Your budget is stretched to the breaking point every month as you pay school fees, grocery bills, the bond on the family home and more. As you wrestle with a long list of figures every month, stop for a moment and think about how your spouse or partner would cope if you were unable to work due to illness or disability or even if you passed away.
As a parent and breadwinner, life insurance, dread disease cover and disability insurance are an essential part of your personal financial planning. The pay-outs from these policies will give your family the funds they need to cope without your salary or to deal with the high cost of illness and disability. Find out what you need to do to buy your family the financial protection they need!
Note: If your children are under the age of 18 you need to make sure that you have a will that nominates a legal guardian for your children and that you set up a trust to administer your life insurance pay-out. The good news is that this pay-out will be made available to your children immediately, supporting them while your estate is wrapped up.
Life insurance pays out a lump sum in the event of your death, funds that your partner can use to pay off all or some of your joint debt.
Because a lack of funds should not stand between you and the care you need, 1Life Dread Disease Cover will pay out a tax-free lump sum if you fall victim to a serious illness such as cancer. This pay-out can help you pay medical expenses not covered by your medical aid and cover living expenses while you are recuperating.
A disabling accident should not mean the end of a full and rewarding life. With disability insurance you have the funds you need to overcome disability and live the life you want, without becoming a financial burden to your family.
Make sure that your family has the funds they need to cover your funeral expenses. 1Life Funeral Cover includes a grocery benefit that will pay out up to R1000 per month for six months to the policy’s beneficiaries. You can also insure additional family members on your policy, for example your parents and even siblings.