Putting fears of life cover to rest
THERE is a general negative perception and fear when the term life cover is mentioned as this product is associated with death, which no one wants to think about.
Unfortunately, we have to accept that we are all going to die someday. But no one knows when this will happen, or the financial impact on their family.
This article seeks to dispel the myths surrounding life cover, and explains the product and its importance for every family in layman terms.
The general public believes life cover is expensive, which is untrue as it does present excellent value for money.
There is also the fear of taking the blood tests, resulting in individuals avoiding this product.
I have experience where people don’t want to know their HIV status, and believe they will not qualify for cover if they are HIV-positive.
This is a myth as HIV-positive individuals can still get cover.
Besides, early detection of the disease will result in the appropriate medical care, therefore ensuring a longer, healthier life. What is life cover?
Life cover ensures that your loved ones are financially secure in the event of your death.
It is a lump sum payout to your family and will ensure that they have the money to lead the same lifestyle you accustomed them to.
This amount could be used to pay off debts and ensure your loved ones have a roof over their heads, as well as school fees and everyday living expenses.
Life cover is regarded as the greatest gift you can leave your family, and you will fulfil your duties as a breadwinner even in death. Funeral benefit You will receive a payout to cover funeral expenses within 48 hours of the insurance company receiving a death certificate. Terminal illness If you have a serious sickness where you only have up to 12 months to live, 80% of the life cover amount will be paid to you immediately.
This amount will cover medical expenses, loss of salary and to spend on your family one last time. Disability cover If you are injured or experience an illness that renders you unable to work, you will also receive a lump sum tax-free payout.
The disability cover will replace the salary you are unable to earn, as well as assist with medical and rehabilitation bills. Dread disease There are over 68 classified dread diseases with the main conditions being Aids, cancer, heart attack and stroke. Medical costs are high for these conditions, and this lump sum ensures you receive quality treatment and replaces lost salary.
For more information contact Inkunzi Wealth Group on 087-1600018 or e-mail invest@iwgsa.co.za