A Fin24 user is worried about what would happen to his family should something happen to him. He writes:
The question I have is not easy, but I need to make a decision now.
I am 56 years of age and am a very healthy person. I do not smoke nor drink and have never done any of these before.
I have a property that is not paid up yet and I need to know what cover I must take out to have this property covered for my wife and our two children in case something would happen to me - if I die today or tomorrow.
Can you give me advice?
What will be best? Do I need something for both of us that will provide cover if something happens to either one of us?
At which company will I get the best help? I can spend about R1 500 per month.
Gustav Potgieter of Aurum Trust, a Certified Financial Planner®, responds:
The best and cheapest way of providing for your family is through a life policy, depending on your health. You can also add both you and your wife as life assureds.
Depending on how much life cover you need, R1 500 could be enough, depending on your needs.
Just always keep the different premium patterns in mind, because the cheapest can become too expensive, because of different compulsory percentages of compulsory premiums.
It is also better to use a life assurer who underwrites thoroughly at inception to avoid problems at claim stage. You do not want problems when your family needs money the most.
I suggest that you contact a Certified Financial Planner® to assist you in this matter.
- Fin24
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.
The question I have is not easy, but I need to make a decision now.
I am 56 years of age and am a very healthy person. I do not smoke nor drink and have never done any of these before.
I have a property that is not paid up yet and I need to know what cover I must take out to have this property covered for my wife and our two children in case something would happen to me - if I die today or tomorrow.
Can you give me advice?
What will be best? Do I need something for both of us that will provide cover if something happens to either one of us?
At which company will I get the best help? I can spend about R1 500 per month.
Gustav Potgieter of Aurum Trust, a Certified Financial Planner®, responds:
The best and cheapest way of providing for your family is through a life policy, depending on your health. You can also add both you and your wife as life assureds.
Depending on how much life cover you need, R1 500 could be enough, depending on your needs.
Just always keep the different premium patterns in mind, because the cheapest can become too expensive, because of different compulsory percentages of compulsory premiums.
It is also better to use a life assurer who underwrites thoroughly at inception to avoid problems at claim stage. You do not want problems when your family needs money the most.
I suggest that you contact a Certified Financial Planner® to assist you in this matter.
- Fin24
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.