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Health

Accidents can happen and you and your family’s health are unpredictable. In laymen’s terms, the purpose of a medical aid is to ensure that you are able to pay for treatment received from either a GP or specialist, or while in hospital. A medical scheme is the most cost –effective mechanism that you can use to cover large and unforeseen hospital and day-to-day expenses should the need arise.

How to choose the best medical aid for you?

  • Evaluate you and your dependants’ state of health. REMEMBER this can change at any time. Your medical needs should be considered first. Also look at your family’s medical history.
  • Decide what you can afford.
  • Keep in mind that you will have the opportunity to change your option at the end of every year as your needs change.
  • Decide what you can afford.
  • Keep in mind that you will have the opportunity to change your option at the end of every year as your needs change.

Can anyone become a member of a medical aid scheme?

Yes. Medical aids used to be able to reject applicants based on their age or health but it is no longer legal to do so. Cover can be excluded for a period of time e.g. a pregnancy may not be covered if you are already pregnant when you apply. Yes, a medical scheme is not allowed to decline membership to anyone. They may only impose a waiting period.

Will my cover start immediately?

In some cases, medical aids are entitled to impose a 3 month general waiting period, during which no claims will be paid, and / or a 12 month exclusion for any pre-existing medical conditions. A medical scheme may impose a waiting period depending of if/how long you were a member of a registered South African medical scheme. There are two types of waiting periods 1. A Three month general waiting period, you are not entitled to any cover in this period 2. A twelve month condition specific waiting period, this will exclude any existing condition for a period of twelve months from start of membership.

What is a Late Joiner Penalty?

The Medical Schemes Act makes provision for schemes to apply a late joiner penalty to members over the age of 35. Depending on the number of years that you have not belonged to a registered South African medical scheme since the age of 21, the late joiner penalty is calculated as a percentage of your monthly contribution and will be added to your monthly contribution. A late joiner penalty is a penalty imposed on members older than 35 who have not previously belonged to a registered South African medical scheme or who had a break in membership. This penalty is calculated on a sliding scale depending on the number of years that you were not a member.

What is a medical savings account?

A medical savings account is a pool of the member’s own money set aside from the contribution for payment of day-to-day medical expenses (anything that happens outside of a hospital). Any portion that is not used in the year carries forward to the following year and is paid out upon termination of membership. A medical savings account is a benefit on new-generation medical schemes that you use to fund your own day-to-day expenses, like going to the GP, dentist etc. Any unused money will be transferred to the next year and always remains your money.

What does limited day-to-day cover mean?

In the case of a medical aid with a medical savings account, your out of hospital expenses are limited to the amount of medical savings you contribute. On a capitation plan, your out of hospital expenses are limited to a clearly defined number of visits or monetary amount per benefit. Limited day-to-day means that you may be limited in terms of a Rand amount or maybe a number of visits for a certain benefit.

What is a network option?

These plans make use of a network of hospitals, doctors and/or dentists that the member must use in order to be covered. This keeps the costs for the medical aid schemes down, which allows the contributions to be cheaper.

What is a comprehensive plan?

A comprehensive plan has a high level of hospital cover, day-to-day benefits and chronic medication benefits. A threshold benefit is usually also included which provides insurance cover if your day to day medical expenses exceed a certain amount.

What is a co-payment?

A co-payment is a portion of the cost of a procedure for which the member is responsible.

What is a Designated Service Provider (DSP)?

A group of medical service providers specified in the scheme rules from whom services must be obtained to enjoy appropriate treatment and lower or no co-payments.

What are Prescribed Minimum Benefits (PMBs)?

This is a list of 270 treatments for which all medical aid schemes in South Africa have to provide cover in terms of the Medical Schemes Act. It also includes the following 26 chronic diseases: Addison’s Disease, Asthma, Bipolar Mood Disorder, Bronchiectasis, Cardiac Failure, Cardiomyopathy, Chronic Renal Disease, Chronic Obstructive Pulmonary Disease, Coronary Artery Disease, Crohn’s Disease, Diabetes Insipidus, Diabetes Mellitus Type 1 & 2, Cardiac Dysrythmias, Epilepsy, Glaucoma, Haemophilia, HIV / AIDS, Hyperlipidaemia, Hypertension, Hypothyroidism, Multiple Sclerosis, Parkinson’s Disease, Rheumatoid Arthritis, Schizophrenia, Systemic Lupus Erythematosus and Ulcerative Colitis

Can schemes refuse to accept new members?

