Insurance is one of the last things consumers want to buy. But without it, they may find themselves in a lot of trouble when something goes wrong. Insurance is one of those things that people don’t know when they might need it, and when they do, they’re happy to have it in place. Standard Bank Insurance has a range of products that will cover a variety of needs, from items all the way through to life cover. This review takes a look at how these products compare on a global scale.
To find out whether HSBC did well with their insurance products, read here.
About Standard Bank
When Standard Bank first opened its doors to customers in South Africa, it was as a fairly unknown institution on the Southern tip of Africa. A subsidiary of Standard Chartered, it paved the way for commercial banking with a difference. Involved in many different large scale projects, Standard Bank boasts the biggest asset value book in Africa. In South Africa, it’s known as one of the big five. The other banks that make up this group are First National Bank, Nedbank, ABSA, and Capitec.
Although Standard Bank still has a very big commercial influence, it is also known for its market presence on the retail side. It offers customers a wide array of products and services, making it one of the primary options when customers consider a banking relationship.
We recently did a full review on Standard Bank. Read here to learn more.
How to Choose an Insurer
The decision to get insurance in place is already a tough one, but when it comes to insurers, the decision is even tougher. This is because there are a number of insurers out there that don’t have a very good reputation, which tends to spoil business for others. Customers need to use discretion when it comes to insurance products, as there are a number of things to look for in order to go with the right one.
Although institutions will always have customer complaints, it’s important for customers to read through the ones presented to a governing body and found against the insurer. This could be the ombudsman for short term or long term insurance. In South Africa, there is also the Financial Services Board, which is a governing body over financial institutions.
Claims Payment History
This is one of the most important aspects to consider. Insurers who have a low percentage of claims paid should be avoided. This is because there is a higher chance that they try to get out of the payment. Customers need to prove many things before they consider the payout, which could leave customers out of pocket despite paying all the premiums.
Full Disclosure Upfront
Although it’s a little bit frustrating, it’s important to deal with an insurer that requires a lot of information before they get the policy on the books. This is because all the homework is done before the actual policy kicks in. The importance of this is that customers are able to claim knowing that they’ve provided full disclosure. Insurers who don’t ask for this upfront, tend to give customers a lot of hassles when it comes to claims, citing non-disclosure as the reason for non-payment.
Industry Related Pricing
It’s wonderful to have an insurance premium that is almost half of what every other insurer on the market has to offer. However, there could be other reasons for that. For instance, many of these really cheap insurers work on an aggressive onboarding premium sliding scale, which increases so dramatically that the premiums are higher within a few years. Customers should compare the premium patterns to determine where the policy is going in the next few years. Long-term affordability is important.
Standard Bank Insurance Product Offerings
Car & Home Insurance
This division offers customers the freedom to choose between comprehensive or limited cover. Furthermore, customers enjoy peace of mind when lodging their complaints.
- Customers are assured the highest standards of services. Service agents are trained to give reassurance and support.
- The insurance provides protection and security.
- Customers are protected against loss or damage due to theft or fire.
- There is also cover that provides protection against storms.
- The limited cover option offers lower monthly premiums based on the customer’s risk profile.
- Each customer has a different set of exclusions, based on their individual circumstances.
- Finally, the premiums are affordable and based on the risk profile.
For a full review on mortgage products available at Standard Bank, read here.
Personal Accident Plan
This policy is designed to keep the family protected while providing dignity and safety in the event of death. Also, it assists customers with financial stability.
- Customers enjoy accidental death cover of the selected benefit of up to R2,5 million.
- There is a 30-day no obligation period to cancel their policy.
- Furthermore, the policy provides worldwide cover, 24 hours a day.
- The death benefit is payable following the disappearance of an insured person.
- There are a few exclusions, for instance, pregnancy, illegal acts, self-inflicted injury or attempted suicide, accidental injury caused by drug or alcohol abuse, and more.
- Finally, the premiums are based on the cover selected.
This is the ideal type of insurance for those who desire to see the world. It provides the cover travelers need in order not to experience any nasty surprises. Furthermore, it guarantees the safety of the family.
- The insurance provides security in case of an emergency.
- Some of the options customers have is automatic travel insurance, corporate optional travel insurance, senior optional travel insurance, and more.
- Furthermore, there are a number of exclusions on these types of policies that customers need to work through.
- Finally, the premiums are available online which means customers know upfront what they’re going to pay.
A funeral plan allows the insured to pass on with dignity and respect. Furthermore, it also provides peace of mind that the major expenses in the funeral are covered.
- The funeral cover protects the immediate and extended family.
- Customers enjoy day-to-day benefits such as emergency medical treatment. Also, access to a comprehensive network of medical professionals, and to psychological counseling in the event of a death.
- The plan includes a 24-hour HIV/Aids Helpline 365 days a year. There is also pre and post testing counseling and guidance. Furthermore, customers enjoy medical assistance on accidental HIV exposure.
- The funeral benefit provides six months free cover following the death of the main policy holder. They will also assist with the burial arrangements and trauma counseling for the bereaved. The policy includes discounts at selected retailers and coupons from selected pharmacies.
- Finally, customers have a number of policies to choose from to suit their individual needs.
This is a suitable option for those who wish to provide financial assistance to their loved ones in the event of their death. Furthermore, customers enjoy a tax-free payout of up to R10 million. The cover is straightforward and there is a direct application process. Finally, there are unlimited beneficiaries and free blood tests.
Customers who desire protection of their income in the event something happens will benefit from this kind of insurance. Furthermore, this is if customers experience illness or injury for a period of time. This insurance uses a direct application process and offers straightforward cover. Finally, customers benefit from a free blood test.
Those who stand to lose out on their income in the event that they become disabled should consider disability cover. Furthermore, the payout is a tax-free lump sum should customers become permanently disabled. There is a direct application process and customers make use of the nurses on wheels. Finally, this offer is for straightforward cover.
Serious Illness Cover
Customers can apply for cover that offers a tax-free payout of between R100,000 and R2 million should they be diagnosed with cancer, suffer a heart attack or stroke, or have to undergo open-heart surgery. Furthermore, this is a direct application process that includes a free blood test.
With this type of cover, customers have the ability to sign-in on an online portal where they can track their claims. Furthermore, customers can also manage their policies online.
- Customers can expect up to 6 quotes from leading insurance companies.
- The cover options include car insurance, car & home insurance, dent & scratch cover, and financial shortfall cover.
- Finally, customers can request their quote online.
Critical Reviews Rating Standard Bank Insurance – 9 of 10
The insurance division at Standard Bank is easy to navigate and customers have a clear understanding of the options available to them. Furthermore, the policy information is clearly communicated and customers have a fair idea of what is covered.
The policies cover a wide array of situations and the fact that Standard Bank makes specific mention of their travel insurance options is a plus. There is no need to look around to try to find the information.
One aspect that the bank could consider including, is a mobile or gadget insurance option which is ideal for those who are always on the go. Other than that, this is a great range of products.
Read here to find out whether the Royal Bank of Scotland enjoyed a good rating on their insurance lines.