Financial Freedom Project
Dumisani Mbebe
Name: Dumisani Mbebe
Age: 35
Dumi is the financial manager and he is very anal about investing, saving and budgeting.
He can afford insurance already and will invest and compare different insurance options when he decided to buy his new car. He will be in a car crash, and we will go through the process with him of claiming from insurance, medical aids etc. He also gives a personal loan to Louis the security guard at the company. He invests in livestock and insures his livestock with an insurance company. Something will happen to the livestock and he would have to claim. He helps out our friends and is always the one providing useful tips.
He falls in love with Gloria who he helps throughout the episodes with saving and investment advice.
He does not like Khanyisa’s carefree approach to credit and her finances so they usually don’t see eye to eye on financial issues.
About the "Financial Freedom" Project
This project was developed for the South African Insurance Association (SAIA) project, funded by the Financial Education Fund (FEF) in South Africa to promote financial literacy in all South African adults, measured in radio audiences and utilising four broadcast stations and one non-broadcast station as a control group.
Financial Freedom Episode Breakdown
| EP | TOPIC | EXPERTS | Financial literacy messages |
| 1 | Bad Debts | Mokgadi Sebola | Owing money on your credit card is not good. You can insure the contents of your home even if you don’t have lots of money, the risk of fire burning it all away, can be replaced by insurance. |
| 2 | Car Insurance | Mahlare Maredi | Mzansi insurance options are for those people earning less than 3000 per month. How to list Expenses and income, plan a budget, plan to save. Manage your risks better even if you earl less by planning for insurance to cover the unexpected. Do you know about car insurance? Third party insurance is where you can cover for your risk of damaging someone else’s car. Comprehensive cover – covers all risks. |
| 3 | Homeowners Insurance | Tirelo Tsheoga | As a homeowner, you have insurance that covers the building you own, against risk events that damage the structure. Water damage from burst pipes. Covers all damage. Homeowner covers structural damage, Householder covers everything that is inside, moveable - not a fitting / fixture what you cant take when you move out. |
| 4 | Claiming | Phoko Masha | There is a process to make an insurance claim. Make sure you give all the true information. Nothing hidden or left out. Tell the truth. Assessors make a recommendaion on replace, repair or action taken by the insurance company. Budgeting is planning ahead for costs. If you cancel your insurance, or miss payments, you will not be covered if there is loss or damage. Stokvels are a savings club If you cant make a payment, speak to them, get financial advice. |
| 5 | Ways to pay | Tirelo Tsheoga | There are many safer ways than carrying cash around. Add a beneficiary to your bank account, set it up at your bank, or over the internet. EFT is electronic finds transfer. Use your bank card – debit card to pay for items when you shop. Difference between credit and debit cards, where you use own money, or owe money to the bank (debt). Debit orders for regular payments. |
| 6 | Small Loan | Ntsoaki Moutloali | Loans for education/study. Dangers of Loans from mashnoisas .. high interest, not legitimate. Mzansi insurance is when you earn less, first basic cover, before you can afford comprehensive insurance. You need to understand the agreement you are signing for insurance. Read it. Ask about it. Mzansi is more Affordable, as little as R21 per month cost.. Unlinke other insurance, if you miss a payment, there is leniancy. Loan sharks - |
| 7 | The Sharks are getting closer | Mahlare Maredi | Stokvels – regular saving in a community. It does not help to run away from debt. Other kinds of Collective investments – at banks or other financial institutions can safely grow savings for future costs like childrens education. |
| 8 | Consumer Credit Insurance | Ntsoaki Moutloali | When you buy a product at the shop, and are paying them off, you automatically get consumer credit insurance - to cover the risk of the loan not being paid off, if stolen, damaged etc. You may have this insurance, but not know about it. |
| 9 | Road Accident Fund | Tirelo Tsheoga | If you are injured, not your fault, you can claim from the RAF for your damage (injoury to body) not damage to car/bicycle (goods) Keep all proof, and documents relating to the incident. |
| 10 | Bank Account | Morongoa Mametja | Sometimes saving at home is not safe. If you have access to a bank, you will need proofof residence to open a bank account. Many banks have acces / Mzansi accounts. Less bank charges, for first time banking. Sometimes, safer if don’t carry cash. Don’t share your PIN. |
| 11 | General Insurance | Phoko Masha | The process the insurer goes through to decise on risk, and rate you will be charges based on age, gender, risk profile and claims history. Also where you stay, if your risk is higher. Tell the truth, always. This influences your rate and if you get insurance. Dangers of gambling. |
| 12 | Short Term Insurance | Mogadi Sebola | You can increase your income by getting more income by selling what you don’t need. If you miss a payment, you are not insured. |
| 13 | Livestock Insurance | Tirelo Tsheoga | Pay back your debts. Save for a goal – like cattle for marriage. You can insure cattle too. |
| 14 | Consumer Credit Insurance | Mahlare Maredi | Claiming for items you are paying off, you may be covered for items you are still paying for. You may be covered if you are unable to pay, like if you are injured or retrenched. |
