Life and health cover for single mom

I’m a mother of two and recently divorced. I’d like advice on what life cover or alternative policies I should look at to cover myself and my family in case of an emergency.

Name withheld

Kim Runzler, financial planner at PSG Wealth, Johannesburg, responds:

If there’s one thing the pandemic has taught us, it’s that the unexpected can happen at any given moment. And when it does, it’s vital to keep your income flowing and your dependents provided for. The correct life insurance, critical illness and disability cover is a central part of your and your family’s financial planning and safekeeping.

Medical aid: Medical costs can often be exorbitant, especially if you have children. These costs can often be managed efficiently through gap cover, generic medication, managed

care benefits (chronic illness) and designated service providers to help make the process more affordable.

Disability cover: Losing your ability to earn an income through disability is a particularly serious risk.

Critical illness cover: Among many other illnesses that are covered, this is especially important for what is known as the “big three” critical illness claims – cancer, heart attacks and strokes are high risk illnesses, so ensuring that you’re covered could save you and your family the financial stress when needing to deal with critical health issues.

Life cover: Leaving your dependants with adequate life cover will eliminate the extra financial burden, in what would be an already difficult time for them.

Working with a qualified financial planner will assist you in making the right choices when it comes to all of the different policies and options.