Allister Langford, Head of Distribution South Africa at Triarc (PTY) LTD

In my now 33-year journey in the long-term insurance and retirement fund industry, I cannot count the number of times when, in a social setting, someone has asked me what I do for a living. Invariably, someone who knows me will jump in and say, ‘Oh, he is a life insurance salesman, be careful’.

In most instances, the atmosphere would immediately cool and the warm smile and interest of the person asking the question would instantly transform into a slightly desperate attempt to extract themselves from my presence without being too obvious.

I eventually learnt to simply smile and head for the bar with a sigh.

Last weekend, my partner of some years now, came home from a lovely long lunch with her girlfriends. She burst through the door bristling with indignity because one of her friends, a very senior person in her industry, had resigned and only received a lump sum of R30 thousand rand from her group life policy after several years of employment earning an exco level salary. What a scandal. And this is why, she says, we don’t trust people like you. I looked at her in a somewhat bemused state, and replied, what is it that you think I do exactly. Oh, she says, don’t you sell policies and stuff?

My first thought was that here is a teachable moment and I should tell her that it could not have been the group life policy as these do not pay out at resignation. However, I took the sensible route, grunted in agreement and huffed and puffed at the appalling situation her friend finds herself in.

The real scandal is the lack of understanding. For example, did that person exercise the conversion option on her Group Life policy. I highly doubt it, given the misperception they have that the Group Life Policy paid out a lump sum on resignation. As a high income earner, she would have had a priceless opportunity to convert valuable life cover with no medical underwriting.

Let’s take a pause here shall we and reflect for a moment that all these women are highly educated, extremely competent, very well employed and super smart.

The very next day, I took her retired Mom for a walk in the botanical gardens. This lady is also very smart and is to all intents and purposes, financially independent. Her long-term financial planner/advisor has done a superb job at guiding her into a safe and comfortable retirement. Somewhere along this delightful walk, the topic of a will came up. She has one and it is up to date. Brilliant and very well done. But – she has no life cover. Not even a funeral policy. Why not I asked, with a slight degree of incredulity. I don’t believe in that rubbish – came the reply. I managed to avoid tripping over my own feet and told her the story of my dad, and that the only thing he left me were bills and the cost of the funeral, from the cremation to the ambulance to the catering to the venue etc. I won’t give you the number, but it was an eye watering bill. I suggested she should at least do the kind and considerate thing and get a funeral policy.

So, in one weekend, two confirmations of a dangerous level of ignorance where one would not expect to find it.

I may be wrong here, but my sense is that the people who are passionate about financial planning and financial literacy in the context of retirement funds, investments, estate planning, medical aid, life insurance etc. are the dedicated professionals in the industry.  Everyone else is a reluctant student when it comes to financial literacy. It’s a very much similar attitude to life insurance, or insurance in general. Remember the adage – life insurance is sold, never bought. Says it all right.

What I believe, based on my perception, is that many people live in ignorance of their Employee Benefits and have an entirely misguided perception and understanding of what they mean and what they do. Let’s not even mention what people’s perception and understanding is of our industry.

I do also know that there has been a tremendous effort in the industry in general to educate members of funds, and professional IFA’s and financial planning practices are doing an incredible job at great cost of time and money to properly educate their clients in the financial planning journey.

I don’t know about you, but for me it is an absolute joy to talk to non-financial industry people who do have an appropriate level of financial literacy. We get on to the same page so much faster.

Circling back – what is the point then. Well, I personally never want a member of any Triarc Group Life policy to think they will receive a lump sum from the policy when they resign from their job. If that happens, I have failed, and my 33-year career can be called into question.

I think member education in the context of EB products, is one of the most important and valuable pieces of work anyone of us who works in an EB consultancy or provider space can do.

Watch related video interview conducted with Allister on 22 June 2025

ENDS