Risk Planning is the process of identifying the risks inherent to you and making provision to safe-guard against these risks. Assurance is the first step in managing wealth.
Life cover is a lump-sum of money that pays out to your beneficiary to ensure that your family’s needs are protected when you are not able to. These needs include:
- Replacing an income
- Estate and legal fees
- Home related expenses
- Settling outstanding liability
Disability cover is taken to ensure that in the event of an injury or illness, your income is protected. This is achieved through the use of either or both of the following benefits:
- Capital Disability
A lump-sum payout in the event of permanent disability; provides capital to settle debt or generate an income.
- Income Protection
A monthly payout in temporary and permanent disability situations; protects your normal earnings until retirement age. The premium of this benefit is a tax-deductible cost.
Severe Illness Assurance
Severe Illness cover is taken to protect against the long-term impact of the illness or disease. The prevalence of diseases such as cancer, stroke, heart conditions or diabetes, to name a few, makes the probability of experiencing a severe illness at some point in our lives, a reality. An illness event can have massive financial consequences, including:
- absence from work during recovery
- home care during periods of illness
- lifestyle changes – eg: changes to your home
- early retirement if you are no longer healthy enough to work
A Needs Analysis Questionnaire will start the process to help you to understand what cover you require.