Discovery bank Vs FNB

[zerocool2009]

I actually have an RA with Discovery. I honestly feel like it's a waste of time and the fact that I don't see any significant returns. I thought about withdrawing many times, but I never actually get to doing it because I'm a bit cautious regarding the early withdrawal fees. Although, I suppose it's better to lose R1k or R2k rather than risking the entire investment. And you're right, they are an insurance company, not an FSP.

I have a work collage who loved Discovery products! (Including RA’s)

I heard he is switching to Sygnia now recently. My reply to him: “glad you saw the light)

 

[hj007]

I actually have an RA with Discovery. I honestly feel like it's a waste of time and the fact that I don't see any significant returns. I thought about withdrawing many times, but I never actually get to doing it because I'm a bit cautious regarding the early withdrawal fees. Although, I suppose it's better to lose R1k or R2k rather than risking the entire investment. And you're right, they are an insurance company, not an FSP.

Early withdrawal is an issue with RA through insurance, vs having an RA through an asset manager.

 

[Mike Hoxbig]

Early withdrawal is an issue with RA through insurance, vs having an RA through an asset manager.

Early withdrawal of an RA is an issue, period. If you want access to your money without having to emigrate, don't put it into an RA...

 

[krycor]

Was listening to one of my many podcasts.. I think this one was “Think like an economist” and they were covering risks and uncertainty and one of the things they mentioned was “diminishing marginal utility” and how this applies to everything from bets to loyalty.

What discovery did vs health & life insurance works because everyone one wants to be healthy & fit.. it’s an common New Years resolution so duh. Mutually beneficial and the loss vs reward is not bad.

When it comes to other things though I think for the more analytical kinds you quickly run the maths on the products and start to realize that they asking too much for a chance of getting something back where ordinarily you might not want what they offering.. so with the investment u stacking more future uncertainty and lock-in for loyalty which may or may not payout.. that for me is the risk I’m not willing to take. Combo that with vitality rules changing when it suits them to reduce their loss and considering their lock-in .. is that loyalty win worth it? Nope.


Wrt Naked insurance.. I’ll think about it again. I am willing to change btw.. just weary as I said as the whole midway/outsurance stuff just is risky. So similar priced services make me worry. Ps last time I shop around discovery was the avg for everything .. not cheapest but less costly than others quoting. But yah let me do my quote again.

 

[krycor]

Early withdrawal of an RA is an issue, period. If you want access to your money without having to emigrate, don't put it into an RA...

If I had it my way I’d be putting minimal but companies force provident or ra so I just use a Syg & AG + company offering.

 

[CranialBlaze]

Wrt Naked insurance.. I’ll think about it again. I am willing to change btw.. just weary as I said as the whole midway/outsurance stuff just is risky. So similar priced services make me worry. Ps last time I shop around discovery was the avg for everything .. not cheapest but less costly than others quoting. But yah let me do my quote again.

They phone me every few months with a quote and funny enough each time they call they become more expensive.

Every year or 2 I will go do a full insurance run through, get like 10 or 12 quotes, sit with a spreadsheet and compare them, having working in it I can spot the BS quite easily, outsurance is the king of BS so far, they will say anything to get you to join all the way to strait up lies.

I’ve cancelled with them twice, 2 different policies and low and behold the person trying to retain me, by some miracle of miracles, worked for my new insurer and has bad things to say about them.

When I had a bike the sales person literally told me I was lying when they quoted me like 20% more for 40% less cover, that at the time I was covered for retail value, he said no insurer covers motorbikes for retail.

There’s more, but anyway, those guys I would not touch with a ten light year pole. Other people swear by them, each to their own.

King price ain’t bad, Santam or is it Sanlam (the yellow one) has too many rules and exclusions, it’s like navigating a mine field drunk and blindfolded with them.

Alexander Forbes was good, but they are slow as hell, and I was prepared for it, I had contacted them for a quite 2 weeks before buying my car, I got it a week after taking ownership, that’s how I found Naked. They do that confirmation of cover thing in the app, which also takes AF like a week to get.

 

[krycor]

So mine dropped(after calling them) from 100% more to about 55% more.. so I will just leave it with them for now.

I’ve got medical aid, life & short term insurance.. 0 claims across all for nearly a decade.

 

[krycor]

Btw I still use Go cover (life cover for short periods, like a extra cover to push up payout) when doing holiday travel on road & JaSure for items (bicycles etc) when I think I need it.

 

[Tracey]

I'm glad that I found this thread. FNB rocks. Discovery Bank doesn't appear to 'like' self-employed people, even established ones.