The Association for Savings and Investment South Africa (ASISA) is urging policyholders who unable to pay their monthly long-term insurance premiums to contact their life insurers to explore possible options for premium relief rather than allowing their debit orders to bounce or disputing the debit order.
South African banks have moved quickly to implement wide-ranging debt-relief measures to, wherever possible, assist customers who are experiencing financial difficulties due to the COVID-19 pandemic and national lockdown.
However, the Banking Associate of South Africa (BASA) strongly encourage all customers to continue to meet their banking and financial services obligations as best they can. This will help banks assist as many customers in need as possible and is important for the safety and soundness of the financial sector and the economy at large. Their efforts to help customers must not trigger a financial crisis and banks are working with the regulators to ensure the continued stability of the financial system.
To read more about the relief measures that the banking sector are offering to consumers please visit the BASA website.