| 15 | Identity Theft | Phoko Masha | If you don’t report bank cards stolen, you may risk someone spending on them. Stop your cards. Replace your ID. Identity theft risk. |
| 16 | Consumer Credit Insurance in detail | Mahlare Maredi | If you have consumer credit insurance, you can claim, the assessor decides if the item gets repaired or replaced. Pay regularly into insurance, into stokvels. |
| 17 | Car Crash | Tirelo Tsheoga | Planning is good, Sticking to your budget is good. But also, sometimes the unexpected happens, like car crashes, life is risky. Insurance can assist fr the unexpected. |
| 18 | Car Insurance | Tirelo Tsheoga | When you have a risk event like an accident, let your insurance company know as soon as possible, even at the accident scene. |
| 19 | Floods an accidents | Morongoa Mametja | Risk events like floods and accidents can happen in life. Insurance can pay to replace or repair what is damaged or lost. |
| 20 | Shiny Things | Phoko Masha | Insurance pays out when they have all the information, they assess who was at fault, if the car was roadworthy and so on.If your claim is assessed to find out that the car was not raodworthy, not driven by a licenced driver.. the claim will not be paid. Shop around, get the best deal. An excess is the amount you pay in for a risk event. Read your policy, know what is covered. |
| 21 | Cell phone Insurance | Tirelo Tsheoga | You may have cell phone insurance, and your phone can be replaced if lost, damaged or stolen. Consider if this is something you may want to cover. |
| 22 | Gloria Buys a Car | Tirelo Tsheoga | Sometimes loans can help you with big items like cars. Shop around. Compare interest rates. Compare insurance companies and their products. 3rd party fire and theft covers you for these 3 risk categories, if you cant afford comprehensive insurance. Does not pay for your own damage.. |
| 23 | Taxi Insurance | Mahlare Maredi | Personal liability / taxi or business liability to cover if you are liable for their injury or loss. |
| 24 | Livestock Insurance | Tirelo Tsheoga | If your livestock is covered by insurance, you can claim for the loss of an insured risk event like lightning. |
| 25 | Shopping, Shopping | Nomsa Hlabioa | If you spend your credit liimit you will owe a lot of money, and the interest. Consumer credt insurance can cover the debt you owe on your card, in the case of death or disability. Find out what you are covered for. Buy what you can afford. |
| 26 | Trouble in Paradise | Morongoa Mametja | When your life circumstances change, check your insurance policies and update and change them to fit your new situation. Ask questions of your insurance or finance. Find out. Change your cover. |
| 27 | Personal Accident Cover | Peter Nkhuna | You may be covered for personal acident or disability or death by your policy. You may never claim, but you want to know you are covered if this event ever happens. |
| 28 | Insurance Fraud | Phoko Masha | Any false claim is a crime. It is called insurance fraud. Do not add any untrue information or leave out any information. Phone the insurance fraud line 0860 002526 |
| 29 | Insurance Staff | Nomsa Hlabioa | Claims are processed if you provide all the correct, honest information. False claims mean you can be prosecuted. Plan early for future finances, childrens education, and big life events. |
| 30 | Funeral Policies | Mahlare Maredi | You need to check if you are over-insured. Don’t pay for more policies than you need. Burial societies are informal funeral plans. Funeral policies are formal ones. Either can work for you, to pay funeral costs. Life policies give something to your beneficiaries. Talk to famility about your policies, or they may not know that you are covered. |
| 31 | New Cattle Manaka | Tirelo Tsheoga | Follow the processes, and you may be paid out if the claim is confirmed by the assessors. |
| 32 | Riot Insurance | Mokgadi Sebola | Events like riots, public disturbance and terrorism are automatically covered by SASRIA which is always part of your insurance. Follow your normal claim procedure. |
| 33 | Sasria | Mokgadi Sebola | Events like riots, public disturbance and terrorism are automatically covered by SASRIA which is always part of your insurance. Follow your normal claim procedure. |
| 34 | Household Content Insurance | Peter Nkhuna | Household contents insurance vs householders insurance (structure). |
| 35 | The Proposal | Madala Hlabioa | Honesty is the best policy. Full disclosure of all facts. |
| 36 | No Pay | Phoko Masha | If you don’t update your information, you can risk your claim being declined. Change your details. If you have a complaint, contact the Ombusman for Short term insurance. They investigate your complaint. They are who you go to if you think the insurance company is not treating you well. |
| 37 | Ombudsman for short term insurance | Peter Nkhuna | If you have a complaint, contact the Ombusman for Short term insurance. They investigate your complaint. They are who you go to if you think the insurance company has made a decision you want to appeal. |
| 38 | Success at the ombudsman | Peter Nkhuna | Follow the processes and the correct outcome is more likely. |
| 39 | Commitment to your policy | Morongoa Mametja | Life is full of unexpected, good and bad. Planning ahead, planning for the unexpected, and being honest about your disclosures is very important. Stay away from loan sharks, pay policies or debts regularly. Save some money monthly, compare products (shop around), plan for the worst (risk) and tell family about your policies. |
