A product that specifically caters for 55-plussers,
taking into account their lifestyle and behaviour
is most beneficial and cost-effective for SA seniors
“Older people should be offered specialist insurance products and not treated like their younger, riskier counterparts who they are often required to cross subsidise” says Alexander Forbes Insurance Senior Manager Colin Mchunu.
“Older people take fewer risks on the road and therefore offer a lower level of risk,” says Mchunu, “Insurance claim data shows that older people treat their possessions with a greater level of experience, responsibility and care in comparison to the youth.”
Mchunu said this insight had resulted in Alexander Forbes Insurance extending wider personal and household insurance cover to people aged 55 years and older at a significantly lower cost than other age groups. He says for example, on a standard product like short-term insurance for a vehicle, the premium paid by a client aged 55 or more could be up to 25% lower than that paid by someone under 35.
“In fact our 55 Plus product offers cheaper but broader cover. Most of the excesses on this policy have been waived and the premium also recognises the fact that generally pensioners do not drive in peak hour periods. This distinctly elevates the insurance status of those who are older than 55 years,” he said.
Alexander Forbes Insurance acknowledges that there are different risk profiles to various age groups, and the company does not apply a one-size-fits-all approach when calculating premiums.
“The cover includes no basic excess payable and lower premium for living in a secured property. The policy also includes a driver service, 24-hour accident, emergency and telephone assistance and pays vehicles out at current retail value, not market value,” says Mchunu.
“Having a product that specifically caters for the needs of this group and their lifestyle and behaviour is beneficial for older people, especially as medical costs usually escalate during retirement so finding the most affordable household and personal cover can help save money.”
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