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Travelling? Make sure your policies are up to date

Author
Stian De Witt
Date
6 December 2022
4 min read

Accommodation booked? Check. Car serviced. Check. Bags packed? Check. Security company notified? Check. You’re ready to roll. Now there’s just one thing left to do: make sure all your important insurance policies and documents are up to date and easily accessible.

It may seem like a pain when all you want to do is hit the road, but if something goes wrong, having all your documents in place could save you and your family time and money, says Stian de Witt, head of financial planning at NMG Benefits.

Update your car and home insurance

Bought a new TV or upgraded your laptop without updating your home insurance policy? Will a family member be driving your car while you’re on holiday? Make sure you’re covered for any eventuality this holiday season – and while you’re at it, check if your policies offer roadside assistance and travel insurance, and save those details on your phone.

Review your life insurance

Go through your life insurance policies documents before you go on vacation to make sure you know exactly what you’re covered for, what the exclusions are, and if your information is up to date. “The main reasons for life insurance claims being rejected are non-disclosure of valid information and unpaid premiums. Make sure your premiums go off correctly and your policy document is accurate,” says De Witt.

Get your beneficiary nomination forms done

According to law, you need a separate, up-to-date nomination of beneficiary form for each of your life and funeral policies. The same applies to your savings in your retirement fund. “If you haven’t submitted these forms or they’re outdated, any payouts can be delayed, or the benefits will be paid into your estate and be subject to estate duty tax,” said De Witt.

Check your medical aid and gap cover

This is a good time to review your medical aid plan and health insurance policies to make sure you know what you and your family are covered for. If you don’t have gap cover, consider it: it provides a financial safety net if you or a family member end up in hospital for an extended period. Most medical aids only pay out 100% of the medical aid rate, whereas most specialists charge between 100% and 200%. Nobody wants to come home to exorbitant medical bills.

Update your will

Is your will up to date and valid? It’s a small price to pay for the peace of mind it will give you as you enter the silly season. Many banks and financial services companies offer free wills to their customers, and they’re usually quick easy to compile.

Share your banking details

Always make sure your spouse or one of your children can access your bank accounts. If you’re not able to access your accounts for any reason, it could leave your family with no access to money when they need it most.

Speak to a professional financial advisor

If you need help getting all your important documents in place before you go on holiday, speak to a qualified and experienced financial advisor. They’ll help you make sure everything is in order for your vacation. Happy holidays!


The NMG SA Group of Companies are authorised financial service providers t/a NMG Benefits

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