Congratulations, you are going to be a mommy or a daddy. You buy prams and baby seats and mountains of nappies and wonder how on earth you are ever going to care for your baby. If it is advice you are after then this is what you need to know about buying your baby the financial protection it needs.
First stop for any parent-to-be is life insurance. Stop for a moment and think about how your partner or spouse would raise your child without your salary. Sure, they might get by, but at what cost? Good schools and neighbourhoods are expensive and so is private medical care. Enter your life insurance pay-out, the funds your partner needs to give your child everything of the best.
Also on your to do list is dread disease cover. Serious illness is expensive. Dread disease cover gives you the funds you need to cope with serious illness without compromising your family’s finances.
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 of R6 000. You can also insure additional family members on your policy, for example your parents and even siblings.