No, not unless it is a restricted scheme and the member is not entitled to join that particular scheme. In the event of non-disclosure, the scheme may request immediate termination of membership.

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41% Cardiac Failure patients are only admitted once

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Highest Health claim in 2014 for single member R6.97million

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27% causes of death claims are due to cancer

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26% causes of death claims are due the Heart & artery

Estate Planning

One of the most important steps in the search for financial independence is a comprehensive financial needs analysis, in other words knowing where you are, and where you want to be in respect to your finances. Do not make any financial decision without the full picture.

I don’t have a will, what happens to my estate when I die?

The Intestate Succession Act will determine how your assets will be distributed and a judge may decide who will raise your children (and either or both may not be whom you would have chosen).

What will the affect be on my estate when the State distributes my assets?

Your Estate may be distributed against wishes of deceased
. 
If children are minor’s inheritance may be transferred to the courts to administer. Assets may need to be sold at low values to affect this
. You do not have the opportunity to nominate guardians for your children
. You do not have the opportunity to nominate your executor.

What happens to my will if I get divorced?

A Will is not cancelled by divorce or re-marriage, it must be changed within three months of divorce or your ex-spouse will inherit your estate.

When should my Will be reviewed?

It must be reviewed periodically, especially where there have been changes in your status e.g. marriage, divorce, re-marriage, the adoption/birth of children, a death in the family or following substantial changes in your assets or general financial position

Why do I need a will?

A Will is the only way that you can dictate how your assets should be divided after your death. Apart from this benefit, dying without a Will could be a very costly exercise for your family and the people staying behind.

What does Dying intestate mean?

Without a valid Will, means that you give the government your estate to divide as they see fit. This is paramount to handing your bankcard in at a government department with the Pin attached in the hope that whoever gets your card will spend it with your best interest at heart.

Does my Marital status have a impact on my financial planning process?

Make sure you understand what this impact could be. If you have a long-term relationship with your partner there could be certain rights under communal law that you should be aware off. Use your Will and Testament to address any of these issues.

Last Wills & Testament

A Will is a legal document that controls how your estate will be dealt with after your death. Your Will appoints a person to manage your estate (the executor), directs who Will receive an inheritance from your estate (the beneficiaries), who Will look after your minor children (the guardian) and additional matters. A Will is only valid if it is signed in the presence of two witnesses in accordance with the technical requirements of provincial law (know as execution of your Will).

Do I need a Will? What happens if I die without a Will? What is intestacy?

Whether you need a Will or not depends on your circumstances. If you do not have any minor children and no assets of value in your name then you probably don’t need a Will. If you die without a valid Will then the laws of intestacy will govern how your estate will be managed. It will be uncertain who should manage your estate. If a suitable family member or friend does not step forward and apply for the job then the provincial Public Trustee will administer your estate. Your estate will be divided among your next of kin in accordance with provincial law. If you do not have any living relatives then your estate will be given to the provincial government. The guardianship of any minor children you have will be determined by your provincial Ministry of Children and Families.

When does a Will take effect? Can it be of assistance during my lifetime?

Your Will automatically takes effect upon your death. However, in order to use your Will to transfer assets such as a bank account or a house, the bank and land registries want to see that the Will has been approved by the probate court. Therefore, although the Will is in effect from the date of death, the executor will not be able to transfer assets until probated. Your Will does not have any authority over you or your estate during your life time. If you want someone to manage your affairs while you are alive (if you are unavailable on a vacation or lose mental capacity) then you need to appoint them to do so using a Power of Attorney.

What happens to my Will if I get married?

Entering into a legal marriage may revoke your existing Will. If you get married after you make your Will you should either make a new Will or get legal advice on whether you old Will is still valid and appropriate for your needs.

What happens to my Will if I get separated/divorced?

