FAQ
Frequently asked questions
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Magis is a digital advisory platform which is accessible via a smart phone or internet enabled devices like a computer, laptop or tablet. In order to receive financial advice you may create a profile with Magis by registering your information on our system.
You can receive the most trusted and reputable financial advice by simply answering a few questions about your ambitions, the people you love and care for, the things you own, like your car, and your plans for ensuring you have enough money for the unexpected things in life, like the death of a loved one. Upon providing us with the correct information, we will advise you on the best financial solutions that suit your needs and budget.
The advice you get from Magis is unbiased, based only on your ambitions and needs. We get the best solutions that meet your needs from Financial Services Providers that we have assessed objectively.
Anyone of legal age(18 years and older) with a digitally enabled device is eligible to become a Magis client.
Your profile information is stored in a secure location in the cloud.
Magis uses industry standard technologies to provide the security to ensure that your profile data is not compromised. The information is is stored in accordance with the regulatory guidelines.
No one has access to your profile, as long as you do not share your login details with them. Your information and profile details will be shared with financial services providers that from whom we seek solutions for you. Please refer to our Privacy Policy where this is fully covered.
You will be able to update your profile by logging into your secure account at Magis. We use authentication procedures to ensure that it is you that is amending your profile.
At Magis, we believe in providing all our clients with the best solution that meets their unique needs. The more information you provide us, the better the solution will be, a solution that will cater for your specific needs and suit your budget.
As Magis, we provide you with advice to ensure that the best financial solution meets your requirements at a price you can afford.
As a valued Magis client, your interaction will always be with us. To save you time, so you can focus more on the things that matter to you, we will deal with the insurer directly on your behalf. All you have to do is log any concerns or questions you have via the Magis platform, and we will take care of the rest.
Our years of industry experience ensure that we provide you with the best advice on which insurance company will best suit your needs. By dealing with Magis directly, you save time of sifting through various insurance options and trusting a digital advisory platform that will ensure that you get the best optimum cover.
Magis will help mediate between you and the insurer, bearing in mind that it will be on the basis of the terms and conditions on the policy which serves as the contract between the insurer and the client.
At Magis, we will provide you with our recommended option based on the information you provide us, but ultimately the final decision on which solution option works best for you rests with you as you may, for example, have personal preferences on the insurer you wish to work with. We believe in giving you the freedom to choose what works best for you, but we hope you will consider our expertise on the recommendation of the solution that best fits your needs.
Once you provide us with all the necessary information and accept one of the presented insurance quotes, the insurer you would have selected will issue your policy, which you can upload on our app. It remains an important document as it is effectively the contract between you, as a client, and the insurer.
Once your policy document is uploaded on the Magis platform it remains readily accessible online at all times.
For the time being you must initiate a claim directly with the insurer. We supply you with all the details at the time your policy is issued. Please ensure that you also notify us when you submit a claim.
You can log your query via the Magis app and we will assist you via our platform. Alternatively communicate with us via email. The details are provided on our website.
You can log your query via the Magis app and we will assist you via our platform.
You can log your car insurance and funeral insurance claim directly with the insurance provider that issued your policy. Please ensure that you also inform us.
This is determined by the insurer and should be clearly stipulated in the policy document.
The insurance provider will keep you informed. If you have any problems please inform us.
As a starting point we have agreed on time standards with the Financial Services Providers on our platforms. If these are not met please let us know and we will follow up on your behalf.
As much as we encourage a long-lasting relationship, there are no unreasonable contracts that bind the client to Magis; there are no cancellation fees. When relationships are established with insurers in our panel, we will ensure that cancellation is in line with our Service Level Agreements with that insurer.
Funeral cover is an insurance policy that provides a lump sum payout in the event of the death of any one person covered by the policy.
Typically, funeral cover policies can cover the policyholder, their spouse, children, parents, and even extended family members, depending on the terms of the policy.
The payout from a funeral cover policy can be used for funeral costs such as caskets, funeral services, transportation, and any other expenses related to the burial or cremation.
The amount of cover depends on your needs and the type of funeral you would like. It is essential to consider the cost of funerals in your area and choose a cover amount that will meet those costs.
The waiting period is the time between the start of the policy and when you can claim. It varies but usually ranges from 6 to 12 months for death due to natural causes. Accidental death may be covered immediately.
Most insurance companies in South Africa aim to process funeral claims within 24 to 48 hours, provided all necessary documentation is submitted.
Commonly required documents include the death certificate, the policyholder’s ID, the deceased’s ID, proof of relationship (if needed), and a completed claim form.
Yes, you can have multiple funeral cover policies, but the total cover payout may be limited by the insurer’s maximum payout cap. It’s important to carefully consider the reasons for having more than one policy.
The policyholder to be above the age of 18.
If you miss a payment, your cover may lapse, and you may not be covered for a claim. Some insurers offer a grace period to make the payment and reinstate the cover.
Yes, most insurers allow you to increase your cover amount, but this may be subject to underwriting or a new waiting period. However, the maximum policy limit is capped at R100,000.
You can change your beneficiaries at any time by informing your insurance provider and filling out the necessary forms.
