BrightRock is proud to support Campaigning for Cancer’s ‘Cost of Cancer’ campaign. The campaign aims to tell South Africans about cancer’s cost and help patients better understand the life insurance options available to help them cope with the costs of a cancer diagnosis.

Pretoria, South Africa -- (SBWIRE) -- 09/19/2013 -- Many people in South Africa either do not have life insurance or are uniformed as to how and what their life insurance policy covers. This leaves them in the unfortunate situation of not only having to deal with the stress of fighting cancer, but also the worry of the potential financial burden and the implications that arise at claims stage.

Campaigning for Cancer is an advocacy organisation that was formed in 2008 to give South African patients and those affected by cancer a voice. Campaigning for Cancer strives for a South Africa where people affected by cancer receive fair, appropriate, timeous and respectful treatment and care. They aim to achieve this by lobbying for the promotion and protection of the rights of patients and those affected by cancer with regard to policy, healthcare costs and healthcare delivery.

BrightRock is proud to be working hand-in-hand with Campaigning for Cancer to help inform and educate consumers about the challenges faced when obtaining cancer related life insurance products both before and after recovery. BrightRock's comprehensive, individually tailored approach to life insurance compliments Campaigning for Cancer's guiding philosophy and is committed to educating consumers about life insurance, offering truly individualised life insurance cover that's built around client's specific needs at the outset, and is specially designed to change as their needs change.

BrightRock provides direct cover for cancer's costs in two ways:

- Through cover for income protection needs (which includes household, childcare, healthcare and debt needs) following an illness or injury. These are the known financial needs clients will need to cover if cancer affects their ability to earn an income. Typically, other providers protect these needs through disability cover.

- Through cover for additional expense needs that arise because of an illness or injury. These are new and unforeseen expenses that cancer may cause. These could include medical expenses not covered by medical aid, and lifestyle costs – like the cost of hiring a home nurse or a driver. Most life insurers offer cover for this need through critical illness or dread disease cover.

BrightRock is headquartered in Johannesburg with regional hubs in the major centres of Johannesburg, Pretoria, Durban and Cape Town. They have a national distribution footprint through independent financial advisers and have the backing of the Lombard Insurance Group, which was established over 20 years ago. BrightRock is an underwriting management agency of Lombard Life Limited and operates under Lombard Life's existing life licence.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meet consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around client's specific needs at the outset, and is specially designed to change as client's needs change. Because this cover is flexible and changes appropriately, it's more efficient. This means both the cover and the premiums remain relevant, and more affordable, throughout a person's life. BrightRock received the 2013 Cover Excellence Award in the category "Life – Current" in recognition of its product innovation. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd. For more information, go to http://www.brightrock.co.za/.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Campaigning for Cancer Survivor Ambassador and Springbok Player Chris Rossouw, launches the Insuring Against the Cost of Cancer Project at the inaugural Cost of Cancer golf day held in Johannesburg

Pretoria, South Africa -- (SBWIRE) -- 09/18/2013 -- This project aims to encourage South Africans proactively to research insurance benefits and rules and to encourage insurers to take into account how a cancer diagnosis affects their clients as well as how the long-term survival of patients may be catered for when developing insurance products. Approximately eight million South Africans purchase medical scheme cover each year in South Africa. However, with the ever-increasing cost of cancer treatment, additional non - medical expenses and decreasing scheme benefits, many are looking to insure themselves against the potential financial impact of a cancer diagnosis through alternate insurance products such as life cover, critical illness and disability.

Insurers estimate that approximately 4-5 million South African have or will purchase one of these types of cover in the next year. But will they understand the implications a diagnosis of cancer will have on the insurance products they have already purchased or wish to purchase in the future?

"Only once I had recovered from my cancer was I faced with the fine print and the challenges my diagnosis posed to my ability to obtain insurance cover in future," said Chris Rossouw, who was diagnosed with stage 3 lymphoma at the age of 36. "I found myself in a black hole of insurance where words like exclusions, risk analysis loading and disclosures became standard language used by the insurance companies I approached for cover. Nowadays, because of early detection and advances in treatment and care, cancer patients are going on to live long and productive cancer-free lives."

Dr Devan Moodley, Oncologist and Director of Campaigning for Cancer agrees, "Forty years ago the overall median survival of all cancer types was just one year, now it is predicted to be nearly six years. Add to this that cancers such as colon cancer and non-Hodgkin's lymphoma have improved 17-fold and 10-fold respectively while the breast cancer has doubled, more and more patients are living productive cancer free lives than ever before in history" he said.

Campaigning for Cancer is working with BrightRock, the people behind needs-matched life insurance, to explore the challenges faced by consumers in relation to obtaining cancer related insurance products before and after a cancer diagnosis.

BrightRock's Executive Director Schalk Malan says, "We applaud Campaigning for Cancer's initiative and we're proud to play a role in helping them educate South Africans about how insurance products can enable them to provide for the potential costs of cancer. Too many people are without cover, or are uninformed about how their cover works – leaving them once diagnosed to battle both cancer and its financial impact."

Malan adds that BrightRock's "own philosophy is to ensure the cover we provide truly meets people's needs, which has led us to create cancer coverage that provides much more choice, relevance and flexibility than the existing products in the market – especially at claim stage when it matters most."

"Through Chris' story we would like to call on all insurers and underwriters to explore insurance products that cater to cancer survivors and address issues that may affect cancer patients with existing insurance products", said Lauren Pretorius, Campaigning for Cancer, CEO.

She added, "Campaigning for Cancer's guiding philosophy has always been to dialogue and work with stakeholders to find solutions to challenges that cancer patients face during their cancer journey. We are delighted that BrightRock is one of the first insurance companies to enter into this dialogue by adding their knowledge and expertise to the conversation."

The Insuring Against the Cost of Cancer Project will be driven through a public and social media awareness campaign and event platforms, such as the Cost of Cancer golf days to be held in Johannesburg and Cape Town and the information portal.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meet consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around client's specific needs at the outset, and is specially designed to change as client's needs change. Because this cover is flexible and changes appropriately, it's more efficient. This means both the cover and the premiums remain relevant, and more affordable, throughout a person's life. BrightRock received the 2013 Cover Excellence Award in the category "Life – Current" in recognition of its product innovation. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd. For more information, go to http://www.brightrock.co.za/.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

There’s been a lot of noise in the market around recent tax reforms that aim to clamp down on the misuse of trust structures

Pretoria, Gauteng -- (SBWIRE) -- 07/08/2013 -- South African Minister of Finance, Pravin Gordhan, stressed in his budget announcement in February that trusts have been used to "hide" the assets of high net worth individuals and reduce their estate duty liability. The reforms will also target the misuse of the flow-through principle, where capital gains and income are passed onto beneficiaries to cash in on the lower tax rates applicable to individuals in certain circumstances. The market is still waiting to see exactly how these proposed reforms will be implemented.

At BrightRock, we do see a fair number of trusts – either in the capacity of policy owner or beneficiary, or both – especially among clients who've taken out business cover with us.

Trusts are a means to allow business owners to ring-fence their exposure, allowing them to separate their personal and business interests through separate trust structures. The longevity of a trust also helps individuals reduce the administrative burden and complexity of winding up a deceased estate.

Trusts therefore remain a popular vehicle for the ownership of assets, especially fixed property and shares. This is despite the removal of some of the tax benefits and the recent amnesties offered by SARS to encourage people to transfer their residential property out of trusts and other legal structures into their own names.

Despite the changes to how trusts will be taxed going forward, legal and tax experts alike expect trusts to adapt and comply, continuing to provide clients with protection, both for their estate and their dependants. We do recommend that clients and financial advisors always get sound legal and tax advice to ensure they're making appropriate and effective use of trust structures.

Where clients haven't made use of a trust vehicle and the costs of transferring their assets into the trust are prohibitive, there are other cost-effective options available to your clients to cover their estate duty liability.

For example, BrightRock offers the last death option on our death-related needs cover. With this option, the pay-out of cover is deferred following the death of the first spouse to the death of the last surviving spouse. It's possible for cover growth to continue following the first spouse's death, providing the ability to enhance the value of a beneficiary trust, for example. This can be used not only to fund estate duty, but support legacy planning as well.

The only true certainties in life, the saying goes, are death and taxes. However, with appropriate advice from the experts and the right estate planning tools, including the right risk cover, it is possible to protect families affordably and appropriately against the financial impact when death and taxes converge.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd. For more detail please visit, http://www.brightrock.co.za/.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 05/14/2013 -- JESSICA le Roux from Richmond Hill in Port Elizabeth recently spent the day in a Johannesburg recording studio to hear the radio advert she scripted being recorded.

She took part in BrightRock life insurance company's "You change our ad" initiative which asked South Africans to help it rewrite the script of its "Fatherhood" radio advert.

The original advert about a dad meeting his new-born son for the first time was aired on Talk Radio 702 in recent weeks.

The implicit message of the advert, given the slogan "love change", is that outdated attitudes should also change, but some listeners did not interpret it in this way.

"We heeded 702 listeners' feedback, and gave South Africans the chance to change our advert," said Suzanne Stevens, executive director: marketing at BrightRock.

"BrightRock's needs-matched life insurance is the first ever that changes as your life changes. So, while most people fear change and the uncertainty it brings, BrightRock clients can love change, and the new choices and opportunities it brings. Especially at life's inflection points those milestone moments that change your life forever. For our radio advert, we chose the birth of a child as one of those points."

Jessica said even though she doesn't have children yet, she put herself in the shoes of a father whose new-born is being delivered and the thoughts that must be racing through his mind.

She is a former media and communication student at Nelson Mandela Metropolitan University, who, with husband Ryan, recently moved back to South Africa from Spain.

"The chance to see how adverts are made behind the scenes was a wonderful opportunity for me. I am also so pleased to see a company responding to consumers and not just paying them lip service," said Jessica.

The new advert is currently running on Talk radio 702. To listen to the new advert visit: https://soundcloud.com/brightrock/fatherhood-freak-out-ad

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd. For more detail please visit, http://www.brightrock.co.za/.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 05/14/2013 -- Single mothers in South Africa can experience big financial challenges. According to research done by the South African Institute of Race Relations, only 35% of children were living with both their biological parents in 2008, while some 40% were living with their mother only.

The government increased the child social grants to R290 in April, but this can only stretch a single mother's budget so far. We look at ways to help the single mother juggle her finances and turn every cent around.

The basic expenses you should budget for:

Having a budget will help you plan better. Paul Roelofse, consumer advocate at the Financial Planning Institute of Southern Africa, says it's essential to put pen to paper and categorize your expenses for provisions and debt.

"Provision covers a broad range of expenses you should put aside for life insurance, short-term insurance and retirement. This is the money you'll need for life-changing events or an emergency," says Roelofse.

Getting rid of debt is another key element to future wealth, because debt's interest alone will serve a better purpose if you can invest it. This is especially true for single mothers, who are likely to require the freed-up cash available after settling debt.

Suzanne Stevens, Executive Director at BrightRock, adds that a budget will help you stay clear of debt because you'll be able to see upfront what money you have available once your expenses have been paid.

What should single mothers consider saving for?
An emergency fund is a saving facility that can provide peace of mind to any mother concerned about the money required for unforeseen circumstances. "Putting away your money in a money market or access bond will give you peace of mind to pay for big expenses, like when your car breaks down or your geyser needs replacement," says Roelofse.

Single parents should also opt for short-term savings such as unit trusts, as opposed to long-term savings like a retirement fund. This is because you are more likely to require access to your money before the age of 65 years if you are bearing the cost of raising a child.

Before looking into a savings option, it may be wise to speak to a financial adviser who can assist you in finding a portfolio that works for both you and your children's needs.

"In the end, it's all about getting your money to work harder for you, getting a little extra time to spend with your children, and sneaking in some 'you time'," says Stevens.

How should you budget for your children's education?
Education is a necessary and often expensive requirement. This financial responsibility can become even more overwhelming for a single-income household.

"All parents want the best education for their children, but realistically not everybody can afford it. Many people fall into debt traps trying to pay for their children's tuition. Even university is not as expensive as some private schools," says Roelofse.

When it comes to paying for university costs, Roelofse says you don't need a big capital as it can be paid off each semester as a living expense. For example, if your child wants to live on the campus's residence, consider how much you can save if he/she opts to live at home. You should always weigh-up what you can afford.

How should you budget for clothes and food?
Ridding yourself of debt will also help you stretch your rands when it comes to grocery shopping. It saves to buy in bulk at stores like Makro, because prices are generally lower and you'll be saving on the travelling costs, too.

Roelofse also suggests capitalizing on loyalty deals offered by companies like Discovery Vitality, where you can get 25% off your purchase of healthy foods at Pick n Pay. When it comes to clothes, try to stay clear of clothing accounts. Although many accounts can be paid over six months' interest free, falling behind on your payments leads to high interest charges.

Justmoney's tips for single moms:

Steer clear of debt - it can rob you of investing in your family's future.

When investing, opt for short-term savings to provide access to money when you and you children may need it the most.

Roelofse adds that if you save 30% of your income for provisions and 30% for debt, you should gain adequate control over your financial requirements

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd. For more detail please visit, http://www.brightrock.co.za/.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 04/06/2013 -- After radio listeners misunderstood the message of a radio ad campaign, life insurer BrightRock has given them the opportunity to change the ad.

BrightRock will allow consumers to script its radio advert for its Love Change campaign through a newly-launched Facebook page and the 'you change our ad' application.

The advert about a dad meeting his new-born son for the first time has been aired on Talk Radio 702 in recent weeks. The message of the advert, Love Change, is that outdated attitudes need to change. But some listeners did not interpret it in this way.

"At BrightRock, we pride ourselves on our ability to meet your needs and to respond as those needs change. So, we are heeding 702 listeners' feedback, and giving you the chance to change our advert," says Suzanne Stevens, BrightRock's executive director of marketing.

The winning script will be recorded and aired on radio while the script writer will get to attend the studio recording. According to Stevens, BrightRock's life insurance changes as your life changes. "While most people fear change and the uncertainty it brings, BrightRock clients can love change, and the new choices and opportunities it brings."

For its radio advert, BrightRock chose the birth of a child as one of life's milestones. "The winning script will be one that best reflects the fears, hopes and aspirations of a father for his new-born son," adds Stevens.

The promotion kicked off on Talk Radio 702's Jenny Crwys-Williams show on Wednesday. Visit their Facebook page to find out more.

BrightRock's Love Change campaign made headlines late last year when a young man asked the love of his life, Tarryn, for her hand in marriage in front of a captivated cinema audience. Much to the dismay of movie-goers, Tarryn said no. As it turns out, BrightRock staged the whole performance and made sure cinema-goers heard its message through this marriage proposal. Read the story here

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 04/05/2013 -- BrightRock offers unique needs-matched life insurance that is structured to allow you and your financial advisor to work together to create the best life insurance solution for you. Help BrightRock rewrite the script of its 'Fatherhood' radio advert. Through a special 'you can change our ad' app, consumers will able to suggest alternative wording to the ad.

BrightRock has launched its new 'Love Change' Facebook page where it is giving consumers the opportunity to help rewrite the script for its 'Fatherhood' radio advert. Through a special 'you change our ad' app, consumers will be able to enter their suggested wording for the new advert.

The advert about a dad meeting his new-born son for the first time has been aired on Talk Radio 702 in recent weeks. The implicit message of the advert, given the slogan "love change", is that outdated attitudes should also change, but some listeners do not interpret it in this way.

"At BrightRock, we pride ourselves on our ability to meet your needs and to respond as those needs change. So we're heeding 702 listeners' feedback, and giving you the chance to change our advert," says Suzanne Stevens, executive director: marketing at BrightRock.

The winning script will be recorded and flighted on radio – and the script writer will get to attend the studio recording.

"BrightRock's needs-matched life insurance is the first ever that changes as your life changes. So, while most people fear change and the uncertainty it brings, BrightRock clients can love change, and the new choices and opportunities it brings. Especially at life's inflection points – those milestone moments that change your life forever. For our radio advert, we chose the birth of a child as one of those inflection points. So the winning script will be the one that best reflects the fears, hopes and aspirations of a father for his new-born son."

The promotion kicked off on the Jenny Crwys-Williams show on Wednesday, 13 March on Talk Radio 702 and on Facebook.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Gauteng, South Africa -- (SBWIRE) -- 03/06/2013 -- Making provision for your child's future is a complex task but a little foresight and planning now will help ease the financial burden later on. When calculating future costs, you need to take into consideration the rising price of living and education. More importantly, you need to consider adequate life insurance for yourself in the event that something happens and you are no longer able to provide for your child.

It's important to initiate a savings plan as early as possible to ensure you have sufficient funds for your children's education. And to make sure you're not just saving towards their education but also providing cover in case something should happen to you:

- When making provision for your children's education should something happen to you (illness, injury or death), make sure not only to provide for the education costs (school or tuition fees) paid to an institution, but also to take into account the related costs including extramural activities, books, stationery, accommodation, cell phone allowance, groceries and all the other living and household expenses related to your child.

- It's important to think about how long your child will need to be covered for. If you expect that your child will complete a three-year post matric qualification before entering the working world, you probably only require cover to age 21, but if your child is likely to carry on and do a postgraduate degree, you may need cover for longer.

- Think about the kind of academic institution your child will attend during each phase of their education – pre-primary, primary, secondary and tertiary. If your child attends a government high school, there could be a significant increase in cost once he or she graduates from school and starts tertiary education, so you may need more cover to kick in after your child reaches the age of 18 years. However, if your children will attend private high schools, the cost difference between tertiary and secondary education may not be as substantial.

How much is enough?
"Using BrightRock's needs-matched solution one can easily calculate the potential costs. If, for example, you're spending about R5 000 a month per child – say towards private school fees, extramural activities, after-care and other related costs – and this amount inflates yearly at consumer inflation (assumed at 5%) plus 2%, by the time your child reaches the age of 24, the total cost equates to a lump-sum investment of about R1.8 million today," says Suzanne Stevens, Executive Director of Marketing at BrightRock.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorized financial services provider, underwritten by Lombard Life Ltd.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 03/05/2013 -- The best aggregation technology isn't always all byte and processor. When it comes to creating insurance solutions that meet the consumer's need, we believe there's still no replacement for flesh, brain and heart.

An aggregator is a person or a thing that aggregates related and frequently updated content from various sources and consolidates this content in one place for viewing. The past few years have seen the emergence of online aggregators to assist consumers in their purchasing decisions. This is particularly true of developed markets like the USA, where noted research firm Forrester as far back as 2009 reported that around 39% of all insurance purchases (short- and long-term) were transacted online.

In the SA insurance industry, aggregation technology is not yet as firmly entrenched. But we are starting to see more insurance contracts being concluded through the internet, with direct insurers – particularly in the short-term space – increasingly using aggregation technology to supply clients with online quotes. The power of online aggregators lies in their accessibility and convenience.

Clients receive their quotes in seconds and once they've completed the process, their details are sent to an insurer who will contact them to conclude the policy. They're literally able to access quotes from a number of players at the click of their mouse. And given the increasing demand for accessibility and transparency in financial services, the appeal of this technology is clear. But can online aggregation ever fulfill the same role as an independent financial adviser, particularly in the complex life industry?