Your Will is not revoked by separation or divorce. You need to get legal advice.

How do I change my Will in the future?

A document that amends a Will is called a Codicil. For a Codicil to effectively change your Will it needs to be signed with the same formality as your Will. You cannot change your Will by making handwritten changes and initialing them. If you try this, you will be creating huge problems for your executor. It is safer and often easier to do a new Will to replace the old one then to try to change your Will. Signing a replacement Will also makes it cheaper and easier for your executor as there will only be one document to probate and one Will is easier to read than a Will with an Codicil amending it.

How do I sign my Will? Who can be a witness?

A document that amends a Will is called a Codicil. For a Codicil to effectively change your Will it needs to be signed with the same formality as your Will. You cannot change your Will by making handwritten changes and initialing them. If you try this, you will be creating huge problems for your executor. It is safer and often easier to do a new Will to replace the old one then to try to change your Will. Signing a replacement Will also makes it cheaper and easier for your executor as there will only be one document to probate and one Will is easier to read than a Will with an Codicil amending it.

Can my spouse and I share a Will? Our wishes are the same?

No. You each need a separate Will. Trying to have one document act as the Will for both of you will cause major problems for your executor and may make it very difficult to probate your Will.

Can I do a videotaped Will?

No. Only in the movies and on TV. Your Will must be in writing.

What does an executor do?

Your executor is responsible for all aspects of the management of your estate, including: Taking care of funeral and burial arrangements Protecting your assets against damage or loss Locating your Will and submitting it for probate Paying your debts Completing your tax returns and paying your taxes Maintaining trusts for beneficiaries Providing information to your family and beneficiaries Distributing the balance of your estate to your beneficiaries Your executor should hire a lawyer and accountant to assist them.

Who can be an executor?

You can appoint any adult to be your executor. However, being the executor of an estate can be a complex, difficult job. Your executor is responsible for your funeral arrangements, obtaining probate of your Will, managing your assets until they are sold or given to your beneficiaries, paying your bills, preparing and submitting your taxes, distributing your estate as you have requested, maintaining trusts for you children and other minors, and dealing with the legal and accounting matters relating to your estate. Accordingly, your executor must be: Honest and trustworthy; Capable of doing the job (your executor does not need to be an expert, they should hire a lawyer and accountant to assist them, but they should at least be someone you feel is doing a good job of managing their own affairs); and have the time and willingness to do the job. Another factor to consider is that it is convenient if your executor lives in the same city (or at least the same province as you). This factor should not overshadow the other three criteria above. You should choose someone who is trustworthy, capable and willing over someone who is not, even if they live on the other side of the country. It is also beneficial if your executor has a direct interest in your estate. If you choose one of your beneficiaries, they will have more incentive to get things done in a timely fashion.

Do executors get paid?

Executors are entitled to pay themselves compensation from your estate in accordance with the Trustee Act (typically a one time fee of about 2-3,5% of the value of your estate).

Does my executor have to pay my debts?

Executors are not personally liable for any debts of the estate, unless funds of the estate are diverted to other payments prior to paying debts or taxes.

What happens if I die with more debts than assets?

Your estate is insolvent if you have more debts than assets. Your executor has to liquidate the assets you do have and pay down your debts. Some of your creditors will not be paid in full. Your beneficiaries will not receive anything. Your reasonable funeral costs, the costs of probating your Will and your executors’ fee will all be paid before payments are made to creditors.

What is probate court?

Probate court is a division of the court that deals with Wills and estates. To probate a Will, the executor must make an application to the probate court with the original Will and information about the deceased, the deceased’s family and the deceased’s assets and liabilities. Obtaining probate of the Will is the normal procedure for dealing with estates where there is a Will.

Can my Will be challenged?

If you did not have mental capacity at the time you made your Will then it is not valid. Someone could challenge the validity of your Will for this reason. If there is any question about your mental capacity due to age or disease you need to see a lawyer in person to prepare your Will. The lawyer will be able to assess you ability to make a valid Will and provide evidence of your capacity if needed.

Do I have to leave my estate to my spouse and children? What is the Wills Variation Act/Dependants Relief Act?

