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06 Jun 2011 09:59
If the terminology in your long-term life insurance policy leaves you feeling less rather than more enlightened, the Association for Savings and Investment South Africa (Asisa) can help you.
Asisa has compiled a great jargon buster on its website, which explains definitions and terminology in easy language.
It explains, for example, the differences between accelerator rider benefits and stand-alone benefits and also covers the pros and cons of the two different types of cover.
Other examples of long-term life insurance practices and terminology explained by the jargon buster include waiting periods, risk-rating factors when underwriting, premium patterns and cover growth and different types of benefits.
Few of us understand what these terms mean, so the jargon buster is very useful for the average consumer. Find it at the Info Centre section at www.asisa.org.za.
Read more news, blogs, tips and Q&As in our Smart Money section. Post questions on the site for independent and researched information
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