The first issue with online aggregated policies is that they're stripped down to the bare essentials. So while clients may benefit from convenience and a low premium, the cover they end up buying may not necessarily suit their needs or be flexible enough to meet their future needs.

And clients' fundamental lack of understanding of their financial needs is arguably the greatest objection that can be made to the online aggregation tools. A 2011 survey by Deloitte in the USA entitled "The Voice of the Life Insurance Consumer" found that the majority of consumers do not take the initiative to find cover; they still rely on someone – their employer, a product provider or a financial adviser – to approach them and offer them cover. Overwhelmingly, the study concluded that consumers don't recognise the financial needs met by life insurance – and hence, they're unlikely to seek coverage. So that old chestnut, that life insurance is sold not bought, appears to hold true still.

Independent Financial Advisors (IFAs) remain firmly in the lead in South Africa as the source of trusted advice, although the number of South Africans making use of independent advice is still worryingly low. A survey conducted by Visa among middle-class South Africans, the Visa Wealth Worries 2013 survey, released last week, found that 16% of respondents trust the Internet for financial advice, whereas 32% relied on financial advisers. Other sources of advice cited were a spouse or partner, family, friends and newspapers. The Financial Services Board's (FSB's) financial literacy survey (published in September 2012) reported that 62% of South Africans would trust a financial adviser to provide them with sound financial advice. The FSB study makes no specific mention of the internet as a source of financial advice.

In BrightRock's opinion, the independent financial adviser remains the best aggregator and the most sophisticated technology available to clients. Financial advisers are uniquely qualified and experienced to find the perfect fit for their clients' risk cover needs. In their ability to relate to their clients, like no online aggregator can, IFAs are not only able to understand their clients' concerns and their aspirations, but – in light of some of the findings we've highlighted here – are able to relate those concerns and aspirations back to clients' underlying financial needs. And in turn, are then able to relate those financial needs back to a life insurance solution that can adequately cater for them.

In essence, good old fashioned independent advice is no different from newer forms of aggregation; however, we'd argue the quality of the output is better. That's why we believe in giving you the best support to help you bring as much heart as possible to creating a risk solution that meets each client's unique needs.

BrightRock provides an online quoting tool, called Flint, to assist in creating a policy that suits the needs of the planner's client now and is able to grow and adapt as their needs change. On average, Flint does 24 million separate calculations per quote to generate the best, most tailored policy that is needs-matched for the planner's client.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd. For more detail please visit, http://www.brightrock.co.za/.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 03/01/2013 -- Aggregators and online comparison sites are the fastest-growing distribution channel for motor and household insurance in Europe, but are not as firmly entrenched in the South African insurance industry.

According to Sean Hanlon, executive director of sales and distribution at BrightRock Life Insurance, online aggregated policies tend to be stripped down to the essentials and cannot provide the insight of an independent industry specialist. "So while clients may benefit from convenience and low premiums, the cover they buy may not suit their needs or be flexible enough to meet future needs," warns Hanlon.

Based on surveys of consumers in six European countries, research from Finaccord, a market research, publishing and consulting company specialising in financial services, the use of aggregators to buy motor and household insurance is most advanced in the United Kingdom but is clearly now growing in France, Germany, Italy, Poland and Spain. Online acquisition channels have increased in five of the six countries.

Of the combined average for consumers switching a motor or household insurance policy or buying one for the first time, online channels accounted for 42.3 per cent of transactions in 2012, compared to 35.4 per cent in 2008. The UK claimed the largest share of online purchases, with 69 per cent, while France showed the lowest levels of online purchases, at 25.2 per cent for 2012.

The statistics on aggregator use follow a similar pattern, with the UK in first place at 30.3 per cent, and France the lowest at 11.2 per cent. However, this was still more than three times the figure recorded for purchases in all previous years combined in France, which was 3.1 per cent.

While not as popular in South Africa, Hanlon observes that we are starting to see more insurance contracts concluded online, with direct insurers, particularly in the short-term space, increasingly using aggregation technology to supply clients with online quotes.

While online aggregators offer clients considerable accessibility and convenience, a key concern is that clients lack thorough knowledge of their own financial needs and aggregation tools cannot provide the necessary input. A 2011 Deloitte survey found that the majority of United States consumers do not take the initiative to find cover; instead relying on someone - an employer, product provider or financial adviser - to suggest cover. Overwhelmingly, the study concluded that consumers don't recognise the financial needs met by life insurance and are therefore unlikely to seek coverage.

In South Africa, independent financial advisers (IFAs) remain the leading source of trusted advice. A recent survey conducted by Visa among middle-class South Africans, the Visa Wealth Worries 2013 survey, found that 16 per cent of respondents trust the Internet for financial advice, whereas 32 per cent rely on financial advisers.

The Financial Services Board's (FSB's) September 2012 financial literacy survey reported that 62 per cent of South Africans trust financial advisers to provide sound financial advice. It makes no specific mention of the Internet as a resource.

BrightRock offers a solution intended to combine the benefits of technology with the insight and expertise of IFAs. BrightRock's online quoting tool, Flint, is available to assist in creating a policy that suits a client's present needs and is able to grow and adapt as their needs change. The tool does an average of 24 million separate calculations per quote to generate the best, most tailored policy for a client.

According to Hanlon, the independent financial adviser remains the best aggregator and the most sophisticated technology available to clients. "Financial advisers are uniquely qualified and experienced to find the perfect fit for their clients' risk cover needs. They are best able to understand clients' needs and aspirations and relate those to financial requirements."

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Johannesburg, South Africa -- (SBWIRE) -- 02/22/2013 -- Johannesburg, South Africa - For most parents, providing their children with the best education they can afford is a number one priority. The proliferation of private schools in South Africa is testimony to this fact.

According to a survey quoted on Parent24 last year, in the ten years between 2000 and 2010, private schools saw a 76% increase in enrolments . But the costs can be exorbitant. Without taking into account pre-primary school or tertiary education costs, the primary and high school fees for a single child could cost you in the region of R400 000 for a public school and over R1 million for a private school over 12 years.

Parenting magazines are filled with adverts for financial products that can help – but finding your way around the different options can be daunting. Here are five questions to ask your financial adviser when discussing how best to provide for your children's education in your financial planning.

1. Is the policy you're discussing a savings plan, an investment or a life insurance policy?

Many parents set aside money in a bank account every month to save up for their children's tertiary education. Others invest funds in an education savings plan or investment policy, where the funds are invested in unit trusts or other investment vehicles that can potentially earn them higher returns than just the interest they'd earn in a normal savings account.

But parents should also consider education as a specific financial need when structuring their life insurance policy, says BrightRock's Executive Director: Marketing, Suzanne Stevens. Through their life insurance cover, parents can make specific provision for the costs of their children's care and education should either or both parents no longer be able to support their children financially because of an illness, injury or death.

2. If it's a life insurance policy, does it offer indemnity cover or stated cover?

Some life insurance policies that cater specifically for education offer indemnity cover. This means the pay-out will be made directly to the specific education institution, proof of the actual expenses will be required and the insurer can set a maximum limit on the pay-out. Usually, with these policies, there's cross-subsidisation – so the premiums of clients whose children have lower school fees subsidises those with higher school fees. Other policies offer stated benefits. In this case, the person taking out the cover can choose the pay-out amount based on what they can afford, with no cross subsidisation. The pay-out will be made directly to the client or their beneficiaries – not to the institution. And there's no need to provide proof of the actual expenses.

3. How will cover grow over time?

Consumer inflation (as measured by the Consumer Price Index or CPI) is the rate at which costs for household goods go up every year. But education costs tend to go up a lot faster – growing at between 2% to 3% more than CPI yearly. It's important to check whether your cover will be growing to keep up with these rising costs. If you take out cover that grows at CPI only, you could face a big gap – as much as 30% – between the pay-outs you receive and the actual costs of your child's education.

4. Does it provide only for education?

School fees aren't the only expenses you need to think about providing for. Over and above costs like uniforms, books and stationery, you also need to think about food and transport costs, sports equipment, extramural activities and all the other costs that go hand in hand with raising a child. It's crucial that you and your adviser think about all of these expenses, so you know your children are fully provided for if something should happen to you. If the education policy you're taking out caters only for education costs, you need to ensure you've provided for all these other expenses elsewhere in your financial plan.

5. When will the cover end?

It's important to consider how long you want to provide this cover for. Some parents expect to provide for their children only until they reach the age of 18 years or the age of 21 years. Other parents may wish to provide for their child until they reach financial independence. If your child plans to go to university, they may only enter the working world at the age of 24. So check when the cover will end. And if you do plan to make financial provision for cover until your child finishes their tertiary education do, make sure you take account of the significant jump in costs you may experience when your child makes the transition from school to university. It's not just the fees that may increase, but other costs like transport and accommodation if your child will be studying away from home, for example.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 02/21/2013 -- Income protection products seem to be hot news right now, with a few of the established players in the market launching and emphasizing enhancements to their income replacement offerings.

While the underlying financial needs that relate to income are recurring in nature and there are recurring income replacement products available on the market, lump-sum disability products remain the most popular.

Popular wisdom suggests that, if a client had to choose between the two, they're better off with an income replacement policy.

But what should clients and financial advisers be aware of when choosing an income replacement product?

Below we share our shortlist of key points to consider.

In fact, we created BrightRock's product to ensure that you can create an entirely needs-matched solution for each of your clients that takes into account all of their different needs across both their income and asset protection needs:

1. Needs duration
Some recurring needs are lifelong needs while others may fall away in time.

The need to cover basic household expenses and healthcare costs exists for life; however, the monthly costs associated with educating children will fall away.

Traditionally, income replacement products provide cover only until retirement age. Some of the newer products in the market allow for limited post-retirement cover as well - but because of the limits that apply, the cover may be severely watered down in retirement.

