LIFE, SHORT-TERM & RISK INSURANCE
Have you ever wondered what will happen to your loved ones if you aren’t around anymore?
As difficult as it may be to think about, this is exactly the kind of question you need to ask yourself when planning for life cover. Life cover ensures that, if you die, your loved ones will have the necessary funds to pay off any debts and continue to live comfortably while they adjust to their new circumstances.
You can get lump sum life cover or even ensure that a loved one receives an income for a period of time after you have passed away so that, in your absence, they can still meet their needs on a daily, weekly and monthly basis.
Here are a few more reasons why having life insurance is so important:
To ensure your family/loved ones have financial security in your absence
To leave an inheritance
To pay off debts and other expenses
To bring peace of mind
Disability Insurance (Lump Sum)
Your ability to earn an income is your single greatest asset. Without an income most of us would have trouble making ends meet for an extended period of time – we’d incur debt and exhaust our savings and hopes of a comfortable retirement would be lost.
The ability to earn an income is the foundation of everything you want to do (financially) for the rest of your life; it helps you build a comfortable retirement and should help to pay for protection in case of becoming disabled.
Disability insurance offers you peace of mind that, if you become disabled and can no longer earn an income, you will receive a lump sum amount to help you cover debts, make the necessary lifestyle adjustments for your situation and help take care of your loved ones.
Severe Illness Insurance (Lump Sum)
Contracting a serious illness or disease can be devastating – both to your health and to your finances. Critical illness insurance provides a lump-sum payment when diagnosed with diseases including: diseases including:
● heart attack
● the need for an organ transplant
Critical illness insurance provides you with money that can be used for a variety of unforeseen expenses. Here are a few examples:
● It can also be used to pay for treatments not covered by your medical aid
● It can be used for transportation expenses, such as getting to and from treatment centres, retrofitting vehicles to carry scooters or wheelchairs and installing lifts in homes for critically ill patients who can no longer navigate staircases
● Terminally ill patients, or those simply in need of a restful place to recuperate, can use the funds to take a vacation with friends or family.
Income protection has become one of the most critical and necessary forms of insurance available on the market today. As I have already mentioned, your ability to earn an income is your greatest asset and must be protected at all costs – this is what income protection offers.
Income protection ensures that if you are unable to work for a certain period of time (or permanently), you will receive a monthly income from the insuring company. This covers various scenarios from becoming disabled temporarily in a car accident, to permanent disability and even being hospitalised or booked off from work for extended periods of time due to illness.
We live in uncertain times and hear about robberies, hijackings and petty crimes on a daily basis, begging the question: Can you afford not to have short-term insurance?
“A short-term insurance policy allows you to protect your valuables against an unexpected loss that you may not be able to afford,”
Willem Smith, Chief Executive of iWYZE valuables insurance.
To put it simply, short-term insurance allows you to tell your insurance company what you want to protect and at what value. The insurance company will then calculate how much it will cost for them to bear the burden of the risk of something going wrong.