The research shows that Financial strains have prompted many South Africans to stop paying their risk insurance premiums and cash in their investment policies. In fact, 1Life stats reveal that in 2022, the non-payment of premiums increased by 3% each month and up to 17% in December 2022 compared to December 2021. Furthermore, Asisa statistics show that 689-888 recurring and single premium savings policies were surrendered in 2022, in South Africa.
Our guest today is Brina Biggs, Senior Marketing Manager at 1Life Insurance, to talk us through how lapsed premiums and policy cancellations are putting South Africans at further risk in an already tough economy
PERSONAL FINANCE