Introduction
This jargon busting document aims to remove some of the complexity that has become part of life insurance products and contracts. Although the benefits of South Africa’s sophisticated and often unique life insurance products are undisputable, their design has in many instances become too technical. This jargon buster was thus driven by a clear need to have a simple consistent reference resource.
Aimed at both intermediaries and consumers, the jargon buster was produced in a joint venture by the life industry’s medical insurance professionals, supported by the Life Offices’ Association (LOA), to simplify many of the terms used to describe life insurance products. Included is a section in which many of the most common medical definitions and terms have been simplified to help policyholders and their financial advisers understand the complexities of the various conditions and how they are commonly underwritten by life companies.
In certain instances some of the content may still appear a little too technical. Where this has happened it was necessitated by the need for legal and technical accuracy.
However, overall this document goes a long way in attempting, for the first time, to enable the consumer and intermediary to reference in simple language the jargon in contracts and the reasoning behind certain approaches.
This section is a live resource that will be updated and edited on a regular basis to ensure is up to date and relevant at all times.