If you have disinherited your spouse or one or more children then they can apply under provincial law (Wills Variation Act/Dependents Relief Act) to change the way your estate is distributed among beneficiaries. Whether they succeed in varying your Will depends on many factors including the size of your estate, any property passing outside of your estate (such as life insurance, joint property and Retirement Annuities), any gifts you made to the applicant or beneficiaries during your lifetime, the financial needs of the applicant and the beneficiaries you have named instead and the history of the relationship between you and the applicant.

What happens if we all die together in a car accident?

You can make a contingent gift in your Will that will take effect if your main beneficiaries die before you, with you or before receiving their entire share.

What happens if a beneficiary dies before me?

If a beneficiary dies before you then their inheritance is given to the alternate beneficiary named in your Will or to the deceased person’s estate if that is what you have directed in your Will.

Who will look after my children?

You can appoint a guardian in your Will to take care of your children while they are minors.

Who should I name as guardian?

The choice of guardian is a very personal decision. The person or couple you choose should share your beliefs in raising children. Above all, you need to consult with your intended guardians before you appoint them. You may want to name an alternate in case your first choice is not able to act.

At what age should my children receive their inheritance?

You should direct your trustee to hold your children’s inheritance in a testamentary trust until they are mature enough to handle the responsibility themselves. A large inheritance could cause difficulties for a 19 year old. Your executor will be able to use the money held in trust to assist your child and pay for your child’s expenses. If you anticipate that there will be a large inheritance, you may consider having more than one release date (for example 50% at the age 21 and the rest at 25). We do not recommend holding money in trust past the age of 30.

What if I have more children?

A properly drafted Will includes wording to deal with additional children. If you want to leave everything in equal shares to your children if your spouse dies before you then your Will should be written to include any additional children you have after making your Will included in the distribution.

Do I need to name my assets and debts in my Will? They are going to change?

No. Your Will deals with everything your own. It is not necessary to list specific assets unless you want to gift them to specific beneficiaries.

What happens to my Retirement Annuities when I die?

If you have named a beneficiary in your Retirement Annuity documentation then the assets in the Retirement Annuities are given directly to that named beneficiary by the bank or investment company. If you have not named a beneficiary, your beneficiary dies before you or you have named your estate as your beneficiary then the assets in your Retirement Annuities are distributed in accordance with your Will as an asset of your estate. The value of your Retirement Annuities on the date of your death is included in your income when calculating your taxes for your final tax return. The beneficiaries receive the assets and can sell them tax free. There are two exceptions to this rule discussed below. If your estate does not have enough money to pay the tax bill caused by the release of the assets from your Retirement Annuities to the named beneficiary then SARS (South African Receiver of Revenue) can recover the tax directly from the money received by the beneficiary.

What happens to my life insurance when I die?

If you have named a beneficiary in your life insurance documentation then the proceeds are given directly to that named beneficiary by the life insurance company. If you have not named a beneficiary, your beneficiary dies before you or you have named your estate as your beneficiary then the proceeds are distributed in accordance with your Will as an asset of your estate. There are no taxes on the proceeds of life insurance.

Should I name specific beneficiaries for my Retirement Annuity and life insurance policies or should I name my estate?

If you are leaving your estate, Retirement Annuities and life insurance proceeds to your spouse then name him or her as the beneficiary of your life insurance and Retirement Annuities. If you do not have a spouse then you may want to consider naming your estate as the beneficiary of your life insurance and Retirement Annuities. However, there are costs and benefits of doing this. The benefit of naming your estate is that the money will become part of your estate and will be distributed along with the other assets. Trusts for minors will apply. It will likely make your estate planning and the administration of your estate easier for your executor.

Are there any Death Taxes in South Africa?

Yes. The taxes on dying in South Africa is called Estate Duty and is payable on the “net value of an estate (property plus deemed property less liabilities and deductions in terms of section 4 of the Act) a fixed amount in terms of section 4A is deducted from the net value of the estate to establish the “dutiable amount of the estate” on which 20% estate duty is levied. As from 1 March 2007 this amount is R3 500 000.

What happens to joint property when I die?

Things that you own jointly with your spouse or other person automatically transfer to the surviving joint owner when you die. They do not become part of your estate and are not controlled by your Will.

