Given the increasing volatility of emerging market currencies and the increased number of South Africans choosing to emigrate, the need for cover in stable currencies and a comprehensively-structured life policy has never been more critical.
An endowment is a life insurance product that is usually used as an investment vehicle in financial planning because of its potential tax and estate planning benefits. While it seems that endowments tend to be used less frequently these days in favour of other available investment wrapper types, they remain an important part of a financial adviser’s tool kit when doing investment planning.
It’s estimated that more than six out of 10 (62%) of South Africans will run out of money within three months if they lose their income due to injury or illness. How long would you last without an income? What would be your next move? What payments would you cancel first?
Life cover provides financial protection to employees and their families. Its importance cannot be overemphasised in guaranteeing security for loved ones in the unfortunate event of death. Covid-19 has shown us just how possible loss of life is and can affect anyone at any time.
Visit the official COVID-19 government website to stay informed: sacoronavirus.co.za