Author: Cobus
Bok Radio interview 4 – The biggest mistakes South Africans make when they invest overseas
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Bok Radio interview 3 – Are overseas investments only for the rich?
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Bok Radio interview 2 – Financial emigration and retirement annuities
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Bok Radio interview 1 – The level of the Rand and International Investments
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What type of life insurance policies can be USD denominated in a South African context?
Any I suppose but they typically are not when issued by South African insurers. The most prevalent will be investment type policies like endowments issued in hard currency denomination and are typically lump sum investment oriented. These products are very …
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Can USD denominated life insurance have additional benefits linked like disability or severe illness pay out features?
Yes, it depends from product to product but insurance contracts typically have various optional benefits that can be elected. It will influence the price of insurance and typically critical or sever illness benefits can be quite expensive even if the …
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Are the premiums paid for USD life insurance tax-deductible?
No it is not and it will be treated like any other personal insurance premium.
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Are the proceeds from a USD denominated life insurance policy taxable in South Africa?
Yes, and no. Typically it is tax free in the hands of the beneficiary but because it is a deemed asset in the estate in terms of paragraph 3 (3) (a) of the Estate Duty Act of South Africa it will attract …
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Process to sell USD denominated life insurance
Typically, this could be very onerous especially in the case of whole of life or permanent insurance. Some term insurance policy with light underwriting requirements might be easier. Whole of life insurance typically needs some form of medical examination to …
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