Yes, some insurance providers offer funeral cover to foreigners, but the terms and conditions may differ. It’s important to inform your provider about your residency status. Generally, the requirement is that the individual should be a resident in South Africa.
Funeral cover usually remains in effect as long as you continue to pay the premiums. Some policies may have specific terms that outline when they will expire.
Generally, funeral cover payouts are not subject to income tax. However, it’s best to consult with a tax advisor for specific cases.
Yes, you can cancel your policy at any time, but you may not receive a refund of premiums paid, depending on the terms of your policy.
Some insurers may cover policyholders who reside outside South Africa, but conditions may apply, such as increased premiums or limitations on claims.
Yes, exclusions may apply, such as death due to pre-existing conditions or death resulting from illegal activities. It’s important to read the terms and conditions carefully.
Yes, the payout is generally a lump sum that can be used at the discretion of the family or beneficiary, but the primary intention is to cover funeral expenses.
Consider factors like coverage amount, premium costs, waiting periods, claim processing times, and whether the policy can include extended family members.
It is the insurance you take to cover your car for damage or theft, or damage caused to other people’s property by your car.
It is the amount you pay periodically (usually monthly) to get insurance for your car.
There are many but some of them include the value of the car, where the car is kept at night and during the day, what the car is used for, who the regular driver is, the age of the regular driver, the gender of the driver, how often the regular driver or policy owner has claimed from insurance etc.
Most of the insurance claims relate to repairs. The cost of labour and parts does not reduce because the car is older, if anything they increase. This is one of the factors that affects increases.
Theft, collision damage, fire, damage as a result of acts of nature like hail etc, damage caused by the insured car on other property.
It is because your car is unique, your experience as far as claims are concerned is unique, your age and gender are not necessarily the same as the person next to you, your driving experience and behaviour is unique to you, the place where your car is kept during the day and night is unique to you, your regular driver is unique etc. These are some of the things that affect anyone’s premiums.
No, it is not. However, if you can’t afford to replace or fix your car as a result of accidental damage or theft, we advise that you insure your car.
Most finance houses insist that the financed car must be insured comprehensively all the time.
To cover the outstanding amount if the car is written off. This allows you not to be paying for a car that you no longer own.
Retail is the amount of money that your car can be sold on a willing buyer, willing seller basis. Trade is the amount of money that your car will fetch if you trade it in or the amount that traders sell vehicles to each other for. Market is the average of retail and trade. We always recommend that you insure your car for its retail value.
Most insurance companies cover all the countries that share a border with South Africa. However, even with that there may be certain limitations. Always check your policy for regional restrictions. Please tell us which countries outside of South Africa you want to take your car to and we can advise.
The excess on insurance is the amount you have to pay before your insurer can pay a claim. Most insurance policies have a basic excess which is a set amount or a percentage of the claim. There is also an additional excess which is dependent on circumstances, like your car being driven by someone of a younger age typically below 25 as an example. Most insurance companies allow you to have a zero basic excess. The additional excess is normally not negotiable. On a simplistic basis, the higher the excess, your premiums will be relatively lower and vice versa.
Yes, you must. Your insurance company will claim the excess and the full amount from the ‘guilty party”
Personal use relates to driving your car for your personal and family use and driving to and from work. Business use refer to using your car as part of your work and generating income, using your car to transport goods and other people for gain as an example.
Generally, anybody can drive your car as long as they meet the legal requirements. Insurance companies can place their own conditions like age restrictions particularly on certain types of cars and beyond a certain value. It is important to tell your insurer who the regular driver of your car is, as the premiums are generally based on the regular driver.
It is the person that drives the car more than anyone else based on the number of days not necessarily distance.
Most insurance contracts are valid for a year with premiums payable monthly in advance. Even if its an annual contract, the policy can be terminated if you do not pay your monthly premiums.
It is normally a review of your policy and terms and conditions on the anniversary of your policy. This also often involves the review of premiums.
Yes, you can terminate your contract at any time by giving the insurer requisite notice and by the insurer, amongst others if you fail to pay your premiums and have not been truthful in dealing with the insurer.
Yes, they do, provided they maintain a good claims free record.
Your insurer will tell you exactly how. At Magis we will tell you how at the time we finalise your contract.
If the result of a claim is an illegal activity, when you make a claim and your premiums are in arrears or your policy has lapsed or you are not truthful about the circumstances relating to your claim or were not truthful when you applied for your policy.
Not always, some insurers make it mandatory for certain vehicles or vehicles above a certain value. Your insurer will tell you this before they finalise your policy.
It is not always included. We recommend that you ensure your policy has it though.
It is a discount you receive on your premiums based on continuous years you have without a claim.
Comprehensive cover is insurance cover that covers you in the event of accidental damage to your car, fire and theft and third-party cover.
It is insurance to cover damage caused by you or your car on somebody else’s property.
It normally covers you when you have mechanical faults on your car not occasioned by an accident.
No, you don’t.
Only if you have third party cover.
Yes, they do. More experienced and older drivers tend to get lower premiums all things being the same.
When your insurer determines that it is not worth repairing your car.
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