It’s not too late to change

27 November 2012

Management guru Jim Collins states in his book, Good to Great, “Good is the enemy of great.” Often in life we make good decisions, only to find out later that it was not the best possible option. This is often the case where there are limitations in effect at time of the choice. These limitations include inter alia too little time, lack of information and no viable alternatives.

Some selections are done under pressure, e.g. insurance required before a vehicle may leave the showroom, and credit life required to enable granting of credit.

The shortfalls in our decisions usually only become apparent when we are relying on the product we chose to perform the purpose we selected it for. E.g. you discover at claim stage that there’s an extra excess on your vehicle if you are involved in a motor vehicle between 02h00 and 05h00 in the morning, or that your credit life covers only the first R20 000 of your outstanding liability.

Fortunately, just because we had to make a snap decision does not mean that we need to continue with that choice. Over the last decade government has promulgated legislation specifically aimed at protecting the public against abuse. This legislation includes the Consumer Protection Act of 2008, as well as the Financial Advisory and Intermediary Services Act (FAIS) of 2002.

With the advent of these Acts big corporations and industry sectors have been brought to heel. No longer can they use their complex administration processes, buck passing and inexhaustible financial resources to bully the consumer into accepting their decisions as final and graven in stone. These Acts legislate fair treatment, clear processes and accountability from the providers. The sanctions for not keeping to the requirements are of such a punitive nature that it in the interest of the effected parties to ensure compliance to the regulations.

This legislation affects you directly in regard to your credit life insurance. While credit may be subject to having cover in place, you have the right to shop around and replace the existing product with another if it is the same or better. We believe that we have the best solution for you at Insurance Busters. (Over the last few months over a thousand clients have agreed with us, and transferred their cover from the credit provider’s offering to our product!)

After doing an analysis for these clients we have found the following advantages:

a. Our premium is much better – often our cover costs a third of the existing rate.

b. Our benefits are more extensive – life, disability, trauma, retrenchment, temporary disability

c. Our cover periods and amounts are better – Full outstanding liability, up to 6 payments on retrenchment and temporary disability.

d. Our administrative systems and processes are brilliant.

e. We have excellent staff that give exceptional service

As an example one of our clients switched over to our product as from April. On her insurance cover we are saving her R564,30 per month (1 564 – 999,70). That means that over a year she will have R6 771,60 more available for herself. All it took was a request from her for us to analyse her credit life cover. The result? – More money in her pocket rather than in the creditors’ bank account!

Life is full of choices, and fortunately we do have the opportunity to revisit some of those we made to ascertain if we can do better.

If you would like a no obligation quote for credit life please contact credit life manager André Goethals at

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