Do I need a lawyer?

It is possible to do a Will without using a lawyer. espresso-O-Will, consulted with lawyers specializing Wills and Estate Planning to make sure your Will is properly drafted to meet your needs and provide you the peace of mind that your Will has been done correctly.

How do I make arrangements for organ donation?

We have included a section whereby you can automatically elect to become an organ donor. You are responsible in ensuring that your registration is noted and updated with the Organ Donor Fund of South Africa. We are in the process of finalizing a streamlined process where this is automatically done for you once selected.

How do I specify my funeral wishes and burial instructions?

You should discuss them with your family and make your wishes know. You can make pre-arrangements with a funeral home. You can put your funeral wishes and burial instructions in your Will or in a letter of wishes.

What is a Living Will?

A Living Will is a written statement to family and health care providers specifying your wishes in the event that you are terminally ill with no chance of recovery.

What is Power of Attorney?

A Power of Attorney is a legal document where a person can appoint another (the attorney) to manage their affairs. An Enduring Power of Attorney remains valid even if the person giving it loses mental capacity. It can be used for a spouse, family member or trusted friend to help a person who has lost the ability to look after his or her own financial affairs. It must be signed before the person loses capacity.

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30% of the value of your estate can be paid to Executor fees

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70% of South Africans do not have a will

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R700 million unclaimed estate funds

Life Insurance

Life insurance is something you’ve probably heard a lot about. People say all sorts of things, so the only thing you know for certain is that it can protect you and your loved ones if something unexpected happens. But what’s true about life insurance and what’s simply a myth? Here are some of the most common misconceptions explained.

How do I know if I am under insured?

Buying life insurance is probably one of the biggest financial decisions you can make. It acts as a financial safety net for you and your loved ones if anything unexpected happens. However, many people find it difficult to know whether they have enough life insurance, too little, or even too much.

What does life insurance means?

One aspect to consider with life insurance is that it’s not just debt cover you need. Insuring your monthly income so that you still receive a salary if you become severely ill or disabled is important, education protection ensures that your children’s primary, secondary and tertiary education is covered, and it’s vital to provide a comfortable retirement for you and your spouse if anything unexpected happens to either of you.

What is Credit Life Insurance?

Life insurance offered by banks and retailers typically falls under the umbrella of credit life insurance. What’s also important to note with credit life insurance, is that your premiums may increase in line with inflation, but your cover might not.

How will my advisor determine if I have enough Life Insurance?

When you buy insurance through an accredited financial advisor, he or she provides advice based on a financial needs analysis.

Why is a financial needs analysis important?

This will help you determine the optimal level of insurance for your lifestyle and family circumstances. He or she will provide you with a range of insurance products and help you decide on the type and amount of life insurance you need.

What will my financial advisor consider when doing my analysis?

It is important having the right amount of life cover means that your loved ones won’t be responsible for paying your financial obligations if you passed away unexpectedly The amount of financial support you and your loved ones would need if you are no longer around, or if you become severely ill or disabled. Things to take into account are home modifications, a full time care giver or special equipment to help ease the burden of having suffered an illness or disability.

Should I be concerned if I am under insured?

Research by True South Actuaries and Consultants and the BMR show that South Africans are under insured by R18.4 billion. This means that approximately 60% of those with life insurance will not have enough to maintain their current lifestyle if the breadwinner of their family becomes severely ill, disabled or passes away. Being under-insured can have a devastating effect on your family. Rather plan ahead and get your life insurance needs assessed properly by a financial advisor and review it regularly to ensure it keeps pace with your changing lifestyle and family needs.

Why should I choose one provider?

Choosing one insurance company that has a strong reputation and solid financial backing to provide all your life insurance needs makes it easier to review your policy regularly and make changes when necessary. It also helps prevent you from overlooking or forgetting about pockets of insurance that you have in various places when you need to access your cover.

What is the advantage for using a financial advisor?

When it comes to your finances it is best to have one point of contact when you need to claim under your insurance products (instead of phoning numerous banks or credit providers to access your cover), and it means that you can review all your insurance at the same time, with one person.

