licensed to sell,” says Mellissa Alberts, legal and compliance manager at Yambu. “Your next step would be to ensure you are getting value for your money when you look for exclusions, excesses to pay, admin fees, and annual increases for example.”
If you haven’t heard about Yambu, here are five things you need to know:
- In operation in SA since 2012, Yambu focuses on giving full access to quality insurance products at the most affordable rates to hardworking South Africans who would not ordinarily be able to afford insurance.
- Yambu offers the following cover: Yambu Legal Protection, Yambu Domestic Care, Yambu Business Care, and its newest cover Yambu Legacy, which offers immediate accidental death cover starting from R9.99 a month.
- Yambu Legacy offers the cheapest accidental cover to date and also includes dependants up to the age of 18. You don’t pay extra for them until they are 18 years old.
- Did you know you could win R10,000 for your domestic worker? Visit the Yambu competition page for more information on how to enter and read this article to find out how else you can invest in the financial well being of your housekeeper.
- Yambu considers and call its staff and clients family. “We are a tight-knit group that looks after one another and we treat our customers in the same way,” says Vuyiseka Kewuti, marketing and sales coordinator at Yambu.