In BrightRock's view, a good income protection product should offer clients the ability to secure appropriate pay-outs post-retirement for lifelong recurring needs (like healthcare and household expenses).

2. How cover grows
While the monthly expenses covered under the banner of income replacement policy are all linked to consumer inflation, the underlying costs may grow at different rates over time.

Simply growing cover by inflation may lead to significant underinsurance for these needs.

The ability to structure the cover for each of these needs by taking into account their duration and growth over time is a central concern.

This not only ensures that your client's cover is relevant, but that it's also more cost-efficient, because it can be priced appropriately from the outset.

3. Claims criteria
When it comes to claims, many products are based either on occupation definitions or medical definitions. However, occupation-based criteria are sometimes so narrow that a client with a severe medical condition may still be deemed able to work.

On the other hand, the application of strict medical definitions won't necessarily make provision for the case where a client who has a mild medical condition may be significantly hindered in their ability to perform their occupation.

It is important that clients enjoy the benefits of both worlds with the application of objective medical criteria and an occupation-based underpin.

4. Cover continuation
Typically, while your client's insurance needs may change or move over time, this doesn't mean they disappear or that new needs won't arise. The ability to buy up more cover when they need it, is key.

BrightRock offers policyholders the ability to redirect premiums from an area where they're no longer needed to an area of cover where they can be better applied.

5. Claims-stage flexibility
We believe it is important to bear in mind that the nature of your client's financial need may differ at claim-stage depending on their financial circumstances and condition at the time of the claim.

Other product structures in the market require clients to make the choice between capital disability and income protection at policy initiation, when they couldn't possibly know which choice would be more appropriate at claim-stage.

BrightRock has the only product on the market that will let your client change between a lump-sum or recurring pay-out, or a combination of these at claim.

Because at BrightRock we understand that your client is in the best position to know, with prognosis in mind, what their financial needs will be. This helps place them in the position to make the correct decision for them.

All in all, BrightRock has developed needs-matched life insurance because we understand that no two clients are the same. This is a world first.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 02/20/2013 -- Making sure your children are provided for and their education needs are met, has become ever more important. This makes this need for good financial planning even more important.

Saving for your children's education
It's never too early to start saving for your children's education. In today's rapidly changing world and fledgling economy, making sure that your children are equipped for the future is more important than ever. It's never too early to start saving for their school and university years. But what financial plans should you be making?

Suzanne Stevens, Executive Director of Marketing at BrightRock, which offers individualised and flexible life insurance cover, provides insight on saving for your children's education and teaching them financial responsibility.

1. When should you start saving for your children's education?
It's important to start making financial provision for your children's education as soon as you can – we'd suggest from birth, if possible.

2. Please provide more detail on how one would calculate how much money to save each month?
How much money you'll require depends on a number of factors – how many children you have, what kind of school you're planning to send them to, what kind of tertiary education you have in mind for them and how long you'd like to provide for them for. Without taking into account pre-primary school or tertiary education costs, the primary and high school fees for a single child could cost you in the region of R400 000 for a public school and over R1 million for a private school over 12 years. That's based on current pricing in the market and taking into account the impact of inflation.

Some parents expect to support their children only until they've graduated from high school at age 18; others are willing to support their children throughout their tertiary education until they expect them to reach financial independence, when they enter the working world – which, depending on the profession they choose, can be as late as age 24.

It's important to not only take into consideration school and tuition fees but consider all the related expenses – food, accommodation, extramural activities and more. We suggest asking a financial adviser to help you do the sums.

3. How should this money be invested? How do you decide which investment or policy best suits your needs?
The vehicle parents choose for providing for education needs would depend on their budget and their broader financial plan. An independent financial adviser can provide sound advice, based on what other savings, investments and insurance policies are already in place.

For some parents, the simplest option is to set aside money in a bank account every month to save up for their children's tertiary education. Others invest funds in an education savings plan or investment policy, where the funds are invested in unit trusts or other investment vehicles so they can earn higher returns and grow their education savings more quickly.

Parents should also make sure their life insurance cover makes adequate provision for the costs of their children's care and education should either or both parents no longer be able to support their children financially because of an illness, injury or death.

How can you teach your children financial responsibility from an early age?

Set the example. Children learn their attitudes towards money from their parents. Before you can educate your children about money, it's worthwhile getting educated yourself. There are many books, seminars and online resources available to help you draw up a household spending plan, manage your debt and build up savings.

Money talks. Don't shy away from discussing money matters with children, and make sure you frame these discussions positively. If your children learn to fear money or feel negatively towards it, they won't feel empowered to manage it well when they grow up one day.

Make it rewarding. Let your children earn their pocket money so they're able to experience a sense of achievement and reward. Then open a savings account for their earnings – or just let them collect them in a piggy bank, so they can practice saving and spending.

Encourage entrepreneurship. Many schools offer entrepreneurship programmes or days where children as young as six years can run their own small business. The experience will teach them how to work out their expenses, and how to tally up their profits and their losses – valuable skills that can set the scene for future financial success.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock(Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Gauteng Province, South Africa -- (SBWIRE) -- 01/21/2013 -- Magic Software Enterprises Ltd., a global provider of software platforms for enterprise mobility, cloud applications, and business integration, announced today that BrightRock (Pty) Ltd, provider of South Africa's newest and most innovative life insurance product – needs-matched insurance - has chosen Magic xpa Application Platform to rapidly develop and deploy specialized insurance products. BrightRock is backed by Lombard Insurance Group, which holds over R1,3 billion in assets.

A long-term user of Magic development products at his previous position, Leopold Malan, Executive Director in charge of processing at BrightRock explains, "We need to empower our front-end employees with a data-rich administration interface as well as a reliable back-end system where data is used in complex calculations and evaluations. All this needs to happen seamlessly and quickly to allow our users to deliver exceptional customer service with all the information they may need immediately at hand. Based on my experience, I knew that Magic xpa would be key to enabling us to accomplish these critical tasks."

The applications developed with Magic xpa are centrally hosted to ensure security and that every user, no matter where they are located, has access to the latest, up-to-date information. The administration interfaces are delivered to staff as user-friendly, rich Internet applications (RIA) via a Citrix infrastructure.

"The Magic xpa platform supports BrightRock's needs for rapid roll-out of complex applications as well as adherence to the company's standards for quality and accuracy," says Hedley Hurwitz, Managing Director of Magic South Africa. "In addition, Magic's advanced technology offers BrightRock the ability to quickly and easily mobilize their enterprise applications for iOS, Android, Windows Mobile and RIM smartphones and tablets with a single development effort."

Magic xpa implements business-centric technology to offer unmatched productivity, enterprise-grade reliability, and integrated scalability to support business growth.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualized life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorized financial services provider, underwritten by Lombard Life Ltd.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, South Africa -- (SBWIRE) -- 01/10/2013 -- Innovation is the development of new customers value through solutions that meet new needs, inarticulate needs, or old customer and market needs in new ways. This is accomplished through different or more effective products, processes, services, technologies, or ideas that are readily available to markets, governments, and society.

Innovation differs from invention in that innovation refers to the use of a better and, as a result, novel idea or method, whereas invention refers more directly to the creation of an idea or method itself. Innovation differs from improvement in that innovation refers to the notion of doing something different (Lat. Innovare: "to change") rather than doing the same thing better. With this in mind, we have asked the industry to share their innovations for 2012 with us…

From Wikipedia, the free encyclopaedia. For other uses, see Innovation (disambiguation)

- Online trading platform Sanlam iTrade to offer the world's most advanced technical analysis tool, autocharist.com. By offering traders access to charting patterns, the software provides an invaluable tool for traders looking to find returns in the current sideways market. autochartist.com automatically recognises trading opportunities.

- Sanlam Investments (SI) became one of the first South African financial services companies to incorporate augmented reality in its marketing mix. A free app called Pictivate – available for download – provided mobile device users with a range of bonus content linked to a special insert with SI ran in various publications in October 2012. The app allows users to enjoy a novel and sharable experience, while learning about SI's expertise and offering. The aim was to create a range of innovative experiences through useful interactive platforms, in a way that is practical, sustainable and magical.

- PSG's innovative myPSG – Platform provides immediate, simple 24/7 access to a consolidated summary of a client's total financial position within the PSG Konsult Group, including PSG Konsult Corporate, PSG Online and PSG Asset Management personal financial information. The website platform is supplemented by a smart-phone application (app) for Android and Apple devices, putting all personal financial information of clients literally at the advisor's fingertips. Logins to myPSG grew by a few thousand users each month since the launch.

- At Liberty the investor now only pays for the set up costs, initial advice fees and profit margins when and if their investments first delivers them with what is called the Target Return and this return is currently set at an eye watering 15% per annum. The product range is called Evolve, and is structured around what Liberty calls it's Pay on Delivery investment philosophy, and it represents another South African first for this pioneering financial services provider.

Momentum Wealth's Investment Tool is an uncomplicated and graphic point-of-sale guide, suitable for both investment (discretionary) and retirement products, to manage your clients' investment risk and the creation of reasonable (and realistic) return expectation. You can visually add, remove, or combine various investment scenarios to construct the perfect investment portfolios for your client. The exciting new iPad application for the Wealth Investment Tool (available in December 2012) will provide you with an easy online or offline access to a Wealth world of investments.

- BrightRock has the only product on the market that will let your client change between a lump-sum or recurring pay-out, or a combination of these at claim stage. They understand that your client is in the best position to know, with prognosis in mind, what their financial needs will be. This helps place them in the position to make the correct decision for them. BrightRock has developed needs-matched life insurance because they understand that no two clients are the same. This is a world first.

- FMI's Service Level Agreements include the following innovative payment benchmarks: Claim Lodged to Requirements Sent (24hrs). All Requirements Received to Decision (48hrs), and Decision to Payment (48hrs). FMI also underwrites upfront and generally doesn't aggregate on temporary income protection claims at claims stage.

