Insurance cover while moving
I just bought a new house and will be moving soon. Will my belongings be covered by my home contents policy during the move?
Name withheld
Bertus Visser, Chief Executive of Distribution at PSG Insure, responds: That’s a great question, as many people get caught without the right cover. First, it depends on whether you will be using a professional moving company to transport your belongings, or if you’ll be doing it yourself. Most of the larger removal companies offer their own goods-in-transit insurance as part of their package, while some of the smaller companies don’t always offer insurance, or may offer less comprehensive cover.
Always check the Ts & Cs carefully to see what is covered. It’s also worth checking your insurer’s cover against the removal company’s insurance policy. You should compare costs, cover options, exclusions and benefits to make sure you get the best overall cover. For instance, it should cover theft and damage caused by mishandling or due to collisions and overturning. If you’re transporting your belongings yourself, it’s advisable to take out “household goods in transit” cover. Make sure this is at the correct value to replace all your goods (or per maximum load of transporting your goods), should anything go wrong.
Gerhardt Meyer, Strategic
Technical Manager at PSG Distribution, responds: It’s a good sign that you’re looking at your retirement goals at an early age. One needs to set these goals and diligently start saving from when you start earning an income.
The average person has 30 to 40 years to work and save towards their retirement, so you need to also factor in an expectancy to potentially prolong your savings and investment strategy as part of our overall plan.
One of the most important starting points is to create an investment strategy that combinedly captures your risk tolerance and risk capacity, and can calculate the actual risk required to reach your goal. The best way to make sure that this is safe and accurate is through the help of a financial adviser, who can, on an ongoing basis, assist you with growing and adjusting your plan as your life unfolds.
We use the term “longevity risk” when referring to the risk of outliving your savings, which is a really big potential risk faced by most retirees. As life continues, the goalposts for your retirement plan might shift slightly, but the essence will remain the same
– you want to spend your last years living comfortably without worries.
thing: Both address the planning and management of an estate, although legacy planning just takes it one step further – it also looks at the intangible assets and the legacy you want to leave behind and values you lived by.
An estate plan includes your will, and takes into account the liquidity and impact that estate duty and other estate expenses will have. The plan will determine the maintenance and financial responsibility of a spouse, family or other dependents, and is a vital part of making sure that your wishes are carried out. Legacy planning includes the above aspects of estate planning but carries it a step further by including immaterial assets that are crucial to your legacy, such as values and philanthropy, to potentially last generations after your passing. It also sees to the proper distribution of your wealth and ideals but also includes the process of preparing your heirs for the wealth they will receive.