Many unexpected life events have the potential to ruin yours, and your family’s financial wellness. However, just because it’s unexpected, doesn’t mean you can’t have a financial plan in place to deal with it. Protecting your income is one of the most important elements of your financial plan. It ensures that if you are unable to work due to a temporary or permanent medical condition, that you will NOT find yourself in immediate financial trouble.

 

 

 

 

 

 

 

  • You don’t plan properly for all risks.
  • You tend to insure assets rather than yourself.
  • You underestimate the hardship you and your family may suffer if your income is not provided for.

 

 

 

 

 

  • I can help you on your journey to obtain a cover that is appropriate for your income replacement needs.
  •  I can help you understand and plan for the impact of risks pertaining to the financial wellness of your family if the breadwinner has lost the ability to earn an income.

 

My purpose is to help you to become financially well

 

Being financially well does not only consist of being able to pay monthly bills; it is about so much more. It is about having enough money to provide for planned and unplanned expenses for today and in the future and to support your retirement dreams. However, the key to unlocking optimal financial wellness consists of a detailed financial plan, supported by a monthly budget that is reviewed on a regular basis. But this can only be put in place when you have access to good financial advice.

As a Financial adviser, I am tasked with making recommendations and should you choose to implement these recommendations and stick to them, you are more likely to be in a position where you can protect yourselves and your loved ones against unforeseen events because you now have control over your financial situation. This empowers families like yours, to ensure that they will have enough money to support their lifelong financial journeys.

 

Other Personal risk planning solutions to include in your Financial Plan

 

  • Provide for replacement of income on death of you as the breadwinner or of your spouse.
  • Provide for lifestyle adjustment expenses related to the loss of a spouse who is the caretaker of your family – additional expenses that will be incurred to take care of the family while you as the breadwinner continues to earn an income to support the family.
  • Provide for disability-related lifestyle adjustment expenses – alterations to the home and car to accommodate the disability, and caretaking/nursing that may be required.
  • Provide for costs associated with the treatment of a major illness and critical illness-related lifestyle adjustment expenses – alterations to the home and caretaking/nursing that may be required.
  • Provide for settlement of debt and other liabilities.
  • Provide for the continuation of cover on other types of insurance should one of the risks occur, i.e. be able to continue premium payments on life and disability insurance if you suffer a major illness.
  • Protect the ability to continue saving for your retirement during disability or critical illness.

 

The impact of COVID-19 on your Financial Plan

 

Due to the significant number of claims, many insurers have suspended certain benefits, including income protection. Currently, Momentum is still offering this benefit, however with a waiting period of not less than 1 month. I believe that it is imminent that Momentum too, will suspend such benefits in the very near future, and this could be the case for a period of up to 2 years. 

 

Should you require assistance with any element of your Financial Planning, you are most welcome to email me at jfabre@qfg.co.za or to WhatsApp me on 061 2379571

 

Guest Post by Jody Fabre- Financial Advisor