What payment methods are available for insurance in South Africa?

Payment methods for insurance in South Africa:

You will only pay the insurance companies that you have signed an insurance contract for. There are usually two choices for payment in South Africa:

* Paying annual and upfront often results in a discount being applied on personal policies, however not necessarily on the commercial policies.

* Paying once a month by signing a debit order authority. The insurance company would organise for a monthly debit to go off your account. Should one

payment not go through they will double debit your policy the next month. Should this payment not go through most insurers will then cancel the policy.

This information has been provided by Cindy Alfino, Insurance Authorised Representative – FSP 23418. For more information please use the contact form or emailrisk@incompass.co.za.