Your Life Insurance policy is there to ensure neither you or your family will suffer financially should something happen to prevent you from earning an income.
Temporarily or permanently!
But, those needs change over time. From a single person, through raising a family to retirement.
Your income changes. Your debts change. Your assets grow. Your beneficiaries change.
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If you do not revise your cover regularly, it is highly likely that your policy will be outdated and incorrectly priced!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change the definitions of a disability and because of this, it is very likely your older policy definitions are outdated.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?
The chance of surviving a life-changing illness is high because of advanced medical technology.
But will your money survive the costs?
Dread Disease cover has been greatly enhanced. Conditions like Alzheimer's or Parkinson's are now included. It will pay on initial diagnosis, no waiting periods. And you can have cover for life.
AGAIN, IS THE COVER YOU HAVE, REALLY WHAT YOU WANT?
Now you can buy just disability or dread disease cover.
Older policies required life cover before you could get disability or dread disease benefits. Perhaps you did not need the life cover?
Now you no longer have to pay for unnecessary life insurance annd can buy only the benefits you want.
You may be young, or have enough life insurance, but need to protect your income-earning potential?
You realise that surviving a life-changing event could cripple you financially.
Now you can protect your income earning potential, separately from your life insurance. You can design your cover to suit your needs without disability or dread disease claim affecting your life cover.
You don't have to cede all your life insurance on one security.
You can cede a portion of it. It will save you considerable estate duty and premiums.
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!
- Do you need higher disability than life cover, because you are single? No problem!
- Want only disability cover? No problem!
- Need to cede only part of your cover, not all of it? No problem!
- Want one policy for both of you? No problem!
- Want your life cover to be unaffected by any other claims? No problem
- Do you need disability cover in retirement? No problem!
- Do you lead a healthy life? Now you can be rewarded with premium discounts!
Now you can buy what you need, when you need it.
AND BEST OF ALL, YOU MAY GET LOWER PREMIUMS WITH THE SAME (OR BETTER) COVER!You could even keep the premiums the same and increase your cover!
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.
Disability, Income Protection
Retirement and Pension
Investing and Saving
MEDICAL AID QUOTES
2018 Disclaimer Disclosure