life policy
In theory, your bank accounts should be frozen in the event of your death. However, in practice, there is generally a delay between your death and the appointment of your executor whose job it is to notify your financial institutions
In terms of the Estate Duty Act, the proceeds of all domestic policies paid to a deceased estate will be considered deemed property and therefore subject to estate duty. However, legislation provides several exceptions to this general rule, including the
The type of policy you have in place, together with the applicable regulations, will impact both your beneficiary nomination and the policy's payout, so it is important to understand the nature of each policy you have in place.
In terms of the Estate Duty Act, the estate of any person consists of all the property and deemed property of the deceased, including property both in and outside of South Africa - except in the case of a non-resident
When applying for life insurance, you will be required to provide information on your smoker status and insurers rely on you to provide accurate information in this regard. If you are a smoker, your premiums will be adjusted upwards to
When you take out your cover, you can choose a premium pattern that suits your needs. Most insurers offer level premiums, compulsory premiums, and age-rated premiums, all of which serve a different purpose depending on your specific needs.
Unlike retirement funds whose distributions are subject to Section 37C of the Pension Funds Act, member owned living annuities are free to nominate beneficiaries to their investment. In this regard, living annuities differ from guaranteed life annuities which, generally speaking,
As a lump sum payout, dread disease cover is designed to provide financial relief soon after diagnosis of a severe illness. Once the claim has been paid, you are free to use the money as you see fit.
Your heirs are those people who stand to inherit the residue of your estate, which is whatever assets are left after all your debts, the cost of administration, and any legacies or special bequests have been distributed. When drafting your
If a couple is living together as ‘husband and wife’ but are not married, there is effectively no marriage capable of dissolution and there can be no transfer of pension interest benefit.
