We break down some options and their benefits, so you can start planning immediately.

Life cover

Your biggest asset is not your job, car, or home. It is your life. Having life cover in place is seen as a grudge purchase, but once you delve deeper, you will soon realise that it is a financial safety net that can protect you and your loved ones from the inevitable. It’s one of the policies that are crucial for anyone looking to protect their financial future.

Life cover offers you financial protection against terminal illness, funeral cover, adding loved ones under your cover, paying off of any debt that you may have accumulated, the upkeep of your loved one's lifestyle, and educational expenses. With cover up to R5 million for as little as R149 to ensure that your loved ones don't have to stress over finances when they are faced with a death or terminal illness.

Disability and income protection

According to recent research by FMI 2018 claims statistics, 7 out of 10 are likely to have an injury or illness that can prevent them from earning an income. Furthermore, the research revealed that South Africans are misjudging the risk that they face.

Instead, we tend to overestimate the risk of death, leaving many unprepared to handle the unexpected cost that comes with temporary disability or illness, which is concerning.

Many people are blindsided to the cost of becoming injured or falling ill; which can impact any emergency saving they might have in place-if any at all. Protect yourself by having a disability cover or income protection cover in place.

Parents or Parents to be

Having a cover such as MiLittleLife birth benefit can help expectant mothers to protect their baby's future financially. The benefit is that you won't have to worry about finances when you are faced with severe childbirth complications. For parents who have children of varying ages, they will find that investing in life insurance can protect their child’s future. It is advisable that both parents take out a policy to leave no room to be financially exposed.

Saving up for a home or car?

Between applying for loans, looking for the perfect home or wheels, and meeting up with an array of agents to seal the deal, it is a huge step. Once you have your hands on your new wheels or step into your new home, you would want to protect your baby.

Not having the appropriate insurance to cover you can have you facing major out of pocket expenses. Carefully read the terms and conditions that come with having your insurance before signing the dotted line. This will save you a lot of confusion and disappointment when it comes to the claim stage.

Upping your game when it comes to fitness?

As you solemnly swear to uphold your new year resolution of exercising more, stretching your body further than it has ever been, and taking on more competitions, it pays to train your finances for some of the injuries that can occur during this time.

Whether you are a fitness fanatic or a beginner that is getting into the hang of things, having a cover such as MiFitLife is one of the ways you can protect yourself financially when faced with an injury that puts you out of action in the field and at work. After all, recovering with peace of mind is priceless.