- Liberty has become the first insurer to revise its screening methods for HIV and Continine, which means clients no longer have to undergo invasive medical tests and new policies can be issued significantly faster. Changes to their medical evidence collection process through using finger prick testing, making it faster, more efficient and more convenient for clients.

- Momentum Myriad's new generation income protection will pay 150% of a typical clients' income during their working life. By paying more than what they are paying now, we are helping them stock up for a long life, where medical advances are keeping them alive despite their disability. Disability cover is now converted to while life impairment cover at retirement – free of underwriting. Retirement savings gets a boost – first when client retire and again when they reach 80.

- Myriad Designer - This sophisticated first-of-its-kind electronic tool, will help you navigate the many choices your clients have, will design optimal risk solutions and will help you to do quotes with expert guidance in just a few clicks. Importantly, it also records the advice you give your clients automatically. Quicker quotes, appropriate advice and less advice risk.

- Momentum Interactive has been improved and medical reassessments are no longer required on a three yearly basis. Clients now only need to complete an easy online reassessment to retain their discounts. If they do this, their premium discount will never fall away.

- Momentum's new date capture form now has 10 pages less to complete and has been redesigned to make completion easier. You will only be asked for information once and only one client signature is required. Significant enhancements to the electronic submission system (E-app) have been made, making it even easier to submit business directly to Momentum. You will be able to capture an application through your personal computer or tablet device. In addition, capturing screens now follow the look and feel of the new shortened application form and quotes done on our offline quote package can be uploaded automatically.

- STRIDE facilitated the implementation of a data standard with international standard organisation ACORD, that will enable insurers and binder holders to communicate with each other without the need to constantly translate from one business format to another. STRIDE also developed and is in the process of implementing an industry data switch, enabling all parties in the insurance transaction to implement one technology platform to allow a seamless flow of information to and from relevant parties.

- Momentum Short-term Insurance launched six new tailor-made products in addition to their existing four tailor made commercial products in 2012. Industries now covered: Medical, Hospitality, Food & Catering, Retail, Pharmacies, Optometry practices, Hairdressers, Barber shops, Beauty salons and Body Corporates.

- Liability Academy for Brokers (LAB) now has its own dedicated website: www.camargueacademy.co.za. The site provides brokers with the opportunity to: Read policy wordings in plain language explanations of cover, Search through an extensive database of frequently asked questions about covers, Learn about the Road Accident Fund, COID, the CPA and the law in general, Sign up for face to face training and Download material for inclusion presentations.

- Camergue instilled the M³ principle, with which the aim is to manage, mitigate and migrate the critical risks of clients. All clients have access to around 400 legal professionals who provide assistance on a variety of liability issues from product labelling to contract vetting and the training of sales staff on the CPA.

- Camargue's Future Innovation – Apps for smart phones and tablets are currently in development, while quoting engines for D&O, EPL and Commercial Crime products are near completion. Further enhancements are being made to our existing online training facilities and electronic M³ services are being expanded.

- Lion of Africa Insurance recently implemented its electronic procurement system, which uses analytic capabilities to improve the claims procedure by initiating multiple activities and synchronising events. The core objective of the new electric system is to allow for customer centricity, as the claims flow passes to and from the client. Benefits already apparent with the new innovative system include improved stakeholder engagement, improved turnaround times on claims settlement, increased transparency and client retention, and a reduction in administration costs.

- Censo developed an innovative system that can analyse a claim's risk. With an enormous database it can easily evaluate and compare a claims' risk and determine in split seconds if it is necessary to investigate a claim further. This product ensures that Censo is a leader and bench setter in uncovering fraud in a very short time span.

- SSP's Enhance and Evolve approach supports business transformation and innovation, by providing a framework for insurers to address their most urgent business priorities with modern technology while extending the life of existing core systems as part of a technology re-fresh strategy. This approach enables insurers to be more dynamic, adopting new and emerging technologies within their existing legacy environment through access to best of breed components. For many this will prove the best way forward when considering IT modernisation.

- Europ Assistance SA's drives a unique solution that encourages members to drive responsibly. Members are able to claim up to two incidents a year, however should a member require additional trips, Euro Assistance SA will facilitate the booking on a member to pay basis.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd. For more detail please visit, www.brightrock.co.za.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 01/09/2013 -- BrightRock offers a unique stance on life insurance. It's made just for you at the start, and changes with you throughout your life and provides individualised life insurance cover that is designed to change with you throughout your lifetime.

"Little boxes on the hillside, Little boxes made of ticky-tacky, Little boxes, little boxes, Little boxes, all the same...." This childhood song by Malvina Reynolds reminded me of one of the great ironies of life. When we choose a property for ourselves - as far as we're able to - we don't pick the standardised, blue-printed 'little box' that's all the same as everyone else's. We choose something that we love. That has potential. That suits all of our needs - both now and in the future.

The third bedroom? That's for when we want to add to our family. The large back garden? That's so we've got space for a pool.

Yet, when the bank that granted us the bond tells us that in order to have this investment we need life insurance, we are given very little choice. Indeed we're asked to pick a number - say R1-million of cover or R5-million of cover. But what are we buying and how will this cover change when my needs change?

Schalk Malan, executive director: Actuarial at BrightRock says, "When you purchase your property you know you'll be paying it off for the next 20 years or so, but, if you're able to pay it off sooner, why should you continue to pay for cover on that risk?

"We believe that you should be able to tailor your cover to meet your needs and keep it for just as long you need it. When your home loan is paid off and you no longer need the cover, it can simply fall away. This means that you're not paying from your first premium, for cover that's been priced for life, like you would with other life insurance policies, when you only need it for a few years."

Fast forward a few years to when you are ready to increase your mortgage to afford those renovations. Can you also increase your cover?

Says Malan, "We believe it should be easy for clients to change their cover as and when their circumstances change. Through our cover buy-up facility you can increase your cover by up to 25% for each new need without having to undergo any further medical tests (with the exception of HIV)."

For most of us, the instalment on our home loan is our most significant monthly expense. And, with the average cost of a home in South Africa today at around R900,000, South Africans are spending approximately R7,000 every month repaying their mortgage debt.

A life insurance product that's right for you will help to make sure your family can count on the comforts of home sweet home - in good times, and in bad - and as you change and grow with your property.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd. For More information please visit, www.brightrock.co.za.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Find out more about how critical illness and disability insurance are becoming increasingly complex from life insurance companies. Get advice on how to understand your life insurance policy and how to overcome potential pitfalls by being fully compliant with the life insurance policy’s requirements.

Pretoria, Sout Africa -- (SBWIRE) -- 12/17/2012 -- "Critical illness and disability insurance are increasingly complex and policy holders are sometimes left with less money than they thought after a debilitating event. We ask how brokers should be advising their clients to make sure they get the most out of their cover.

People are living longer, partly because of the medical improvements in the treatment of heart attacks and cancers. This means that severe illness and disability cover have never been more important," says Ferdi Booysen, Greenlight product marketing manager at Old Mutual. Critical illness and disability insurance benefits provide clients with the peace of mind that, if disaster strikes, their family's financial future is secure.

That being said, there are cases where policyholders are making legitimate claims, but are not receiving the amount of cover they are expecting. "This is where a financial advisor plays a vital role. The advisor will assist the client in determining the amount of cover the client requires. In so doing, the advisor paints a realistic expectation for the client as to the pay-out levels at claims stage. Consideration should be given to the benefit escalations to increase the sum insured over time as well," says Andre Froneman, product specialist at Altrisk. In times of trauma or grief, the last thing your clients or families need is to have to deal with the added stress of having a disability or critical illness claim contested or denied. To ensure a smooth claims process and for the cover to remain valid, the policyholders must be fully aware of, and comply with, all requirements in the policy. In general this is not difficult to achieve, but there are a few pitfalls.

Do not withhold information

It is general knowledge that disclosing certain information on an insurance application could lead to increased premiums or exclusions on the policy. This creates a dangerous temptation to withhold or give misleading information to the insurer to secure the best deal. Clients should be warned against falling into this trap; it is a direct violation of the policy agreement and will result in claims being rejected. Clients should understand that any short-term gains from reduced premiums will be nothing compared to the cost of a rejected claim.

Policy holders must disclose any previous medical conditions when applying for disability and critical illness cover. If they have had cancer before and it returns, the insurer will be well within their rights to refuse a claim if the client did not inform them of the previous case.

Not having enough cover

There are many reasons clients may not have sufficient cover in case of critical illness, some are self-inflicted by balancing the cost of insurance against something that provides instant gratification. "Adequate cover can be expensive and the perceived value is low. Buying personal cover is usually weighed up against an immediate gratification product, like purchasing a new iPad or new car. Young people often believe that they are invincible, until they experience a change in their own health, when it may be too late or too expensive to buy cover," says Booysen. In this instance it is imperative for brokers to impress on their clients just how devastating disability and critical illness can be without insurance cover.

Existing poor health is another reason some policyholders may not be able to obtain enough cover. "Some customers could already be in poor health when they apply for insurance. While life cover may be granted either at a standard or a higher premium, it is possible that the severe illness or disability cover will be declined. This is because some impairments or conditions carry a higher risk of causing a disability or a severe illness, without necessarily affecting life expectancy," explains Booysen. For example, clients with high blood pressure and cholesterol have an increased risk of having a stroke, which could severely disable them without causing death.

It is important to consider what critical illnesses and potential disability the client is most at risk for, and factor in the real cost of those events when considering the level of cover. "It is important that clients understand what they're buying so they can anticipate areas of shortfall in their cover and look at ways to make up these shortfalls, or plan for them to ensure their needs are adequately addressed," explains Sean Hanlon, executive director of BrightRock, which was launched in 2011 and operates under mandate from Lombard Life.

