MONEY CLINIC | What are my rights and responsibilities when it comes to insurance?

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In recent years, insurers have been working hard to become more customer-centric, making it easier than ever for consumers to do business with them.
In recent years, insurers have been working hard to become more customer-centric, making it easier than ever for consumers to do business with them.
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In an increasingly unpredictable world, having insurance isn't a 'nice-to-have'. Protecting yourself from various personal risks is a must-have, especially during a crisis.

"Insurance has long been a grudge purchase for many consumers. But it can be the difference between recovering from an accident or disaster and possible financial devastation," says Wynand van Vuuren, the head of client experience at King Price Insurance.But do we know our rights – and responsibilities – regarding insurance?

"Insurers exist to serve you, and to cushion our entire society from the financial effects of accidents and disasters. By knowing your rights and responsibilities, you can help hold them to that responsibility," said Van Vuuren.

According to Van Vuuren, Treating Customers Fairly (TCF) legislation governs how all financial services providers – including insurers – deal with their clients.

According to the TCF, you have the right to: 

• Be treated fairly by your insurance company, and to feel confident that fairness is at the heart of your insurer’s culture. This includes having your claims handled quickly and fairly.

• Know that you’re being sold the right products for your needs.

• Be given clear information about your policy, and to have your insurance cover explained to you in simple terms that are easy to understand.

• Have no barriers to being able to change or cancel your insurance policy at any time, or to make a complaint if you’re not happy. You also always have the right to register a dispute with the Ombudsman for Short-Term Insurance.

You have the responsibility to:

• Pay your premiums in full and on time.

• Make sure the information you provide to your insurer is 100% accurate. This includes letting your insurer know about any changes in your life that could affect your insurance.

• Understand exactly what you’re covered for, and the terms of your insurance. If you’re unsure about anything, ask.

• Engage in any dispute resolution process in good faith and provide all necessary information when needed. 

Questions may be edited for brevity and clarity.

Disclaimer: News24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, News24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

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