Short­fall runs into tril­lions

Weekend Argus (Saturday Edition) - - GOODPOSTER -

The 60-per­cent short­fall in risk life as­sur­ance trans­lates into R9.3 tril­lion in the event of death be­fore re­tire­ment and R14.7 tril­lion in the event of per­ma­nent dis­abil­ity be­fore re­tire­ment.

The ac­tual amount of death cover re­quired for all em­ployed South Africans is R15.1 tril­lion, while the amount for dis­abil­ity cover is R24.4 tril­lion. To put th­ese amounts into per­spec­tive, gov­ern­ment’s bud­get to run South Africa this year is R1.14 tril­lion.

A tril­lion is R1 mil­lion mil­lion, or R1 000 bil­lion. If you earn R10 000 a month, you would have to work for more than eight mil­lion years to earn R1 tril­lion.

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