The wisdom of maturity
and its resultant low-level risk deserves its just rewards
– the reason why Alexander Forbes is offering
pensioners cheaper but broader insurance cover
The wisdom of maturity and its resultant low-level risk, deserves it’s just rewards. “Older people take fewer risks on the road,” says Alexander Forbes Insurance spokesperson Colin Mchunu. “Insurance claims data shows that older people treat their possessions with a great level of experience, responsibility and care.”
Mchunu said this insight had resulted in Alexander Forbes Insurance extending wider personal and household insurance cover to people aged 55 years.
“In fact our 55 Plus pensioners’ 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 financial well-being 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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