income protector
In the past, severe illness cover terminated at age 65. However, most insurers now provide you with the option to select whole-of-life cover which means that your benefit continues for as long as you are alive and paying your premiums
If you are formally employed and enjoy group benefits, it is likely that your group cover includes an income protection benefit. The advantage of group life cover is that it makes long-term insurance cover accessible and available to those who
Remember, your severance benefit will be taxed as per your retirement benefit with the first R500 000 being tax-free. When calculating your tax-free portion, bear in mind that SARS will take into account all previous taxable withdrawals, retirement benefits and
If you are left in a vegetative medical condition from which there is no hope of recovery, the onus will fall on your loved ones to make difficult decisions regarding your medical care – including whether to remove you from
If you know your workplace value, be sure to negotiate a market-related salary. Remember, many of your employment benefits – including your pension fund contribution, group life cover, income protection benefits and bonuses – are linked to your income, so
While income protection cover is generally more expensive than taking out lump sum disability cover, it is important to remember that this type of cover is occupation-based and is priced according to the risk that an individual presents to an
If you intend becoming a stay-at-home spouse, think carefully about the consequences of losing your financial freedom at such a young age. Not only can not generating an income shift the dynamics of your relationship, it can also create feelings
Most life insurers, banks, unit trust companies and LISP platforms offer Tax Free Savings Accounts (TFSA) which are easily accessible and attractive to those wanting to reduce their tax liability, and fees will vary from provider to provider.
