REPLACEMENT ADVICE RECORD (INDIVIDUAL RISK POLICIES )

Note to policyholder: If you are considering taking out a new risk policy that wholly or partly replaces any existing
risk policy, your financial adviser must complete and discuss this document with you to help you decide whether
replacing your existing policy is in your best interest.

It is important that you do not sign this document without reading and having carefully considered the information it
contains.
PART 1: GENERAL INFORMATION

Full names of policyholder Rochelle Naomi Van Rooyen

ID number of policyholder 7509240228083

Full names of financial adviser1 Lukholo Mzuzu

Full name of key individual2 (Responsible for supervision) Will-John Keevy

Name of financial services provider recommending the
IDM Protect (Pty) Ltd, registration number 2007/015303/07
replacement
FSP number 32984

PART 2: POLICY DETAILS

New policy / policies

Policy/Application number Product name Insurer

Centriq Life Insurance Company

CL00793522024 DebtBusters Credit Life Policy Limited, a licensed insurer, registration
number 1943/016409/06

Compulsory Credit Life Insurance Policies being replaced

Credit account number Product name Credit provider name Inception date

4000515725466 Credit Life FNB Edgars Personal Loans 20240430

Attorneys Easton Berry /
6007851105810507 Credit Life 20240430
Consumer Friend
4000531744224 Credit Life FNB Edgars Personal Loans 20240430
Attorneys Easton Berry /
6007850124788934 Credit Life 20240430
Consumer Friend
1
For purposes of this form “financial adviser” means an “intermediary”, as defined in the Policyholder Protection
Rules made under section 62 of the Long-term Insurance Act, 1998 (Act No. 52 of 1998), – i.e. the representative of
the FSP concerned or sole proprietor, as the case may be, who has provided advice to the policyholder regarding
the replacement.
2
The “key individual” is the natural person responsible for the managing or overseeing of activities of the FSP and
also supervises any financial advisers who are still working under supervision.
PART 3: REASONS FOR RECOMMENDING THE REPLACEMENT POLICY/IES
3.1 List the main reasons why the new policy/ies is/are considered more suitable to the policyholder’s needs and objectives
than keeping or altering/changing the replaced policy/ies.

1. The policyholder is currently under debt review in terms of the NCA. DebtBusters has been appointed as the
policyholder’s debt counsellor. The DebtBusters Credit Life Policy has been specifically designed by the IDM Group
in conjunction with Centriq Life. The DebtBusters Credit Life Policy has, in line with TCF requirements, been designed
specifically to serve the unique needs of the DebtBusters’ debt review customers who are especially vulnerable due
to financial pressure they face.
2. The DebtBusters Credit Life Policy is a consolidation policy which consolidates the various compulsory credit life
insurance policies of the policyholder into one policy. This relieves the burden of the policyholder of dealing with
different policies and insurers (especially at claims stage) while still providing all the compulsory credit life insurance
cover the policyholder’s various credit providers may lawfully require
3. The DebtBusters Credit Life Policy offers a better value proposition to the policyholder as it lowers the total premiums
the policyholder is currently paying for compulsory credit life insurance, whilst still offering the cover the
policyholder’s credit providers require. The lower premium will free up money for the policyholder to pay off his debts
quicker and end the debt review process

3.2 Could the replaced policy/ies have been altered/changed to better meet the policyholder’s needs and objectives? (If not,
explain why).
No. Credit providers do not change the standard terms and conditions of the compulsory credit life policies sold to the
policyholder as a condition for credit. For the reasons set out under paragraph 3.1 above, the DebtBusters Credit Life Policy
offers a better value proposition to the policyholder.
3.3 If the replaced policy/ies could have been altered/changed, explain why a replacement is recommended instead of
making such change

Not applicable.
PART 4: DIFFERENCE BETWEEN NEW AND REPLACED POLICIES

Detail Description of the difference between the new policy and the replaced policy

A. SPECIFIC POLICY BENEFITS

(including costs, exclusions and restrictions for each benefit type)

Policy Number/Credit Provider Premium

CL00793522024 R831.34

FNB Edgars Personal Loans R339.67

Attorneys Easton Berry / Consumer Friend R234.71
FNB Edgars Personal Loans R190.93
Attorneys Easton Berry / Consumer Friend R66.03

4.1 Death, Critical Illness and Permanent Disability benefits

Policy Number/Credit Benefit term /
Provider Cover amount Standard exclusions Waiting period(s) Deferred expiry age
All
• Alcohol and drugs
• Unscheduled aviation
• Chemical war
• Criminal acts Death and Critical
• Dangerous activities Illness
• Harmful acts • Whole of Life
• Non-compliance with Permanent
CL00793522024 R271,228.08 None None
medical treatment Disability
• War • 65 years
Critical Illness and Policy end date =
Permanent Disability End of debt review
• Pre-existing medical
conditions
Death
• Suicide
FNB Edgars Personal
R111,018.19
Loans
Attorneys Easton Berry /
R76,722.10
Consumer Friend
FNB Edgars Personal
R62,001.99
Loans
Attorneys Easton Berry /
R21,485.80
Consumer Friend
4.2 Temporary Disability benefits
Policy Number/Credit Benefit term /
Provider Cover amount Standard exclusions Waiting period(s) Deferred expiry age
• Alcohol and drugs
• Unscheduled aviation
• Chemical war
• Criminal acts • 65 years
CL00793522024 R4,524.22 • Dangerous activities None Policy end date =
1 Month
• Harmful acts Debt review end
• Non-compliance with date
medical treatment
• Pre-existing medical