The point of disability and critical illness cover is to provide financial security for the policyholder's family when they are suddenly unable to. This includes providing the financial means to help the policyholder adjust to life with a disability or after a serious illness, such as adapting their home for wheelchairs. Therefore, when deciding on an amount of cover, brokers should encourage their clients to draw up a budget to more accurately understand how much the family needs on a daily basis.

Timing out

Policy documents are important and warrant being kept in a safe place, but if the policyholder's family is not aware of the cover or where the documents are being kept, there is a chance they will not be able to make a claim, especially if the policyholder is incapacitated.

Many disability and life insurance policies require that the client inform the insurer of an incident within a specified time. Therefore, if the policyholder is incapacitated and their family is unaware that the cover exists or don't know where the documents are kept, the timeline could expire and the claim denied.

Beneficiary changes

It is not just the policyholder's details that need to be corrected and up to date; the insurer must be made aware of any changes to information regarding any nominated beneficiaries as well. The insurer can only be responsible for what it knows about. Therefore if one of your clients has a child and wants cover set aside for them, they will need to adjust their beneficiary documents.

Claim information

When one of your clients makes a claim, they must make sure that they provide as much accurate information and documentation as they are able. Not only will incomplete or incorrect information put the claim at risk, it will also delay a legitimate claim being paid, which may put their family at financial risk.

Taking on additional risk

This goes hand in hand with withholding information on an application. Policyholders must resist the urge to not inform their insurer that they have taken on additional risk. If one of your clients takes up smoking, their insurance premiums will be higher because they are at a higher risk of getting sick or dying. If they fail to inform their insurance company of such a change and illness occurs because of that change, their family will be left with nothing but big bills.

Misunderstanding policy

Brokers should make their clients aware that there will be circumstances under which a policy will not pay out, even if full disclosure has been made with the insurer. If there are any exclusions on the policy, it is imperative that the intermediary goes over these with their client and makes sure they fully understand what they are and are not covered for. Typical exclusions relate to alcohol consumption, smoking, drug usage, suicide and violation of the laws of the land.

"Although flexibility and comprehensiveness of benefits is crucial for customers, the reality is that both of these come at the cost of benefits being more difficult to understand fully. Simply put, products have become more complex over the last few years. Without the help of a qualified financial adviser, customers may very well end up with benefits that do not behave the way they expected them to. Not only can a financial advisor explain the benefits, terms and conditions in simple terms to customer, but they can also ensure that the benefits purchased are relevant to the customer's specific risk needs," says Ryan Switala, head of risk product development at Liberty Life.

"Often, a lack of understanding of the purpose of the cover is to blame. Current product structures do make it very clear for which events the cover is intended, but clients may not understand the underlying financial needs involved. For example, clients may imagine that a lump-sum capital disability pay out of R5 million is more than enough if they've not understood that they'll not only need that lump-sum to pay off their bond, but also to provide them with an income for the rest of their life to take care of all their expenses from bit ticket items like their medical aid contributions and their children's education to everyday concerns like groceries, transport costs, utility bills and the like," adds Hanlon

Fight the good fight

Brokers should make absolutely sure that if a claim is declined that it is for valid and legal reasons, and that everything has been done correctly from the client's side. If it does happen that the broker or the client believes that they have a strong claim and the insurer continually refuses to pay out, it might be worth taking the claim to the ombudsman.

Insurance brokers exist to help clients with the intricacies of insurance. Critical illness and disability insurance are particularly complex and sensitive policies, as they exist to protect the client's way of life. It is imperative, therefore, that brokers go through all critical illness and disability policies with their clients to be certain that everything the client wants and expects from the cover is part of the policy.

It is equally important for brokers to impress on their clients exactly how important these types of insurance are. "We believe the most important discussion is around the purpose of the cover and the underlying financial needs the clients are insuring. If clients grasp what their cover is for, how it will grow and how it will behave over time, they're bound to be more receptive to the financial adviser's advice.

This will shift the discussion from one that typically lends to centre, from the client's side at least, purely on the price of cover to one that focuses on the value of cover," concludes Hanlon.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Gauteng, South Africa -- (SBWIRE) -- 12/14/2012 -- If you are permanently disabled, you will probably face a choice in how you want to be paid a benefit.

Schalk Malan, executive director: product at life assurer BrightRock says there are two main ways disability benefits are paid.

These are:

- Capital (Lump sum). You are paid a lump sum, which you must invest to provide an income.
- Income. You are paid out a monthly income. If your disability or income protection scheme is attached to a retirement fund (a group life and disability benefit), the amount will be paid until you become entitled to receive a pension.

Malan says both traditional disability and impairment lump-sum and income benefits may be affected by a number of factors.

These include:

- Temporary payment. Payments may be temporary, and the assurance company my require you to undergo rehabilitation to get you back to work.
- Delay before initial payment. In most cases, there is a delay, ranging from a week to a few months, before you are paid the benefit. If you are employed, you need to investigate your paid sick leave entitlement, which may cover the waiting period.
You may need to consider buying a policy that will pay for severe illness on diagnosis without waiting periods that could exceed the remaining days of your life.
- Scaled payment. Most policies have various permutations of payment. For example, you are paid 100 percent of your income for the first two or three years, and then 75 percent of your income for all subsequent years.
- Inflation-related payment. Your payments normally increase at a preselected rate. Malan says there is an on-going debate on whether it is best to select a capital lump sum payout or recurring payout on a permanent disability product.

He emphasizes that it is not an either-or debate. There is also a choice offered by some life assurance companies where you can take payment partly as a lump and partly as on-going income. Malan says in deciding what options to take you need to ask yourself what the intent is of your disability cover.

For example:

- Will the benefit be used to protect your future earnings or expenses following your disability?
- Will the benefit be required for lifestyle adaptations such as having your home or motor vehicle altered if you have lost the use of your legs?
- Will the benefit be used to settle a debt if you are disabled? Malan says you don't want to worry about debt if you suffer a permanent disability, especially if your ability to earn and income is affected.

Malan says in South Africa most consumer are under-insured (see "Mind the gap"). If you are one of the millions of South Africans who cannot afford to insure your full earnings in the event of a permanent disability, a good starting point would be first to look at protect your future expenses (after settling your debts), such as;

- Healthcare expenses (medical scheme contributions and recurring expenses not covered by the scheme);
- Children's expenses (education costs, as well as their living costs); and
- Other household expenses.

Malan says these recurring expenses can be plotted on a graph illustrating your future needs.

In calculating your future expenses you also need to take account of inflation. This means you would need to increase the required amount each year by inflation. This is not a single figure. Your medical expenses would generally grow by more than the average inflation rate each year.

The expenses of, for example, your children might require cover only until they are finished with their studies; other expenses might require cover until your death or retirement.

Malan says the decision on whether to select a lump sum or recurring income payment on disability is difficult, with advantages and disadvantages for both

Lump sum advantages:
- A lump sum allows you to invest for an income, settle debt, pay additional medical expenses and even for alterations to your home if physically disabled.
- A lump sum invested to give you income may not be sufficient if you have a longer life expectancy prognosis, particularly if your injury is, say, the loss of a hand, impacting on your ability to work in your current field of expertise or even another field.

Lump sum disadvantages:
- Recurring benefit disadvantages:
- The lump sum could be badly invested and managed or spent too quickly on things like a new car.
- You can receive a higher income flow in the event of a short life expectancy prognosis because of a terminal disease. This is particularly relevant if you are under-insured in the event of your death.
- It is typically more difficult to match an income from a capital amount than from a recurring benefit.

Recurring benefit advantages:
- Income provision will provide great peace of mind because it removes the risk of your capital running out due to poor investment returns or longevity.
- The premium for recurring income cover is normally cheaper than lump-sum cover because payment is delayed.
- Could provide you with poor value in the event of early death following the disability.

Malan says you need to consider disability assurance that offers you the best of both capital and recurring benefits for your income needs.

This should include being able to select your disability cover to pay out as a lump sum when you take out the policy but being able to change your mind at the claim stage to convert to a recurring benefit.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 11/12/2012 -- By Sean Hanlon, executive director of sales and distribution at BrightRock

One of the things I find most concerning when speaking to people outside our industry about their life insurance is their cheerful belief that some cover is better than no cover. This is purely anecdotal evidence from my own conversations with people – but it may also be one of the reasons why the often-cited 2010 insurance gap study by Asisa and True South Actuaries shows such massive underinsurance among the currently insured market.

I accept that many people can only afford some cover. At the ages people typically take out insurance for the first time, their earnings are usually tied up in paying off debts and raising families. But financial circumstances change, and – critically – so should the cover people buy. Even when cover is adequate at the outset, it may lose relevance over time as a policyholder's situation and needs change. The discipline of regularly reviewing cover can make the difference between cover that's relevant and provides the best financial protection a client can afford, and relegation of that cover to the client's bottom drawer – never to be thought of again.

But what are the barriers to long-term relevance? Some that stand out for me – and in no particular order – include:

- Psychological barriers on the client's part. People don't like to think about the possibility of sickness and death, and therefore don't necessarily want to engage with their insurance cover or their financial adviser more regularly. Clients may also feel intimidated because of the perceived complexity of life insurance and their own lack of knowledge;

- Practical barriers on the adviser's part. Financial advisers don't always know when major changes have occurred in a client's life that might require an adjustment to cover. While most financial advisers do check in with their clients at least annually, these touch points might not coincide with those critical points of inflection in a client's life, potentially leaving clients exposed for up to a year;

- Administrative and underwriting barriers on the insurer's part. Life insurers too have little way of knowing when a client's circumstances have changed. Furthermore, the way products have been priced and structured traditionally has also limited the insurers' ability to offer flexibility over time.

