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Short-term insurance typically includes personal lines (which is also sometimes referred to as domestic insurance) and business insurance.
Whilst personal lines insurance relates to the insurance of one's home, personal assets, motor vehicles and the like, business insurance typically includes the assets of the business, Business Interruption, Liability, Insurance of the Person & Motor insurance.
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Medical aid needs no explanation & given that medical aid contributions are absorbing an increasing amount of individual's disposable income, InsuranceXchange provides an easy way for you to access service providers and obtain alternate quotes.
Companies too, large and small can benefit from the services of Healthcare Consulting firms, who can assist with group health schemes.
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The life section relates purely to the risk cover element of insurance provided in terms of the Long Term Insurance Act, 1998.
Typically covering death or disability of the life assured, this insurance can be used to protect dependants or provide for estate duty & in a business context for example to provide for "buy/sell agreements" or to protect the business against the premature demise of a key individual.
Life cover also includes many special hybrid products which provide cover for things like income protection or high risk contingencies like dread diseases.
Life insurance is one of the aspects which falls under the broader ambit of Financial Planning.
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Very few people in South Africa can afford to retire financially independent today, so the sooner you start a formal retirement savings plan, the more chance you will have.
InsuranceXchange puts the focus on more formally regulated retirement planning products such Retirement Annuities and LISPs.
Retirement Planning forms another aspect of Financial Planning.
Retirement Fund and Employee Benefit consulting forms part of the services available under this category, for businesses.
Employee Benefits includes things like group life and disability cover, permanent health insurance and the like.
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The investment section includes a broader set of service providers outside of the ambit of the formally regulated retirement planning environment.
While there may be some overlap, service providers here could be seen as supplementary to your formal Retirement Planning.
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Risk Management deals with the identification, evaluation and treatment of risk in its broadest sense.
Risk Management is certainly not the preserve of large corporate enterprises and even individuals an SMME’s can benefit from employing the basic principles of Risk Management.
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