ThinkMoney.co.za, South Africa's leading online financial comparison website, reported yesterday that the rate at which South Africans default on their life insurance policies has increased over the past six months by 260 percent.
This analysis is based on consumers who have taken life insurance policies through ThinkMoney.co.za's insurance partners, but have defaulted on their premiums within the first two years of their policy.
Mike Kann, general manager of Thinkmoney.co.za, said that a complete lack of life insurance does pose a significant risk for the consumer. Kann suggests that consumers should have some level of life cover so, instead of stopping payment on all policies, they should find more affordable products. - I-Net Bridge