Financial security for your family
The goal of life insurance is to provide a measure of financial security for your family and dependants after you pass away. If you are not adequately insured it could leave your family in financial ruin.
Ask yourself, if you should pass away:
- Will there be enough money to settle all estate duties, funeral costs, executor fees and taxes that become payable on your death?
- Is there enough cover to ensure that your family can maintain their standard of living?
- Is there provision for your children’s future needs?
Lump sum for permanent disability
The aim of this insurance is to pay out a lump sum if you become permanently disabled to practise your occupation. The money can be used to settle outstanding debt or can be invested to provide income.
If you became permanently disabled:
- Would you want to settle all your debt?
- Would you have enough money to alter your home or car to accommodate your disability?
- Would you be able to maintain your standard of living?
Plan for certain diagnoses
This covers the life insured in the event of being diagnosed with a dreaded disease, such as cancer, heart attack, stroke, paralysis or an organ transplant.
Things to consider:
- Will there be enough money to cover additional costs, such as reconstructive surgery, home care, rehabilitation or au pair services after experiencing a severe illness?
- Can you afford to take time off work to focus on healing?
Temporary or permanent protection
Income protection provides cover in the event of you becoming unable to perform your duties at work. Temporary income protection provides a monthly income, usually up to 24 months. Permanent income protection replaces your salary if you become permanently disabled.
Things to keep in mind:
- How will you maintain your standard of living without a monthly income?
- How will you pay your monthly premiums, such as medical aid, short-term insurance or retirement savings?
Protection for your company
Having proper cover in place will ensure that you have the capital available to buy out your partners shares, settle outstanding debts, or recruit and train new employees.
Things to consider:
- What would be the financial impact should you lose a key employee?
- Do you have a contingency plan in place for the sustainability of your business?
Group risk benefits
Incentivising your employees
In today’s competitive job market, finding and retaining skilled employees, becomes more and more difficult. Offering group benefits like funeral cover, life cover and disability, will incentivise your employees to be loyal while making sure they will be looked after if something happens to them.