consider the reputation of the insurance company offering the policy. Look for a company with a good reputation for paying out claims and providing good customer service.
Gap cover is a type of insurance policy that can help cover the difference between what your medical aid pays for a medical procedure and what it actually costs. If you are a member of a South African medical aid and are considering taking out gap cover, then there are a few important things to look out for to ensure you get the best policy for your needs.
- Benefits: Not all gap cover policies are created equal, so it's important to look at what each policy covers. Make sure the policy you choose covers the medical procedures that you are most likely to need, such as surgery or cancer treatment.
- Affordability: The second thing to consider is how much the policy will cost. Look for a policy that offers comprehensive benefits for a price that fits within your budget.
- Waiting periods: A waiting period is the time span during which you cannot claim some or all of the benefits of your gap cover. Some gap cover providers impose a 3 month general waiting period and others, such as Liberty Gap Cover, does not. All gap cover providers impose a 9 to 12 month waiting period for any pre-existing medical conditions. Make sure you understand what the waiting periods are so that you know when you can start claiming benefits.
- Exclusions: Exclusions are the conditions and treatments that are not covered by the policy. Make sure you understand what is excluded from the policy, so you know what you are covered for and what you are not. This is particularly important when considering cheaper gap cover options.
- Reputation: Finally, consider the reputation of the insurance company offering the policy. Look for a company with a good reputation for paying out claims and providing good customer service.
By considering these factors, you can find a gap cover policy that is right for you and provides the benefits you need to protect your health and your finances.
It is highly recommended that you speak to a Financial Adviser when considering which gap cover policy would be best suited to your needs. Contact your Liberty Financial Adviser today for more information on Liberty Gap Cover and to apply online.
Disclaimer:
The information contained in this document does not constitute financial advice by Guardrisk or Liberty Group Limited. Liberty Gap Cover is not a medical aid and the cover provided is not the same as a medical aid cover. Liberty Gap Cover is not a substitute for medical aid membership. Guardrisk and Liberty Group Limited do not express or by implication represent, recommend or propose that products or services referred to herein are appropriate to the particular needs of any third party. If there are any discrepancies between this document and the contractual terms and conditions the terms and conditions will prevail. Any recommendations made by an adviser or broker must take into consideration the client's specific needs and unique circumstances.
Liberty Gap Cover is underwritten by Guardrisk Insurance Company Limited, an authorised financial services provider (FSP no. 75) and a licensed non-life insurer. Product is administered by Zestlife Investments (Pty) Ltd , an authorised financial services provider (FSP no. 37485).
Liberty Group Limited is a licensed Life Insurer and an Authorised Financial Services Provider (no. 2409). Terms, conditions, risks and limitations apply.