Author Topic: Life cover, income protection and such...  (Read 2825 times)

Hamster

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Life cover, income protection and such...
« on: January 19, 2018, 06:19:48 am »
It is time for my fiance to get her income protection etc. sorted and to update my stuff. The company my financial advisor worked at (*cough* NMG) split their financial division into a new company called Morebo. Long story short, it seems impossible to get hold of her. No replies on LinkedIn, emails to her and her assistant's old address do not bounce but do not reply with any kind of details as to what is going on. Maybe I don't make her enough money  :(  :D

Anyway, since I'm no fan of Liberty I thought this is my chance to change from one hell to another like Discovery. Do any of you have any life insurance policies with them, know of any good financial advisors or can recommend another company? (Sanlam, Old Mutual?)

Ideally, I want the FA to sort out all this insurance crap which sometimes goes over my head. A lot of the types of cover etc. look like they overlap so any pointers will be welcome :)

Currently my thinking is to phone these guys: http://www.genesisadvisory.co.za

shifty

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Re: Life cover, income protection and such...
« Reply #1 on: January 19, 2018, 11:26:36 am »
Hi,
You can also checkout Momentum.

gcr

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Re: Life cover, income protection and such...
« Reply #2 on: January 19, 2018, 10:59:24 pm »
Insurance is a grudge payment so you need to think very carefully about what and whom you want to cover - also with life cover the older you get the greter the premium.
I cancelled all my life cover insurance at age 42 (the age is not relevant merely that I procrastinated until making the decision) and carried no insurance other than group life cover with my employer. However I did insure my house/contents; cars and other assets that upon my death these assets would be transferred to my wife without her having to foot a massive bill or finding funds to substitute for my income - hence the group life cover. So my focus thereafter was on salary substitution in the event of my death to make up the shortfall she would get on a halved pension. This principle I still apply today in that my share portfolio more than adequately compensates for any shortage on the pension payout. My car I paid off within 42 months and my bond is my piggy bank for quick funds should I want to dive into the market when a good opportunity arises
I am not a great advocate of insurance but some you do need, whilst others like a life policy should be consider as short term insurance and maybe if your company has a group life policy maybe that's all you really need - what you are looking for is to cover the shortfall in your income in the event of your death to your spouse and also if there are kids to cover their needs
Not everything that counts, can be counted, and, not everything that can be counted counts - Albert Einstein

JoelCil

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Re: Life cover, income protection and such...
« Reply #3 on: February 11, 2018, 04:07:07 pm »
You're making a lot of sense, gcr. I ought to really think my life insurance policy too. I've been procrastinating on it for so long too.

7osyscake

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Re: Life cover, income protection and such...
« Reply #4 on: May 20, 2019, 12:24:22 pm »
Is it really common in South Africa ? How much does it costs here all that plan ? Something you listed here is pretty risky insurances, so I do not get anything like that really. But I am fond of what can be done with that things ? I assume people do not ofthen have life insurance, quite scary.

Bevan

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Re: Life cover, income protection and such...
« Reply #5 on: May 20, 2019, 12:53:30 pm »
I don't do insurance. I prefer to do life. Hell, I don't even do medical aid. Instead, I eat healthy, organic food from the garden and our own animals. I cut down trees and carry logs and build stone cottages, which is way better than gym and keeps me in tip-top condition. I reckon I've pushed back any heart-attack etc. by many years now. Our place makes money from accommodation, selling food and other products, courses and compost making etc. I may have most of my eggs in one basket but I really like the basket and wouldn't want it any other way.

Insurance is pure grudge. If you're the sole breadwinner and your family has nothing else to fall back on then yes, you need it. Find the balance between being responsible and the least cost options, and invest whatever savings you can make instead.

Patrick

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Re: Life cover, income protection and such...
« Reply #6 on: May 21, 2019, 09:17:00 am »
I also stopped life insurance many years ago. Like GCR I have a decent sized investment account that will take care of my family, and no debt.

Life insurance is one of the grudge purchases most people will save their way out of needing!