Life happens. And while we cannot plan for every aspect and foresee what the future holds, there are ways in which you can make sure that you are financially protected when life throws curveballs your way. Make 2023 a year where you are financially protected with these safety net policies.
Gap cover
Should you find yourself in a situation where you are hospitalised or in need of medical treatment that your medical aid does not cover, it can be stressful. Gap cover is there to cover the amount that is not covered by medical aid so that you don't have to stress while you recover.
Life cover
Life insurance is one of the crucial safety nets you and your family will need. However, some people tend to delay having life cover because of overestimating the cost of it by five times more than what it actually costs. If your thoughts lean towards how your loved ones will continue life without you and who will support them financially, then you know you need life insurance.
Income protection
Not being able to earn an income can be stressful, especially when it is because of an injury or illness. Having income protection cover will help you by paying out between 50-75% of your income. It can also come in handy when it comes to keeping you and your loved ones afloat until you are able to return to normal.
Disability cover
Sustaining an injury that leads to a disability is life changing. It will also have a significant impact on your finances. Disability cover will pay a lump sum which you can use for day-to-day expenses, home alterations you might need and therapy. Some covers offer protection from short-term disability, but it is important to read the conditions that come with your cover to know what you are covered for and what you won't be covered for.
Terminal illness cover
Being diagnosed with a disease that only leaves you with a year to live can be a devastating blow anyone can hear from their doctor. Not only do you and your loved ones have to prepare for the painful process, but also deal with the financial responsibilities that come with such diseases that can blow a hole through anyone's finances. Terminal illness cover is there to handle the financial expenses so that you and your loved ones can spend more time together without the stress of finances.
