If you have financial dependents, you must hear this episode. Priya Naicker joins us to talk about life insurance. Life insurance is an important part of any financial plan, mainly because you do not want to leave your family destitute or with creditors knocking on their door when you die.
Priya points out that even though you may not contribute an income to the family, you should consider life insurance because if you pass on, someone else will need to look after children and the household.
Priya gives us insight into how much life insurance you may need depending on a range of factors. To understand this number, and how inflation plays a role, you might need to speak to a financial advisor about your unique situation. If you have a clear understanding of your requirements, you can use online platforms such as the Old Mutual website to quickly and easily get a quote.
Remember that as your family and financial circumstances change it is very important to review your life insurance cover. You may be over or under covered. Also make sure to update the nominees on your life insurance should your circumstances change.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).
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