Risk Planning
Central to financial planning is identifying major risks that could significantly undermine your financial stability or even lead to financial ruin. Addressing these risks proactively is a precursor to effective wealth planning, as it lays the foundation for securing and growing your assets over time. By strategically implementing preventive measures and solutions well in advance, you ensure your financial resilience and readiness to pursue broader wealth accumulation goals.
Short Term Insurance
Short-term insurance refers to insurance coverage that is intended to provide protection for a relatively brief period of time, typically ranging from a few days to a year. This type of insurance is often used to address specific, temporary needs or risks, as opposed to long-term insurance policies that cover an extended period, such as life insurance or permanent health insurance.
Personal assets
I need to protect my personal assets in the event of an accident, theft or natural disaster. Do I have enough cash on hand to repair my vehicle if I had an accident? Do I have cash to buy another car if mine is stolen? Do I have enough cash on hand to buy another cellphone if it is lost? Will I be able to buy new household contents if I’m burgled? Personal short-term insurance provides the cash in these events.
Commercial assets
I need to protect my business against accidents, theft, or natural disaster – as well as the related damages if my business process is interrupted or business assets damaged or stolen. Do I have the cash on hand to cover the loss if my business stock perished due to the shop’s refrigerator having broken down? Do I have cash on hand if my business’ delivery vehicle is in an accident and my driver is hurt? Do I have cash on hand to protect my business’ cash flow if my warehouse is burgled? Do I have enough cash to survive if my restaurant’s kitchen catches fire and I’m out of business for a few months?
Health Insurance
Most people understand the tremendous cost that can accompany proper health care, such as medical and surgical bills, even just the hospital bed alone can result in severe financial pressure.
Primary care
I can’t afford to go to a doctor when I’m ill. I can’t afford the medication a doctor prescribes. I can’t afford basic dentistry. Primary care provides the cash-flow for these events with a predictable low monthly premium.
Medical aid
I want to be able to go to a private hospital for surgery or when I am seriously ill or injured. I don’t want to be forced to go to a state hospital. Do I have enough cash on hand for medical tests if I am diagnosed with cancer or any other dreaded disease? Will I be able to afford braces for my children’s teeth?
Gap cover
Doctors and medical specialists are allowed to charge more than the industry recommended fee. My hospital plan covers the recommended fee for the surgery – but do I have enough cash on hand to cover the shortfall for the anaesthetist and the surgeon’s total bill. Gap cover covers this funding gap!
Life Insurance
Life insurance covers the risks associated with your body and mind’s ability to generate an income.
Income protection
Do I have enough cash in my savings account to pay rent and buy food if I’m not able to work for months because of severe injury or illness. My employer will pay sick leave for thirty days, and I have some holiday leave left, but how will I survive once I am on unpaid leave due to an extended illness?
Severe Illness
I do not have money for an expensive comprehensive medical aid. How can I get cash to have money on hand for out of hospital expenses if I am diagnosed with cancer or any other dreaded illness?
Permanent disability
Permanent disability refers to early retirement due to illness or injury. Who will look after me if I have, for example, permanent brain or bodily damage and is unemployable because of this vehicle accident. Will I rely on my parents to look after me out of their pension? Or will I pay an insurer a monthly premium to provide me with sufficient funds to prevent me from being someone else’s financial burden if I am permanently disabled to apply my mind to earn a living.
Death Cover
Do I have enough cash to settle my debt at death? Do I have enough assets to provide an income for my financial dependents? Will my parents become financially dependent on me in their old age – what if I pass away before them? Are my life cover beneficiaries structured to provide cash for the executor to pay estate duty, capital gains tax – or does all my life cover pays to my spouse, forcing the executor to sell assets?