Money matters, but HEALTH is WEALTH

 

 

Risk Cover

I work with the following companies:

  • Altrisk (Hollard Life), Discovery, FMI, Liberty, Momentum, Old Mutual and Sanlam.
  • I always get quotes from all the different companies and I do not prefer one company above another.

 

Life

If you are young without any dependants or debt, you might not have a need for life cover.

If you have any dependants who will have to make major adjustment to their life if anything would happen to you, then you must have some life cover. No-one wants to leave their loved ones with bad debt and the possibility of adjusting to a much lower standard of life.

Life insurance is cheap and it is one of the best investments that you can make for your beneficiaries.

Lump Sum Disability

This is a cover that everyone needs.  It makes no difference if you have dependants or not. With this cover you protect your own future income.

There are more families who loose their house due to a breadwinner becoming disabled than a family who had a death of the breadwinner.

Income Protector

This is a different cover than the normal disability cover. With disability you need to proof the permanent loss of income. With income protector you will be covered for permanent loss of income as well as temporary loss of income.

This is an essential cover for a person who runs his own business or who works for commission. If he gets involved in an accident or has a medical problem that will not allow him to go to work for a few months, then this cover will pay him a monthly amount.

All the major insurance company offers this cover, but I prefer working with FMI who specializes in income protection. They have the highest payout record (98%) for people with a claim.

Dread Disease

I consider Dread Disease cover as one of the most important risk covers for anyone to have.

All of us know someone who suffered from some kind of dread disease and although they had medical aid, they still suffered major financial setbacks due to this disease.

If you do not have cover for all the types of diseases you should at least have cover for heart attack (or other heart related diseases.), cancer and stroke.

Funeral Cover

Some funeral homes are not prepared to proceed with the funeral arrangements until they have the money in their hands. It can be very traumatic for the remaining loved ones to not only cope with the death of a loved one, but now they also have to stress on how they are going to get a big lump sum of money within 48 hours.

This is also an area where you can save money if you were to combine your funeral cover with your life cover.