Cash needs if death occurs
If you were to pass unexpectedly, will your family have the ability to pay the expenses associated with your death? These expenses includes immediate cash needs - such as funeral expenses, legal fees and taxes, and capital needs to settle loans and other debts -such as homeloans, personal loans etc...
Survivors Income Needs
You provide for your family's lifestyle through your income. In the event of your death, a portion of that income will need to be replaced to maintain their lifestyles. Corporate benefits provided by your employer may provide a portion of their income needs, but usually is not nearly enough.
Your Disability Insurance Needs
Should you lose your ability to earn an income, will you be able to maintain your and your family's lifestyle? Corporate benefits provided by your employer may provide for a portion of the needed income but is usually not nearly enough.
When you become disabled you have two financial needs - a need for a cash lump sum (to settle outstanding debts and to make lifestyle adjustments) and a need for a monthly income.
For more information on how much income disability cover you can qualify for and other important aspects w.r.t. your disability cover needs to consider, please click here).
Suffering from a critical illness could have devastating consequences on your and your family's lifestyle. In some cases you cannot return to work, temporarily or even permanently!
To make sure you are properly covered you firstly need a proper medical aid and supplementing health insurance policy - i.e. Gap & Co-Payment Cover policy - to provide for all your medical needs. As an extra buffer you can also take out a Dread Disease policy, which will pay out a lump sum - to provide for any additional capital and/or income needs you might have.
Building and Preparing for Retirement
Making sure that you have enough income & capital disability cover in place (both during your working years and close to retirement) is as important as making sure you are contributing enough towards retirement during your working year - in order to retire comfortably.
INDIVIDUAL RISK ASSURANCE
An unexpected death or disability can easily cripple a household and lead to complete financial catastrophe if not properly addressed.
Here are some of the most important areas to consider when addressing your risk assurance needs: