Insurance Archives - Page 9 of 21

Does life cover exclude certain illnesses?

by MoneyShop

One of the reasons people purchase life cover is to ensure that they are covered when they are ill and cannot work. When you purchase life insurance, your...

Insurance, Life Insurance

Legal aid or legal insurance – what’s the best option?

by MoneyShop

The difference between legal aid and legal insurance may not be immediately clear. Life is unpredictable, and that is why you always need to be prepared. You may...

Insurance, Legal Insurance

Is life cover necessary when you have group risk cover?

by MoneyShop

Group cover provides financial protection in the event of injury and death , but is it it enough on its own? Many consumers believe that being insured under...

Group Cover, Insurance, Life Insurance

Ensure that your insurance claim is fully paid

by MoneyShop

Failing to read the terms and conditions in your insurance contract can lead to your claims being rejected. Moneyshop approached Marius Neethling, personal lines underwriting manager at Santam,...

Insurance

Do you need an alarm to buy home insurance?

by MoneyShop

Installing a burglar alarm can have many benefits. But how much impact does it have on your home insurance? Many insurance buyers believe that installing a security system...

Home Insurance, Insurance

Can you negotiate grace periods for your repayments?

by MoneyShop

Certain life events could happen that may demand you to reshuffle your finances, even for just that month. Is this possible and how do you go about this...

Borrow, Insurance

Should you borrow from your life insurance?

by MoneyShop

While life insurance is designed to provide financial assistance in the event of death, it can also come in handy when you are facing an emergency. You have...

Borrow, Life Insurance

Financial advice for sexagenarians

by MoneyShop

The 60s can be the scariest time of your life, especially if your finances are not in order. The age of 60 means you have reached many milestones...

Financial Planning, Insurance, Money, Retirement Annuities

Life insurance is usually marketed to young people who are married and have children. However, you don’t stay young forever and might still need life insurance even after retiring. So is it possible to apply for life insurance after retirement? According to Pieter Wasserfall, a financial planner at Intelligent Debt Management (IDM), many insurers do not accept retirees because as you get older you may be too unhealthy to be insurable. Age is one of the factors that will determine the price of your cover. According to Mike Luyt, senior strategic and intelligence analyst at Metropolitan Retail, the earlier you purchase your life insurance, the more you save and the cheaper the insurance is. “If you leave it too late, by the time you apply for life insurance, your premiums will be more expensive as you may not be in good health anymore,” says Luyt. If purchasing life insurance after retirement is difficult - what then is recommended? The question you should ask yourself is why you need life insurance after retirement. Life insurance offers income protection in case something happens to you. It ensures that you and your dependants can maintain your standard of living without worrying about money. Will someone experience financial loss when you pass away or when you get injured? Chances are that your children are all grown up and do not depend on your income. So if this is the case, there is no need to purchase life insurance. However, if you have dependants, such as a spouse that might be affected financially by your death or loss of income you can purchase life insurance. Wasserfall says when you apply for life insurance, insurers will typically offer you two types of insurance: term life insurance and whole life insurance. Term life insurance generally provides coverage for a specified period and pays out a lump-sum when you pass on. The insurance can cover you for up to 30 years, depending on what you and the insurer have agreed on. Whole life insurance provides lifetime coverage. The insurance does not only provide a death benefit, it also has a saving component, which is called cash value. The cash value allows you to borrow from your life insurance. However, there is the risk of reducing your death benefit if you don’t pay the money back. Wasserfall advises that you take up the latter. “It is always wise to choose whole life insurance because it does not expire when you retire. However it is less affordable compared to term life insurance,” says Wasserfall. An alternative would be to extend your term life insurance. Almost all life insurance policies include a conversion option which allows you to change your policy to whole life insurance

Can you take up life insurance after you retire?

by MoneyShop

Everyone one wants to make sure that their loved ones are taken care of when they are unable to. That is why is many still see value in...

Insurance, Life Insurance

Single and childless? You still need life insurance

by MoneyShop

Single people usually don't need life insurance because no one depends on their income, but there are times when it's necessary to have one. Single people are under...

Insurance, Life Insurance