Tag: Multiply

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.

Momentum Multiply

Momentum Multiply Updates

Momentum Irene
Following the recent developments with COVID-19, social distancing and the nationwide lockdown, we recognise the effect it will have on our members’ ability to earn rewards.

The following are affected: Members going to the gym or doing Parkruns for Active Dayz, gym membership fees for Save as you Gym members and Members’ Healthy Heart Scores or fitness assessment results expiring during this period.

Here is how we can help:

What happens to your Active Dayz?
We’ll work out your average gym visits, Parkruns and total Active Dayz for the previous three months.  
Scenario 1

If you have no Active Dayz, we’ll give you your average gym visits and Parkruns from the previous three months.
Scenario 2

If you have some Active Dayz based on steps and calories, but this is less than your average, we’ll make up the difference to get you to the average from the previous three months.
Scenario 3

If you have some Active Dayz based on steps and calories, but this is more than your average, we’ll give you your actual number of Active Dayz. 
What happens to your Save as you Gym fees?

We’ll use the average discount over the past three months to calculate your fee for March and April.

What happens if your Healthy Heart Score or fitness assessment result expires in March or April?

We’ll extend the expiry date of the result to the end of April 2020. Your points will only be allocated once it’s safe for you to go for another assessment and we receive the results. We will only allocate your points once you do another health or fitness assessment and we receive the results.

Please do not hesitate to contact us if you have any queries.

Regards,

Momentum Irene

Last Will and Testament

IS YOUR LAST WILL YOUR LAST WILL?

Momentum Irene
Photo by Sabine van Straaten on Unsplash

I saw a post on one of my Facebook Groups about a week ago – someone needed help with the setting up of a last will and testament. There were loads of offers to help, be it free of charge (that came with a lot of comments as to why it will be free…) or not. One lady though, let’s call her Anna, commented with “buy a testament from CNA or PNA, complete it yourself, and appoint a family member or friend as executor, and, added in brackets – if it is not a complicated estate. Anna said, that way, you will save a buck or two.

What will be “not complicated”?

If you have no debt, no assets and no dependents you will fall in that category, and you can save yourself the trouble of going to CNA, write your last will and testament on a piece of paper, date and sign it, and give it to someone for safekeeping.

However, it is not all that easy for everyone.

One of my dear friends passed away about a year ago. He was taken from us very suddenly – it all happened within a week. During this difficult time, I could assist his wife with everything that was needed, as I assisted in drafting their will. With this being so close to home, it just made me realize how important this piece of paper really is.

Can YOU answer the following questions?

Which documents do you need to have handy?
Who do you contact for his/her Funeral Policy and Life Insurance pay-outs?
What do you do with the money you receive?
Is there a tax implication when monies pay out?
The bond for your house is on both spouse’s name – how do you handle that?
How do you sell assets that is on your deceased partner’s name?
Did you know that bequeathing a firearm can be a problem?
Which fees are involved in setting up a trust, and does your estate have enough to cover that?


Be sure that your Last Will and Testament is indeed that. Your last will.

Please contact us to set up an appointment to plan your Financial Wellness, for when you are no longer here to do so.

Medical Aid

ARE YOU PREPARED?

Momentum Irene

You had this perfect plan. Or we had. Fall in love, get married and then, when you are ready, start a family! But life likes to throw some lemons our way every now and again, and things just doesn’t work the way we would like it to. (Maybe because we don’t have a spare bottle of tequila hidden in a cupboard somewhere)

My wife recently had to go for an operation, as we are struggling to start that family (although we are very happily trying to!) We have been to a variety of doctors, who prescribed different blood tests, different medications, taking temperatures and what not. All of which has not been successful.

We finally made it to this one lady doctor, who suggested we take a deeper look. What we found is not what is important, but what is, is that the consultation with this doctor (ONLY the consultation, that lasted about 20 minutes) was R2 000. That is a very real number, especially if you compare it to medical aid rates, and that it fell way outside of what the Medical Aid was prepared to pay for. It was a cash account.

We then had to get pre-approval for the procedure, and that had a R3 000 co-payment. Also cash.

This is us, R5 000 out of pocket, before we even know if something is wrong, never mind what is wrong.

Luckily for us, thanks to an active lifestyle and a positive health saver balance, we could pay for the consultation with the Multiply Visa Card, as it works like a normal Visa Card. We also have additional Gap cover added to our Medical Aid Plan that covered the shortfall in hospital.

Were we prepared? Probably not mentally or physically, but at least we could afford it without breaking our own little piggy open.