For example, while clients may update their cover over time, they may have paid from their first premium for components of their cover that will later fall away. They may, for instance, take out extra life cover to secure a debt that will later be paid off, which will therefore later reduce their need for life cover. In many instances, both the client and the adviser can predict exactly at what point the extra cover may become irrelevant. However, most product structures can't make provision for this cover to fall away automatically when it's no longer needed, so the cover is priced for life – a wasteful and inefficient way of paying for the cover. Should the client fail to update their cover at the point of paying off the debt, they'll continue paying for years to come for cover that's no longer relevant to their circumstances and needs.

These barriers are real, but not insurmountable. At BrightRock, we've paid special attention to relevance of cover in our product philosophy. So we've built our cover around specific financial needs and built in the flexibility that allows clients' cover to ebb and flow over the years based on the predicted behaviour of those needs. We've also created the ability within our policies to buy up more cover or redirect unused cover to areas of more pressing need with less onerous underwriting requirements or with no underwriting at all, so clients don't lose the value of the premiums they've paid from the start.

That's on the product development front but we're confident even more can be done through communication and a relevance-oriented servicing strategy.

Cover that stays in touch with a client's changing needs presupposes knowledge of the client's needs – and that can only be achieved by relationships. Our servicing philosophy focuses on supporting regular conversations between all these roleplayers around the client's changing needs. We want to educate consumers about what financial needs they need to consider, when they should let us or their advisers know about their changing needs, and about the potential impact of their needs changing on the relevance of their financial protection.

As a new entrant to the market, we've not yet reached the point where our policyholders are needing regular reviews of their cover, but I hope to be able to report back in future on how effectively the tools and structures we're developing are able to support the process.

At the heart of the matter, our belief is that the difference between relevance and relegation of client's cover is a working relationship between all the parties concerned and that's something we believe financial advisers and product providers alike can easily work on.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd. For more information please visit us at, www.brightrock.co.za.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 11/12/2012 -- There are two main types of disability assurance:

- Traditional disability assurance, which is based on whether or not you are physically able to work; and

- Functional impairment assurance, which pays a lump-sum benefit for a predefined event such as an illness or an accident that limits your ability to carry out physical functions.

Traditional disability assurance is paid based on your ability to work or not. Impairment assurance is based only on functional impairment.

Many financial advisors suggest you have disability cover based on your occupation, as well as a level of functional impairment cover.

Disability Assurance

Much of the contention over traditional occupational disability assurance (or job-defined assurance) concerns what is meant by "unable to work". The definitions differ from policy to policy.

Occupational disability assurance is divided into three options:

- Own occupation.

You are paid out if you can no longer perform the job you are currently doing. This option is normally restricted to professionals.

- Own or similar reasonable occupation.

You qualify if you can no longer perform your current job or a similar job that you could reasonably be expected to do, given your ability to perform the required tasks.

With this option, you may have to take on a job that pays less or one that has fewer promotion opportunities.

The life assurer must be reasonable in deciding whether you must perform a similar job, taking into account your experience, training, employment and personal history.

- Any occupation.

You are paid out only if you can do no job at all. If you have this type of cover and are disabled but are still capable of working, you will be forced to take up any job, even a menial one that pays relatively little.

However, as with "own or similar" cover, the principle of what is reasonable must apply. You pay higher premiums for "own occupation" cover than for "similar occupation" cover, and higher premiums for "similar occupation" cover than "any occupation" cover.

Functional Impairment Insurance

The criteria for the payment of benefits are based on the level of illness or impairment, defined in medical terms.

Whether or not you can work is not a deciding factor.

Functional impairment benefits are tiered; taking into account the importance of the part of your body you can no longer use in relation to the rest of your body.

To measure functional impairment, account is taken of your ability to perform everyday activities.

A functional impairment policy will pay you a percentage of the amount for which you are insured for a particular condition, depending on its severity. So if you lost an arm in an accident, you would be paid less than if you lost both arms and both legs.

Schalk Malan, executive director: product as life assurer at BrightRock, says it is not a matter of choosing between job-defined disability and impairment assurance. You need a combination of both. He says not all impairments will result in an inability to work with a consequent loss of income.

You may be disappointed at the claims stage if you hope an impairment product will meet a potential lost income need.

Impairment products are list-base products, meaning that if a particular impairment suffered is not on the list of impairments in the contract, then you will not be paid.

Another issue to consider is the "matching principle". Stand-alone impairment products only pay once-off lump sums whereas "income" disability products may pay regular streams of cash or lump sums.

And these lump sums may not be well matched with your need to compensate for a loss of income received regularly over a long period.

You need to match your disability assurance needs to the number of years you will support yourself (and dependants) without a job and your future income needs.

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd. For more information please visit us at, www.brightrock.co.za.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Gauteng, South Africa -- (SBWIRE) -- 11/12/2012 -- If you work, whether or not you have dependents, you will need disability cover. You could be disabled on your first day of work, and you need an income for the rest of your life. Bruce Cameron reports on this often-neglected and problematic type of assurance.

Disability assurance is one of the most problematic areas of life assurance, accounting for most of the complaints submitted to the life assurance ombudsman each year. And many people regard disability assurance as simply an add-on to assurance to cover an early death.

In this last part of our series on risk life assurance, its variations and why it is not simply an add-on life assurance option.

The purpose of life assurance that pays out on death is to ensure that your dependents will be able to maintain their standard of living when you are no longer there to provide for them.

Assurance that covers you in the event of disabling disease or injury ensures that both you and your dependants will remain financially secure. In other words, it is for your dependant s plus one.

No one is immune to accidental injury or serious illness. If you are unable to work for an extended period, you will have financial problems. Disability is not a condition that affects only the elderly; it is the inability to work at any age because of a health or physical problem.

Unless you have dependents, you may not need life assurance against dying. But every working person needs disability assurance, from the day he or she starts to work. After all, you could be disabled on your first day on the job, and, whether or not you have dependants, you will need an income for the rest of your life.

There is a problem with assurance against conditions that prevent you from working: many people simply do not want to work and will invent all sorts of reasons so they can rely on disability assurance instead.

Disability assurance is plagued by fraudulent claims, requiring life assurers to employ medical specialists to ensure that the claimed disability is valid and that it complies with the definition of disability or impairment in your policy.

In an effort to reduce fraud, life assurance companies traditionally tried to limit disability assurance to 75 percent of your income so that the incentive to work would outweigh the desire not to work.

Disability assurance comes in different forms and under different names, including income protection assurance, sickness assurance and impairment assurance.

It is one of the most complex types of assurance because of misunderstandings over the benefits covered, policy definitions and limitations. The choices, limitations and exclusions related to disability and income protection assurance create a legal and technical minefield.

Many disability policies do not come with a commitment to pay you out for the rest of your life, and the amounts that you can expect to be paid may vary dramatically.

It is for these reasons that there are so many complaints to the Ombudsman for Long-term Insurance. Aggrieved policyholders believe they are entitled to a benefit, whereas the life assurance company believes they are still fit enough to work another day, month and year.

Schalk Malan, executive director: product at life assurer BrightRock, says the important issues you need to take into account when buying assurance to cover you and your dependants if you are unable to earn a living are:

- Whether to buy job-based disability assurance and/or medical condition-based impairment assurance;
- Will you be paid out if you have a temporary and/or a permanent disability?
- Will you receive a lump sum payout or regular monthly benefits?
- Will there be a waiting period before you are paid out?
- Will you have to participate in a rehabilitation programme aimed at getting you back to work?

About BrightRock
BrightRock was started with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. It offers truly individualised life insurance cover that's built around your specific needs at the outset, and is specially designed to change with you as your needs change. And because BrightRock's cover is flexible and changes appropriately when your needs change, it's more efficient. This means both your cover and your premiums remain relevant, and more affordable, throughout your life. BrightRock (Pty) Ltd is an authorised financial services provider, underwritten by Lombard Life Ltd. For more information please visit us at, www.brightrock.co.za.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 10/26/2012 -- Schalk Malan, Executive Director: Actuarial at BrightRock, said: "The findings of the True South study reflect our inherent concern about the sustainability of some aggressive "buy now, pay later" premium patterns commercially available in the South African marketplace.

"The study revealed that consumers who opt up-front for cheaper options may not be able to afford their premiums in the long term, leading to lapses.

"At BrightRock we believe if a client buys cover for long-term financial needs, it's key that the cover stays the course. During that journey the client needs to be able to afford the premium options and its effect on share of wallet over time. BrightRock's needs-matched insurance offering changes dynamically throughout a client's lifetime. The premiums for needs that are no longer needed fall away, and the premium for needs that remain long-term are set at a rate that remains affordable as a percentage of wallet. This approach gives clients relevant cover that matches their precise needs, cutting out unnecessary waste, and ensures maximum premium efficiency and sustainability."

About BrightRock
BrightRock was started in 2011 with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. BrightRock is an underwriting management of Lombard Life Limited and has the backing of the Lombard Insurance Group. Lombard was established over 20 years ago and operates in the short-term, credit risk and long-term insurance industry, currently holding over R1,3 billion in assets. BrightRock's primary reinsurance treaty is with one of the world's three largest reinsurers, which holds an AA- rating from Standard and Poor's. BrightRock is headquartered in Johannesburg with regional hubs in the major centres of Johannesburg, Pretoria, Durban and Cape Town, and a national distribution footprint through independent financial advisers. Visit http://www.brightrock.co.za for more information.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Pretoria, Gauteng -- (SBWIRE) -- 10/26/2012 -- - New entrant BrightRock introduces needs-matched life insurance, a new concept in life insurance designed to better meet consumer needs

- Cover is created at the outset to exactly meet clients' needs and change with their needs as they change over time

- The result for consumers is greater affordability, value and efficiency and more sustainable premiums.

As life changes, so should your life insurance.

