Tag: Insurance

Short Term Insurance

Momentum Short Term Insurance Commitment to Keeping you safe during Covid-19

Momentum Irene

Momentum Short-term Insurance (MSTI) is giving clients early access to R26 million in future no-claims and safety bonuses to assist them financially during the lockdown.

Momentum said clients can now opt to take an early cash benefit from their no-claims bonus. Clients can also opt to cash in early on their safety bonus.

The company rewards clients with a cashback safety bonus of up to 30% of their annual car and home insurance premiums.

The option to take the early cashback is available to clients between April and June 2020.

This means that a combined R26 million in future bonuses that would have paid out over the next four years is available immediately to help reduce the financial burden that clients may experience.

“The balance between flattening the pandemic spread curve and keeping the economy ticking over is challenging and we want to help where we can,” said Momentum Short-Term Insurance CEO Brand Pretorius.

The company said clients have the option to cash out early or wait for their normal benefit at the end of the benefit term.

“We are introducing this mechanism to support our clients during this difficult time, but we realise that not all clients would need it right now,” Pretorius said.

Solidarity Fund

Momentum is also giving its clients the option to donate their cash benefit to the Solidarity Fund which was established by the President earlier this week.

The Solidarity Fund will focus its efforts to combat the spread of the virus, help to track the spread, care for those who are ill and support those whose lives are disrupted.

The fund will be administered by a reputable team of people drawn from the financial institutions, accounting firms and government.

On 18 March, Momentum Metropolitan, the holding company of MSTI, committed R5 million in financial support for the government’s initiatives.

Momentum Metropolitan CEO Hillie Meyer said the public and private sector need to work together to ensure that they can achieve a health ecosystem that allows South Africans access to more health for less.

“This crisis requires us to collectively work together towards a common outcome,” he said.

Short Term Insurance

A RECIPE FOR DISASTER

Momentum Irene

If I had to place short term insurance in a purchase category, it would definitely fall under “Grudge Purchases”. That debit order that religiously goes off every single month, and I just don’t see the value. No returns. No interest. Nothing.

Until me and my girlfriend were at home one night, about 2 months ago, and our house caught fire. It burned to the ground. I walked out of there with the clothes on my back. That is the definition of nothing. Add a cup of hopelessness, one heaped tablespoon of despair and you have the perfect recipe for disaster.

We had to move in with her parents, completely devastated by what happened. We do not smoke. We do not have a gas oven. We did not light candles. It was not arson. It was an electrical fault. But we had insurance. The insurance that everything was going to be OK. The insurance that we will be able to get back the physical items that we lost. We had short term insurance that at least gave us that.

Don’t set yourself up for this recipe, with no sugar to add at the end. Get your house insured. Get your car insured. Get yourself insured. While you are at it, get your pet insured.

TIPS FOR SHORT TERM INSURANCE

  • Maintain your vehicle
  • Ensure your policy reflects the regular driver
  • Update your policy immediately when something changes e.g. your address.
  • Use replacement values instead of original purchase values.
  • Review your policy regularly to ensure you are not over/under insured.

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