Any I suppose but they typically are not when issued by South African insurers. The most prevalent will be investment type policies like endowments issued in hard currency denomination and are typically lump sum investment oriented. These products are very …
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Yes, it depends from product to product but insurance contracts typically have various optional benefits that can be elected. It will influence the price of insurance and typically critical or sever illness benefits can be quite expensive even if the …
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No it is not and it will be treated like any other personal insurance premium.
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Yes, and no. Typically it is tax free in the hands of the beneficiary but because it is a deemed asset in the estate in terms of paragraph 3 (3) (a) of the Estate Duty Act of South Africa it will attract …
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Typically, this could be very onerous especially in the case of whole of life or permanent insurance. Some term insurance policy with light underwriting requirements might be easier. Whole of life insurance typically needs some form of medical examination to …
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Peace of mind in case of an early death, disability or sever illness Wealth transfer Diversification Time risk Currency risk Behavioural risk Saving Return of premium Product features providing a form of cash back Estate and tax planning Probate Executors …
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No, not necessarily. It depends how you structure the policy, most insurance contracts give you the ability to nominate beneficiaries for proceeds, which is a critical estate planning tool. There are however many potential pitfalls to take into consideration, amongst …
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Exchange controls can be restrictive, but both the current annual allowances available to South Africans, can be utilised as discussed in a previous post can be utilised. Remember the money you take overseas under these allowances, uses are typically not …
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Ordinarily one would need an overseas bank account, especially to pay for a policy that was taken out whilst travelling abroad. International bank accounts come with their own set of challenges (which I will discuss in other posts). Ideally the most …
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