Legal Disclosures

Futurewise Education (Pty) Ltd “Futurewise Education”

Disclosure Notice - Long-term Insurance Act Policyholder Protections Rules, 2017 (PPRs) - Financial Advisory and Intermediary Services (FAIS) General Code of Conduct 2003

Download a PDF

---

Futurewise Education Pty Ltd [Your Binder Holder and Your Intermediary]

Business Name:	Futurewise Education (Pty) Ltd
Registration number:	2021/747261/07
Physical address:	100 West Street, Wierda Valley, Sandton, Gauteng, South Africa, 2916
Postal address:	PO BOX 52276, Northlands, Gauteng, South Africa, 2116
Telephone:	0860 000 005
Website:	Futurewise.co.za
FSP Number:	51248

Futurewise is authorised to render Financial Services in terms of the FAIS Act and may render Financial Services for products under:

CATEGORY I
Long-term Insurance: Category A
Short-term Insurance Personal Lines
Long-term Insurance: Category B1
Long-term Insurance subcategory B1-A
Long-term Insurance: Category B2
Long-term Insurance subcategory B2-A
Short-term Insurance personal Lines A1
Shares
Money market instruments
Participatory interests in a collective investment scheme

Futurewise accepts liability for all Financial Services provided by its authorised representatives. Some of our representatives may render services under supervision.

Guardrisk Life Limited has entered into a cell captive arrangement with Futurewise for the distributing of its insurance products. Futurewise also receives remuneration which may consist of regulated binder and intermediary fees, which are commensurate to the activities performed and regulated by legislation.

Professional Indemnity and/or Fidelity Cover: Yes
Claims Procedure including prescription period: Refer to policy wording
Complaints procedures: Available on www.futurewise.co.za or call 0800 388883
Compliance Officer: Tanya Jurriaanse
Conflict of Interest Policy: Available on request

Your Insurer

Business Name: Guardrisk Life Limited
Registration number: 1999/013922/06
Physical address: The Marc, Tower 2, 129 Rivonia Road, Sandown, Sandton 2196
Postal address: PO Box 786015, Sandton, 2146
Switchboard telephone: +27-11-669-1000
General email enquiries: info@guardrisk.co.za
Website: www.guardrisk.co.za
FAIS registration: FSP 76

In terms of the FSP license, Guardrisk Life Limited is authorised to give advice and render financial services for products under:

CATEGORY I:
Long-term Insurance: Category A
Long-term Insurance: Category B1
Long-term Insurance subcategory B1-A
Long-term Insurance: Category B2
Long-term Insurance subcategory B2-A
Long-term Insurance: Category C

Guardrisk has Professional Indemnity Cover and Fidelity Guarantee Cover in place.

If you are dissatisfied with the feedback received from Futurewise Education Pty Ltd or your complaint remains unresolved, feel free to contact the Guardrisk Complaints Department:

Telephone: 0860 333 361
Email: complaints@guardrisk.co.za

Guardrisk Compliance Details

Telephone: +27-11-669-1000
Email: compliance@guardrisk.co.za

Guardrisk Insurance Company Limited has a conflict of interest management policy in place and it is available to clients on the website: www.guardrisk.co.za

Policy details

 

Type of Policy:
Futurewise Education Protection Insurance

Risk covered: This Policy has a Risk Benefit that is intended to contribute

to education expenses in the event you are unable to do so due to:

• Accidental Death or Natural Death.
• Total Permanent Disability.
• Terminal illness.

In the event of a valid Claim, annual payments will be made to the Beneficiary on the first Business Day after your Child’s birthday, as per the Policy Benefits below:

Policy Benefits: Fixed annual Benefit coverage:

• Child age 5-13 – Annual Benefit R42,840
• Child age 14-18 – Annual Benefit R53,550
• Child age 19-22 – Annual Benefit R80,325

Exclusions and Limitations

The Insurer shall not be obliged to make any payment in respect of any claim event which is directly or indirectly caused by, arising from, contributed to by, aggravated by, connected with, traceable to or resulting from any of the following:

1. Pre-existing conditions within 12 (twelve) months from the Commencement Date.
2. You being outside of South Africa for more than 90 (ninety) continuous days.
3. Intentionally self-inflicted injury, suicide or suicide attempt within 12 (twelve) months from Commencement Date.
4. Claims arising due to your use of alcohol, drugs or narcotics.
5. Your active participation in the commission of a criminal activity which results in a claim event.
6. Your participation in any hazardous activities.
7. Your active participation in war, invasion, acts of foreign enemies, hostilities, warlike operations (whether war be declared or not), civil war, insurrection, rebellion, revolution, civil commotion, uprisings or military power.
8. The use of nuclear, biological or chemical weapons, or any radioactive contamination by you.

