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is important to know your life insurance requirements and also to review these
needs annually or when there has been a life-changing event.
insurance requirements need to be assessed depending on the life stage you are
at, along with current liabilities, expectation of future liabilities, the
number of dependents you have, your financial goals, and lifestyle, among other
statistics are continuously rising in South Africa, so having dread disease
cover in place will make a huge difference to help with any expenses not
covered by your medical aid when seeking treatment.
cancer cases have increased by 33% in the past decade, with “Lifestyle cancers”
linked to smoking, bad diet and sun exposure rising particularly rapidly,
according to the World Health Organization.”
statistics also highlight the importance of disability cover for younger people
who are self-employed, especially temporary disability, which could be event
driven- such as an accident or time off work to recover from an illness.
concerning trend is the increase in stress related claims such as suicide and
strokes. Recent insurer statistics have shown that the number of suicide claims
in Gauteng province are currently higher than road accidents.
would suggest that the stress levels in the country is taking a toll on the
have indicated there has been a significant spike in stroke-related claims,
with the number of disability claims doubling in 2018.
(high blood pressure) is one of the leading causes of strokes and again this
indicates the increased level of stress in society.
we learn from these statistics is to take better care of our health and ensure we
have taken care of our financial planning.
a financial plan in place will provide you with a snapshot of your financial
position and will highlight any shortfalls in the event of your death,
disability or suffering a critical illness.
Even if your circumstances haven’t changed significantly
or you don’t need to make changes to your cover, it can still give you and your
family peace of mind that you have reviewed your life, disability and critical
illness cover. If we can assist, please give one of our financial planners a
Please make contact with Greg Visser or our Risk & Wealth team on 0117789300 if you need any further assistance.
This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)