That is the driving thought behind "needs-matching" life insurance products (patent pending), a new concept introduced by BrightRock during the company's national launch to the independent financial adviser market this week.

Independent financial advisers are now able to offer their clients the most relevant and suitable financial protection created specifically to meet clients' exact, individual needs at inception. Needs-matched cover is also designed to adjust to a client's changing needs throughout their lifetime.

The upshot is greater affordability, value and efficiency, and more sustainable premiums, because clients pay only for cover they need.

From "Three Ds" to matching needs

BrightRock's Executive Director: Actuarial, Schalk Malan, says existing products are structured around the events that will trigger a claims pay-out – the three Ds of Death, Disability and Dread disease – rather than around the financial consequences clients will face as a result of a claims event.

"With these products there is no visible link to the client's actual needs and how their needs will change over time".

According to Malan, traditional policies are not able to adapt seamlessly and efficiently over the lifetime of the policy to the way an individual's needs changes. This creates inefficiency, which has an impact on the long-term relevance and affordability of cover.

"Because these products are priced in advance over the lifetime of the policy, clients in many instances are paying now for cover they will never need. This added expense coupled with affordability constraints, mean that they often compromise on the level of cover they are getting now." BrightRock says its focus, by contrast, is on making sure the cover is relevant and appropriate both to the event and the underlying financial need. When clients' needs change over the years, as they are bound to do, their BrightRock cover is designed to follow suit.

Benefits of needs-matched life insurance
There are important key benefits of matching cover and needs more closely. First, cover exactly matches clients' needs at inception and stays relevant throughout the lifetime of the policy, as it is designed to track the expected fluctuations in financial needs over time. For financial advisers, this helps ensure both the immediate and long-term appropriateness of their advice.

Second, clients have a better understanding of what their life policy covers and how, which makes the financial adviser's task considerably easier. If clients choose to under-insure for affordability or other reasons, they also have a better understanding of these short-falls in their cover and the potential impact. For financial advisers, it supports their disclosure obligations and the ability to manage clients' expectations effectively.

Third, regular risk-review and policy servicing are easier for financial advisers because the link between cover and financial need is more apparent to the client. BrightRock has also created product features to make it easier for financial advisers and their clients to make changes to their life cover when their circumstances change, supporting on-going advice. Fourth, cover is more cost-efficient because the product structure is designed to bridge short-falls and remove waste, making it possible for financial advisers to advise clients to apply their available premium rands more effectively. This frees up funds to deploy elsewhere within the client's risk portfolio. It also has a positive effect on long-term premium sustainability, because future premiums stay appropriate to the need.

Meeting the needs
By looking carefully at the different financial needs people need to cover in case they are injured, get sick or die, BrightRock has grouped risk into six distinct financial needs – debt, healthcare, education, household expenses, estate duty and additional illness- and injury-related needs. These groupings are based on how the different needs tend to behave over time.

Once a financial adviser has helped his or her clients to identify their specific needs among the six financial needs, they can specify BrightRock cover for each one. The financial adviser guiding the process is equipped to help clients vary the level and duration of cover for each of their individual needs and specific to each insurable event. Clients are then able to make very specific choices about the term, growth and pay-out structure of their cover, both per insured event and financial need. For example, for education cover parents can choose:

- To grow their cover at a faster rate than consumer inflation, while their cover for other needs grows at consumer inflation only

- To end the cover for each child anywhere between ages 18 and 24, depending on when they expect their child to graduate

- For an insurance event like death or permanent illness or injury, to have their education paid out either as a lump-sum amount or as a recurring monthly amount.

Choice and protection
The best financial plan is an adaptable one, so flexibility is central to BrightRock's philosophy. Clients are able to change their risk solutions not only at the outset and during the course of their policy, but also at the time of a claim.

- Cover term for specific needs: Clients may need some cover throughout their lifetime, while other cover is needed for a shorter term. For needs like debt and education, cover will end for these needs respectively when the debt repayment term ends or at the dates when the client expects each of their children to graduate.

- Pay-out structure for specific needs: Because several of the financial needs BrightRock covers are recurring, such as education needs, healthcare needs and remaining household expense needs, clients can choose to receive either a lump sum or a regular monthly cover pay-out.

The industry standard is to cover recurring financial needs as a lump sum, but BrightRock believes in offering clients the choice when they buy their policy to protect these needs with either a recurring monthly pay-out or a lump sum. And if they do opt for the lump sum, BrightRock clients have the choice at the time of their claim to change to a recurring pay-out if that should better suit their requirements at the time of the event.

- How cover and premiums should grow: Clients can choose how cover should grow at a policy level and to track each specific need. Insofar as premium increases are concerned, clients can select these at policy level, ensuring predictability

- When cover should end for specific needs: Cover should end when the need ends. The age of dependants, the nature of the relationship between the dependant and the life insured, retirement provisions and savings all have a bearing on the duration of needs. Clients are therefore able to choose the term for each need considering these factors.

- Choices when circumstances change: BrightRock believes it should be easy for clients to change their cover as and when their circumstances change and has therefore designed two key product features specifically to achieve this. The first is a cover buy-up facility, which allows clients to increase their cover by up to 25% for each new need with fewer underwriting requirements. The second is a cover conversion facility that allows clients to use the premiums they were paying for a financial need they no longer have to get more cover for another need.

Claims certainty – another important feature of BrightRock's offering
The company's research and development efforts have focused on claims certainty, with two specific outcomes in mind for clients. Firstly, extensive work in partnership with international clinical and risk experts to ensure BrightRock's clinical claims criteria are objective, transparent and industry-leading, and protection that has the ability to adjust appropriately to the specific requirements of the client's injury or illness, whether temporary or permanent, to ensure cover is relevant to the financial needs.

Malan says that through the unique features of its products, including those outlined above, BrightRock is able to offer clients financial protection that's more relevant and efficient, because it is designed to meet their needs and change with them throughout their lifetime.

About BrightRock
BrightRock was started in 2011 with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. BrightRock is an underwriting management of Lombard Life Limited and has the backing of the Lombard Insurance Group. Lombard was established over 20 years ago and operates in the short-term, credit risk and long-term insurance industry, currently holding over R1,3 billion in assets. BrightRock's primary reinsurance treaty is with one of the world's three largest reinsurers, which holds an AA- rating from Standard and Poor's. BrightRock is headquartered in Johannesburg with regional hubs in the major centres of Johannesburg, Pretoria, Durban and Cape Town, and a national distribution footprint through independent financial advisers. Visit http://www.brightrock.co.za/ for more information.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

BrightRock aims to change the status quo

Pretoria, Gauteng -- (SBWIRE) -- 10/26/2012 -- South Africa has a new player in the life insurance market. BrightRock (Pty) Ltd entered the competitive individual life market this week.

BrightRock's non-executive chairman and insurance industry stalwart, Miles Japhet, has outlined strong financial backing from the Lombard Insurance Group for the start-up venture and a tailored, highly differentiated life insurance plan offering not seen in the market before.

As an underwriting management agency and partner of Lombard Life, BrightRock is using Lombard's existing life insurance licence. The founding team has decades of experience in the insurance industry, spanning across the areas of product development, marketing, distribution and IT.

The start-up's primary reinsurance treaty is with one of the world's largest reinsurers, which has an AA- rating from international ratings agency Standard and Poor's.

BrightRock will distribute its products nationally through independent financial advisers. It has a national distribution footprint with regional hubs in Johannesburg, Cape Town, Durban and Pretoria.

BrightRock's first policies go live on 1 April 2012.

The company, formed in 2011, has developed a unique product structure and systems technology to enable what the company describes as a "needs-matched" approach to life insurance, with the aim of closing gaps and providing clients with more relevant, efficient cover.

Japhet says BrightRock policies are constructed around the individual's needs, which change over time. "Customers are able to shape and alter their cover according to their needs. As they change, so does the policy."

Japhet says whereas most insurance policies focus on the events they are designed to cover, BrightRock policies place the emphasis on ensuring that when an insurable event occurs, the cover meets the need.

While Japhet praises the South African life industry as being one of the world's most innovative and advanced, he says the norm so far has been for life insurers to offer modular, pre-packaged products, elements of which customers pick and choose.

"BrightRock covers the same insurance events as other policies, but maps this cover back to clients' underlying financial needs. Customers are able at the outset to make a wide range of choices about how their cover should grow and change, to stay relevant and in tune with their needs. Even when those choices have been made, it is easier for clients of BrightRock to make changes to their cover should their circumstances change."

Japhet says that with the help of a financial adviser, a customer can determine his or her specific needs, such as cover for children's education, mortgages and estate duty, and then determine how their cover for each of these needs should behave over time. A BrightRock life policy allows the customer to determine for each financial need how the cover should grow, when it should end and how it should pay out. This ensures efficient cover, which as a result is also more cost-efficient.

"Because each plan is made to every client's exact specifications, it is unlikely that two clients would have exactly the same BrightRock policy." He adds. "Our approach is completely fresh and we believe quite unlike any other insurer in this market. We are hoping to bring about real change to the status quo in South Africa's life insurance sector."

About BrightRock
BrightRock was started in 2011 with the goal of creating insurance products that truly meets consumers' and financial advisers' needs. BrightRock is an underwriting management of Lombard Life Limited and has the backing of the Lombard Insurance Group. Lombard was established over 20 years ago and operates in the short-term, credit risk and long-term insurance industry, currently holding over R1,3 billion in assets. BrightRock's primary reinsurance treaty is with one of the world's three largest reinsurers, which holds an AA- rating from Standard and Poor's. BrightRock is headquartered in Johannesburg with regional hubs in the major centres of Johannesburg, Pretoria, Durban and Cape Town, and a national distribution footprint through independent financial advisers. Visit http://www.brightrock.co.za for more information.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm