Your life is always changing, and there are certain events that happen that should trigger you to have a look at your insurance policies to make sure that you are still covered for all your needs. A good financial practice is to update your policy yearly as your premiums increase, but the following are also good factors to trigger you to update your policy:
When your marital status changes
If you are recently married or divorced, you may need to relook your insurance and the amount that you are covered for.
When your employment changes
Whether you may be earning more money and need to cover your family for more, or you are joining a company with a different benefit structure, you will need to have a look and adjust your current policy.
When you have a child or children
Anytime you add a child to your family you need to consider the various policies you have. Your policies will have to be adjusted in order to make provision for your children.
It’s important to know the rules around the payment of premiums as that is what guarantees that your policy is always up to date.
Here are a few common questions which will help you manage your policy better.
Can I skip a premium?
You can skip a premium as long as you do not skip more than 3 premiums within the 1st 3 years of your policy.
How can I continue with my premium payments if I am no longer working for a company that deducted my premiums via stop order?
You may change your payment method to bank debit order to continue with premium payments. You are welcome to contact our individual contact centre at 0860 724 724 to have a chat with one of our expert consultants who will gladly assist you.
Appointing a beneficiary for the proceeds of your policy is important. This ensures that the money is paid out in a reasonable amount of time once a claim arises. If a beneficiary is not chosen, Metropolitan as the insurer will have to follow a process to decide who the proceeds should be paid to. We may request additional documentation to finalise the claim, this will then delay the payment of a claim.
As a plan owner, you should nominate a beneficiary for ownership to make sure that the policy is transferred to the nominated beneficiary if you were to die. This ensures that any further claims made after the passing of the main member are processed in as soon as possible to the new policy owner without Metropolitan requesting any additional documents.
If you divorce or no longer live with your life partner after insuring them under immediate family cover, your partner can remain on your plan as part of immediate family cover but you can’t increase their cover.
It’s also important to inform Metropolitan when a child no longer qualifies for children cover and must be moved to Child for Life cover. This must be done within three months of the child no longer qualifying for the cover. This will help you to avoid a new waiting period; this change may affect the monthly premiums.
If you have a pension fund or retirement annuity with us, you need to provide us with your income tax number. The South African Revenue Services (SARS) requires that every pensioner/annuitant/employee receiving a pension/annuity/salary needs an Income Tax Number in order to receive these payments. Without an income tax number on record, your income will be withheld until you have received a tax number. Without a tax number, you will not be able to complete and submit your annual tax returns either.
To submit your Income tax number to Metropolitan, email your tax number, together with your ID number or Policy number to email@example.com.
**To register for income tax in South Africa you will need to complete an IB-IT 77 form and submit it to SARS with supporting documents. These include a certified copy of your South African driver’s license, ID or passport. SARS requires your bank details and confirmation of these details in the form of a certified copy of your bank statement.
If you receive an SMS and are not sure whether the SMS has been sent by Metropolitan, it is best to contact the Metropolitan Call Centre on 0860 724 724 to confirm that the SMS is legitimate.
Once your policy is accepted and issued, Metropolitan will send you the policy documentation via the mail or e-mail. If you select to receive your policy documentation via email, you should receive this immediately. If you selected to receive your contract via post, bear in mind that there may be some delays due to the postal services in South Africa. You should expect to receive your documents within 31 days.
To confirm whether your policy has been accepted, you can contact your Metropolitan financial adviser, the Metropolitan Call Centre on 0860 724 724 or visit any of the Metropolitan branches.
To find a branch, click here.
The Automatic Inflation Management (AIM) benefit helps to protect your funeral cover against future increases in the cost of living (inflation). This benefit automatically increases your premium and your funeral cover on the anniversary of your funeral policy.
To add this benefit to your existing funeral policy, click here.
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