Why must I review my policy?

Whether you are getting married and starting a family, buying a new home or starting your own business – it’s always a good idea to review your life insurance policy when your circumstances change.

How will I find out more about Life Insurance?

To find out more about the products we offer please Contact Me direct!

I don’t need life insurance because I don’t have children?

Because you and your partner each earn a salary, you are probably accustomed to a certain lifestyle. But would either of you be able to maintain this lifestyle without the other’s contribution? Things like paying off a house, covering all the household expenses and other debts become a financial burden when one salary unexpectedly gets taken away. A life insurance policy can help you and your partner manage your home, maintain a comfortable standard of living and stay on track with retirement planning if anything happens to either of you.

Life insurance is also important when you’re single

Even if you’re young and single – aside from having insurance to cover funeral costs – should anything happen to you, you might leave behind credit card debt, car or home loan payments and various other financial debt. Even a small amount of life cover will ease the financial burden that your death could place on those you leave behind. Its also important to protect your income while you are young with an expected high salary growth. This will safeguard you in case you are unable to work because of a injury or sickness.

I have enough coverage through my employer, is that not enough?

Many corporate companies provide life insurance for their employees, known as group cover. Group cover typically provides insurance equal to two times your annual salary. However, it’s important to remember that if you pass away unexpectedly before you retire, this amount might not be enough to provide for your family’s long-term future. It also won’t be enough to ensure a comfortable retirement for your spouse. While group cover is very important, you should consider additional life insurance to provide for your family’s education and income needs, and for your spouse’s retirement if you are no longer there.

Why do I need expert advice?

A financial advisor can conduct a financial needs analysis to help determine your current and future insurance needs. More importantly, he or she can provide you with a wide range of insurance products that are relevant to these needs and your financial situation. This gives you the opportunity to take out a tailored life insurance policy that will safeguard you and your family against life’s unexpected events.

What is the purpose of Investment and life Insurance?

While both concepts form part of financial planning, investing and life insurance serve two different purposes. Investing aims to create or preserve wealth over the long term, while life insurance is a safety net against life’s unexpected events. You wouldn’t want to rely on your investment as a back-up for life insurance, disability or severe illness cover because withdrawing your investment at the wrong time (when the markets are not performing well) could significantly reduce the value you have accumulated. Life insurance is not time dependent – it’s there when you need it the most – be it tomorrow or 10 years from now. It safeguards you and your family from the beginning of the policy and it’s also important to note in most cases, your built up investments will not be sufficient to support you and your family if a life changing event occurs before your retirement.

What is an INCOME PROTECTION?

Income protection insures your monthly income and helps you cover your day-to-day living expenses if you are unable to work due to injury or a severe illness. It works by paying you a monthly income until you retire or are able to work again.

Why must I relook my insurance policy?

The insurance policy you took out when you got married may not be sufficient to cover your needs five or 10 years down the line. During this time, you have probably bought a new home, had children and maybe even changed jobs. These are known as life stages and your insurance needs change as you go through each one. In the end, reviewing your policy regularly will allow you to holistically consider how your personal and family milestones can affect your insurance needs. Discussing your insurance needs with your financial adviser when your circumstances change means that you will have sufficient cover at every point in your family’s life.

Does my lifestyle affect my insurance premiums?

Your lifestyle plays an important role in determining your life insurance premiums. The amount of life insurance you qualify for is based on your personal circumstances including your age, gender, income and education. This is an investigative process known as underwriting and will ultimately determine your monthly premiums. When it comes to lifestyle factors (such as smoking and drinking habits), individuals that make healthier choices typically get the lowest premiums.

If I smoke how does this affect my premiums?

The health dangers of smoking can affect your life insurance premium. Smokers are more likely to claim on an insurance policy due to suffering an early death or a critical illness. This means that you can pay up to 50% more on your monthly premium if you are a smoker.

What process do I follow to get Life Insurance?

