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.

Hennie de Villiers, deputy chair of the ASISA Life and Risk Board Committee, says life insurers and banks are expecting a significant increase in the number of policyholders unable to pay their premiums on the next payment date, given the financial hardship experienced by many South Africans as a result of the current COVID-19 pandemic lockdown situation.

To read more about how best to manage your insurance premium payments read the full media release on the ASISA website here.