{"id":4631,"date":"2022-08-08T08:00:10","date_gmt":"2022-08-08T06:00:10","guid":{"rendered":"http:\/\/contattoblogs.timslatter.co.za\/?p=4631"},"modified":"2022-08-08T08:00:10","modified_gmt":"2022-08-08T06:00:10","slug":"want-to-avoid-a-lapsed-policy","status":"publish","type":"post","link":"https:\/\/zcp.co.za\/main\/want-to-avoid-a-lapsed-policy\/","title":{"rendered":"Want to avoid a lapsed policy?"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">When the purse strings are pulled tight, it\u2019s challenging to look at your statement and see monthly amounts deducted for insurance payments. Whether the risk policies are for health care, income protection or the protection of assets, seeing them come off your account can be painful.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">As a result, many of us cut these policies quickly to create immediate relief to our finances because it feels like one of the few things we can control. But if we do this out of panic, and not strategic intent, we may very likely regret the decision.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If we miss a payment or cancel a contribution, our policy will be in danger of lapsing. Different companies and countries have various rulings on the timelines for this, but the general guideline is that if you stop paying, you will lose your cover within 30 days. A lapsed policy could mean more than just the loss of cover; it could also be linked to other integrated products in your portfolio.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">We all know that life can become complicated and uncomfortable without notice. We can lose a job tomorrow, or receive a dread-disease diagnosis next week; we\u2019re not in control of what will happen. But, we are only in control of how we will respond to life taking a turn for the worse.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">This is where we can become powerful and push through the tough times to emerge stronger and better than we were before. Here are a few strategic decisions that can help you make healthy decisions and avoid lapsed policies.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If your finances have become constrained, it\u2019s possible that a reshuffle or reduction of your policies could be beneficial. Rather than cancelling them without a second thought, you can look to reduce costs or change options. This is where, together, we can help you make powerful choices to keep some cover in place and identify critical areas of focus.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It\u2019s also essential to remember that cancelling a product now may mean that you will no longer be eligible for it again in the future. Many legacy products in the financial sector cannot be reinstated after they have been cancelled or lapsed. Make sure you know what you\u2019re letting go of &#8211; especially if it\u2019s linked to a rewards programme.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Another beneficial strategy is to engage (sometimes through your financial planner) with the product provider and ask for a payment plan or a payment holiday. Communication is immensely valuable in a crisis, and it\u2019s often the hardest thing to do when we\u2019re feeling overwhelmed and vulnerable.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Before you lose out, reach out. Let\u2019s touch base and see what the best steps forward will be to keep you in the most beneficial position possible.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When the purse strings are pulled tight, it\u2019s challenging to look at your statement and see monthly amounts deducted for insurance payments. Whether the risk policies are for health care, income protection or the protection of assets, seeing them come off your account can be painful. As a result, many of us cut these policies [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4632,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,28],"tags":[],"class_list":{"0":"post-4631","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-blog","8":"category-market","10":"post-with-thumbnail","11":"post-with-thumbnail-large"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Want to avoid a lapsed policy? - ZC PRETORIUS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zcp.co.za\/main\/want-to-avoid-a-lapsed-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Want to avoid a lapsed policy? - ZC PRETORIUS\" \/>\n<meta property=\"og:description\" content=\"When the purse strings are pulled tight, it\u2019s challenging to look at your statement and see monthly amounts deducted for insurance payments. Whether the risk policies are for health care, income protection or the protection of assets, seeing them come off your account can be painful. 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