FNB Edgars Personal

R1,839.99
Loans
Attorneys Easton Berry /
R1,271.21
Consumer Friend
FNB Edgars Personal
R1,051.37
Loans
Attorneys Easton Berry /
R361.65
Consumer Friend
4.3 Income protection benefits
Policy Number/Credit Benefit term /
Provider Cover amount Standard exclusions Waiting period(s) Deferred expiry age
• Resignation,
retirement or voluntary
retrenchment or
redundancy or
• 12 months
awareness that it is 3 months –
payment
pending reduced by
CL00793522024 R4,886.16 • 65 years
• Partial reduction in waiting period 1 Month
Policy end date =
income served under
Debt review end
• Theft, fraud, replaced policies
date
dishonesty or
misconduct, or
disciplinary warnings

FNB Edgars Personal

R1,839.99
Loans
Attorneys Easton Berry /
R1,271.21
Consumer Friend
FNB Edgars Personal
R1,051.37
Loans
Attorneys Easton Berry /
R361.65
Consumer Friend
4.4. Accident benefits

Not applicable

4.5. Loyalty / add-on benefits

New Policy Replacement Policies

(a) Types of benefits provided Not applicable

(b) Value / calculation basis of Not applicable

(c) Cost of benefit Not applicable

(d) Conditions to qualify for Not applicable

(e) Is benefit optional or not Not applicable

4.6. Any other policy benefits / special features / differences

New Policy Replacement Policies

(a) Type and value of benefits / None

(b) Cost of benefits / features None

(c) Other Provides a single policy under

which to claim and deal with
different credit providers.
Premiums deducted as part of the
monthly debt review payment
through DebtBusters’ PDA.

B. GENERAL POLICY FEATURES

4.7 Premiums and charges

(a) Total premium (including for R831.34

(b) Premium pattern Level

(c) Basis of contractual premium No premium escalation. Premiums and benefits may be reviewed annually to ensure
increases, if applicable actuarial soundness.
(d) Basis of contractual benefit None. Value of benefits are linked to outstanding balances or monthly instalments
increases, if applicable payable under all the policyholder’s credit agreements.
(e) Period for which the premium Premium fixed except for annual review (premiums will only be changed if actuarial
is guaranteed (fixed) and date soundness principles require).

(f) Policy administration fees None

(g) Any other fees (e.g. claims

administrations fees; other Binder Fees
transaction fees)
(h) Effect of increased age from
conclusion of the replaced
policy or any health changes None
on the new policy premium
4.8 Exclusions and restrictions
(a) Specific exclusions or premium As per 4.1, 4.2 and 4.3 above
loadings applicable to the
policyholder / life insured

(b) Any other exclusions, Loss of Income Benefit: Ceases if policyholder becomes self-employed or a contract
restrictions, special terms and worker with a contract terms of less than 12 months.
conditions or circumstances in
which benefits will not be
provided

4.9. Tax treatment and implications

Tax treatment and tax
(a) None
implications
4.10. Other material differences

New Policy Replacement Policies

(a) List any other differences (not

covered elsewhere)
considered material to the None None
replacement decision
(b) Provide details of any vested
rights, guaranteed benefits or
other guarantees or
advantages that will be lost as
a result of the replacement, or None None
any other potential
disadvantages of the
replacements not covered
elsewhere

Note: Where it is not possible to provide any of the information required in Section 4 above, please list the relevant item/s
below and explain why the information could not be provided.
Unfortunately, there is limited access to the detailed policy documents on certain credit providers Credit Life policies. This
uncertainty around these details is mitigated by the bulk of credit life policies defaulting to the maximum allowed under the
NCA Credit Life Regulations which is then used as the bases for our assumptions.
PART 5: FINANCIAL ADVISER REMUNERATION

Provide the following details of any remuneration or other financial interest to be earned by the financial adviser or the FSP
concerned in relation to the replacement policy/ies
• Up-front commission: None
• Ongoing commission: R31.07
• Any other direct or indirect remuneration or other financial interest: The FSP performs certain binder functions on behalf of
Centriq Life in connection with the DebtBusters credit life policies for which it receives a fee from Centriq of 9% of the policy
premium.

PART 6: DECLARATIONS
You have declared to us online that:

• The information you supplied us was correct and complete and that you understood that, if not, it might affect the validity of
the Policy or impact on your claims.
• You understood the information given to you about the Policy telephonically.
• You read and understood the information about the Policy set out on the online portal.
• You understood the advice given to you in connection with the Policy and that the advice was limited to the DebtBusters
Credit Life Policy.
• You asked us where you didn’t understand anything and that we answered your questions to your satisfaction.
• You would carefully read the full terms and conditions of the Policy set out in your Policy Schedule and the Policy Terms and
Conditions when you got these documents and ask us if there is anything you don’t understand.
• You were aware that you had 31 days to cancel the Policy after receipt of your Policy documents.

Version 1.1 (Updated 29 March 2022)