Ensure you have enough life cover

UPON asking various people the question as to what their real priorities are, there will most certainly be a variety of very valid answers.

These replies will obviously depend on the various stages in the lives of the respondents.

To a young person in his or her early 20s, the need could be either a flashy car – or holiday abroad.

Three or four years down the line, these priorities could change, to getting married and buying a home. Only a few years later, these priorities may change again, as the young couple expect their first child.

Suddenly, the importance of preparing for the arrival of a little one, supersedes all previous priorities that once controlled every thought that they have ever experienced.

As life progresses, your priorities will continue to change.

There will be times that priorities might change from wanting to buy one’s own family home or starting a business, but I can assure you that priorities will, almost always, be based around one’s family – meaning that everything we plan, should have the goodwill of our family at the top of the list.

Let’s have a look at some of the vital priorities, especially involving one’s family. The first and, probably, the most common priority will certainly be life cover.

Let’s look at a scenario as to what your family’s financial needs will be if I you had to die today, or, if you had to become disabled and, therefore, not be in a position to earn a regular income to provide for your family. These are normally not favourite topics to include in any conversation.

But these topics need to be discussed and taken care of, if we regard our family’s goodwill as priority number one.

Upon death, it is essential to have sufficient life cover to take care of any outstanding debt, as well as any bond over a property to prevent one’s bereaved family from losing their family home.

Sufficient life cover should also be in place to enable one’s widow – or widower – to be able to invest the capital that, will in turn allow the family to receive a regular monthly income, to maintain their standard of living.

Sufficient disability cover should be in place against one’s regular income, in the event you become disabled. Unfortunately space does not allow us to elaborate sufficiently to take care of all the different priorities.

Therefore, it is essential that you establish a relationship of trust with a well-known, established and trustworthy financial adviser, who will help you in an expert manner, to take care of all present and future priorities.

To ensure that your family will be sufficiently taken care of, feel free to phone 087 805-7712 for a confidential appointment. Our offices are conveniently situated at 20 Southwell Road, Port Alfred.