Life insurance doesn’t have to be an inconvenience. You can take as much time as you need to understand what life insurance is all about, explore the various product options at your own pace, and compare premiums that meet your needs as well as your financial situation. Speaking to a financial advisor streamlines the process because he or she can:

  • Conduct a financial needs analysis to determine the appropriate type of insurance you need.
  • Offer a wide variety of insurance options for you to choose from.
  • Arrange a nurse to come to your home to do a medical exam (as required by life insurance companies).
  • Provide you with the necessary paperwork, and submit it to the insurance company on your behalf.
  • Help you review your policy whenever you go through major milestones such as getting married or having children.

What does a medical exam involve?

Generally, this involves having a blood test, providing a urine specimen, having your blood pressure taken, providing your height and weight measurements, and being asked a series of questions about your health history.

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74 % of death claims are paid to clients aged 60 and younger

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Unnatural deaths account for 26% of death claims.

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Our life cover client base is 44 % female & 56 % male

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34 % of our Live Cover base is between 31 and 40

Illness Cover

Why do I need severe illness cover?

  • A severe illness typically has four phases. You are diagnosed in the first phase and treated in the second. In the third you need to recover. In the fourth phase you face the financial impact of the unexpected expenses a severe illness can have on you, your family and business.
  • Your medical aid and gap cover is designed to support you through the first two phases. Severe Illness Cover is there to support you through the last two phases.To help the cost of being absent from work during recovery, being cared for at home while ill, modifying your lifestyle and your home, and even early retirement due to ill health

Income protection plan

What is retrenchment?

In simple terms, the employer makes a position redundant when its duties are no longer needed to be done by anyone. Once the position is redundant, the person doing its duties may either be redeployed (i.e. given another job) or retrenched (i.e. lose their job and not be offered another) The reality: Thousands of individuals are retrenched every month. Being retrenched is emotionally challenging and scary at the same time – the prospect of maintaining your general living expenses can be very stressful. Why do I need a retrenchment policy:

  • Gives you the freedom to look for a new job without the financial pressure of not earning a monthly income.
  • It pays you up to six months’ income if you are retrenched from your job and become unemployed.

Disability

Why do I need Lump Sum Disability cover?

  • Disability cover is a lump sum benefit that pays out in the unfortunate event of your disability.
  • Often necessary lifestyle adjustments need to be made and disability cover can pay for any unexpected costs associated with this condition.
  • A disability lump sum may help settle your debts.
  • Income Protection insurance can help protect your most valuable assets: your salary, to continue to paying your monthly obligations.

In many instances when a business borrows money, the financier will require the business owner to sign surety for the business loan. When a business owner passes away, the financier may demand repayment of the loan from the business owner`s deceased estate. This might have dire consequences for the dependants. To prevent this, the business may take out life cover on the life of the business owner. The pay-out from the life insurance policy is then used to repay the loan from the bank on the passing away of the business owner

Funeral Cover

Why do I need funeral cover?

  • Life policies may take months to pay out, most funeral policies pay within 48 hours.
  • A funeral policy will help pay for your own or your loved ones funeral.
  • Funeral policies allow for the burial of loved ones in a dignified way without worrying about how you will pay for the funeral.
  • Should you lose your ability to work your employer may stop paying your salary at some point in time. This period may vary depending on the terms and conditions of your employment contract.
  • Income Protection replaces part of your income if you cannot work for a while due to unforeseen illness or disability
  • Income Protection

    Why do I need Income Protection?

  • Income Protection insurance can help protect your most valuable assets: your salary, to continue to paying your monthly obligations.
  • Should you lose your ability to work your employer may stop paying your salary at some point in time. This period may vary depending on the terms and conditions of your employment contract.
  • Income Protection replaces part of your income if you cannot work for a while due to unforeseen illness or disability.
  • Business Insurance

    Why do I need Business Insurance?

    Key Person: Key man insurance is simply life insurance on the key person in a business. In a small business, it is usually the owner, the founders of the business or perhaps a key employee. Key persons are crucial to a business; their absence could sink the company. Buy and Sell: Buy and sell insurance provides surviving co-owners of a company with funds to purchase the interest or share of the deceased or disabled co-owner. If the shareholding is significant, it could be impossible for the existing shareholders to access sufficient capital at short notice to buy the shares. Without any capital provision, new shareholders may need to be found, a buy and sell policy provides for this shortfall. Contingent liability

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