F.A.Q

Estate planning should take place at least once a year or if there is any changes to your circumstances. This means sitting down and reviewing the previous plan to make any alterations based on income growth or asset acquisitions, changes to you marriage status or regime, changes to your heirs like additional kids, weddings or even passing of a heir etc.

The long and short it yes, even though the vehicle is old and the value has depreciated, you still need third party liability insurance, It is often the case that the cost of repairing the damages to an older car is greater than its value. Parts are scares and in most cases its a write off, but the 3rd parties vehicle might be new and the cost to repair might be very high.

Third party property and or a person might be involved and this could lead to very expensive settlements if you are found to be liable. 

A savings is typically no-risk. You earn interest on the money you save; your initial capital is guaranteed and it’s more easily accessible if and when you need it., like saving towards a holiday for a specific purpose within a short period of time.

Investments are aimed at wealth building.
They involve greater risk, but also have the potential for higher returns than a regular savings instrument.

Investing is the process of using your money to buy an asset that has a good probability of generating an acceptable rate of return over time, making you wealthier in the long-term.

It makes sense to have a well-diversified portfolio that helps spread your risk – as well as the potential to deliver returns – across a wide range of investment classes. Some examples include stocks, bonds, unit trusts and direct investment in property or other assets.

A South African resident may be insured through a group life insurance policy, as well as their own individual life cover policy.

Whilst multiple life insurance policies can be held, an
insurable interest needs to exist. An insurable interest means you can justify the amount of life cover you are applying for.

Multiple claims can be made on life insurance policies on a South African. Beneficiaries of the deceased person can make a claim for the death benefit on each of the life insurance policies that the individual holds.

However, some local South African insurance companies may reduce the payout if the deceased person is holding more than one life policy from a different insurer. It is important to check if your insurer will reduce your life cover if you have several life policies.

It is essential that you obtain the rules of the scheme or a summary thereof to verify all information relevant to enable you to make an informed choice. Talk to your broker and disclose to him your needs. 

Ensure that you understand how the benefit options operate and select according to your healthcare needs and what you can afford.

It is a penalty by way of additional contributions, imposed on persons joining a scheme late in life i.e. an applicant who is 35 years of age or older who was not a member of one or more medical schemes as from a date preceding 01 April 2001 without a break in coverage exceeding three consecutive months since 01 April 2001.

An independent advisor is not directly affiliated with any insurance company, investment firm or product house, nor are they incentivised in any way to recommend any specific products or investment.

A tied advisor is directly affiliated with a specific company or product house and will be incentive's by recommending their products only.

Your advisor must disclose whether they are independent or tied, and it is normally disclosed in their introductory letter.

The benefit of an independent advisor is that they may recommend a broad range of products and offer various options for you to choose from.

It demonstrates that they are independently working for you and that their advice will not be affected by any industry associations.