Have your circumstances changed since you first took out life insurance?
Marriage, children or family now living with you? Or you are maybe the sole breadwinner now?
If so, you need to review that old life insurance policy - NOW!
Your LIFE INSURANCE and DISABILTY POLICY NEEDS TO CHANGE!
The cover you initially bought may now be too little or too much! Life Insurance needs to address the risk you (and your family) face today - a young person may need cover to protect dependents - older people may need cover for estate duty and capital gains tax.
But one thing is for sure - as your life circumstances change, so too should your life policy!
If you do not revise your cover regularly, it is highly likely that your policy will be outdated and incorrectly priced!
Disability insurance has the highest incidence of claim repudiation. In fact, insurers have had to radically change the definitions of a disability and because of this, it is very likely your older policy definitions are outdated.
Now, you can more accurately define the description of the cover. Definitions are far more comprehensive. You can have cover to an older age, vital for cover in retirement! (If you find you cannot perform normal daily activities, like tying a shoelace, you will have a claim.)
What if you were disabled in a riot? Could you claim on your policy?
IS THE COVER YOU HAVE, REALLY WHAT YOU WANT?
AGAIN, IS THE COVER YOU HAVE, REALLY WHAT YOU WANT?
You can stop unnecessary cover (like bond or liability insurance) when you no longer have a need for it - without affecting your total plan.
If you have life policies older than 2 years, you should investigate these new forms of cover!
Now you can buy what you need, when you need it.
Live a healthy lifestyle and you can get discounted premiums!
You can link your cover to foreign currencies. Then when the rand drops in value, your cover grows substantially (in rand terms).
I urge you to Review Your Current Life Insurance. You do not want to have to claim and then find you do not have the cover you thought you did!
If you would like an indication of what Life, Disability and Dread Disease cover will cost,
please complete the LIFE INSURANCE ENQUIRY FORM and mail it to me.
Medical aid pays healthcare costs.
What if a disability STOPS your income?
Last update: April 22, 2022
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