Exclusions for the Retrenchment Benefit

In addition to the above, the following exclusions apply to the retrenchment benefit. No retrenchment benefit will be due in instances of:

1. Lawful dismissal, including dismissal as a result of willful misconduct that is a violation of said establishment, definite rule of conduct, a forbidden act, willful dereliction of duty or misconduct.
2. Voluntary forfeiture of salary, wages, or other employment income.
3. Voluntary retrenchment or termination of employment.
4. Resignation or retirement.
5. Participation in an unprotected strike.
6. Retrenchment within the first 12 (twelve) months after the Commencement Date.
7. Medical boarding.

Fees (excl. VAT)

Commission fee: 3.25%

Binder fees: 9%

The Intermediary directly or indirectly holds more than 10% of the relevant product supplier's shares or has any equivalent substantial financial interest in the Insurer.

The Binder Holder directly or indirectly holds more than 10% of the relevant product supplier's shares or has any equivalent substantial financial interest in the Insurer.

Warning

1. Don’t be pressurised to buy the product.
2. Failure to provide correct or full relevant information may influence an Insurer on any claims arising from Your contract of insurance.

Waiver of Rights

No insurer and/or intermediary may request or induce in any manner a client to waive any right or benefit conferred on the client by/or in terms of any provisions of the said Code, or recognise, accept or act on any such waiver by a client. Any such waiver is null and void.

Particulars of the Long-Term Ombudsman

(For claims/service-related matters)

Postal address: Private Bag X45, Claremont, Cape Town, 7700
Telephone: +27-21- 657- 5000 / 0860 103 236
Fax number: +27-21- 674- 0951
Email address: info@ombud.co.za

Particulars of the Registrar of Long-Term Insurance

(for market conduct related matters)

Postal address: PO Box 35655, Menlo Park, 0102
Telephone: +27-12- 428-8000
Fax number: +27- 12- 346- 6941
Email address: info@fsca.zo.za

Particulars of FAIS Ombudsman

(For product/advice related matters)

Postal Address: PO Box 74571, Lynnwood Ridge, 0040
Telephone: +27- 12- 762- 5000 / +27- 86- 066- 3274
Fax number: +27- 12- 348- 3447
Email address: info@faisombud.co.za

Particulars of the Information Regulator

(For personal information breaches)

Postal Address: PO Box 31533, Braamfontein, Johannesburg, 2017
Telephone: +27- 10- 023- 5200
Cell number: +27- 82- 746- 4173
Email address: POPIAcomplaints@inforegulator.org.za

General Disclosures

• Full details regarding your insurance policy are reflected in your policy documents that you will receive.
• Some important disclosures to remind you of are the following:
• Please keep your website log-in details confidential. You can use your login to:
• Change your banking and contact details easily
• View your policy communications and policy documents
• Make changes to your levels of cover
• Update your beneficiaries
• Your policy document reflects the premiums payable, the due date and the frequency of payment.
• Failure to pay your premium on the due date may result in your policy lapsing or the rejection of your claim.
• You may cancel your policy within 31 (thirty-one) days of receipt of your policy document provided that no insurance benefit has been paid to you.
• We will inform you in writing of any material changes to your policy information.
• Failure to provide correct or full relevant information may lead to the rejection of your insurance claim.
• You are entitled to a copy of your policy free of charge.
• Please keep records of your communications with us. You are also entitled to the voice recordings, if applicable.
• The information provided on the Futurewise website and any information provided by a Futurewise representative does not take into account your personal financial needs, objectives or circumstances.
• We are not providing you with advice. We are providing you with information of a factual nature only. It is your responsibility to make sure that the product meets your specific needs or requirements.
• You have the right to complain, you may direct your complaint to Futurewise, alternatively you may contact the Insurer, whose complaint contact details are provided above. If you are dissatisfied with the outcome of your complaint, you may direct your complaint to the Ombudsman for the Long-term Insurance, whose details are also provided above.