Risk Management is mostly associated with large businesses. It holds crucial importance for large business and corporations. However, risk management activities are just as vital when it comes to personal finances. Personal Risk Insurance, looks at developing a strategy to avoid losing money when unexpected events occur.
By definition, risk management is the process of c to ensure objectives are achieved. Sounds simple enough! But why is it so important? What steps can you take in both business and personal finance to mitigate risk?
In personal finance, however, there are many different situations which could result in financial hardships. These are the events that you will want to plan for. This planning process is risk management. The primary goal of Personal Risk Insurance is protection! It is to protect one’s goals, dreams, treasure and personal well-being from the “what ifs” in life.
“Every month that you send a check to the life insurance company, you’re making a bet with them.
Nitya Prakash, (writer, banker, management expert, investment consultant)
Don’t worry, one day you’ll win.”
The only guarantee in life that we have is death. Be that as it may, death is really difficult to talk about. Our greatest fear of death is not so much about dying itself or where we’re going to after we die. Rather, our biggest fear is about what’s going to happen to those that depend on us, after we die. We understand this “fear”. With every annual needs analysis, we review & plan for this “fear” with our clients. We look at their life cover computations, and consider all their financial commitments in the event of death.
We calculate your financial commitment through an extensive needs analysis. During the review, we consider your assets, liabilities and financial requirements for supporting your dependents. We include present and future financial needs of your dependents for living expenses education and medical aid).
There’s also the need to factor in all Estate costs including Executor Fees, Capital Gains Tax and Estate. This allows us to calculate your life insurance requirements and insure you accordingly. Clients risk cover is reviewed annually in order to monitor and maintain the adequacy of the cover amount.
The reality is scary… 1 in 6 South African men & 1 in 7 South African women will get cancer! An average of 195 people die every day due to heart & cardiovascular conditions. Add to that the risk of unforeseen accidents and the possibility of temporary or permanent loss of the ability to earn an income. It’s a scary reality that we have to face.
With Dreaded Disease & Disability Cover, we plan & make capital provision for the possibility of temporary or permanent loss of income. We put in place mechanisms to earn an income during temporary or permanent inability to earn. This is usually in the form of an income protection plan; and/or temporary income protection plan into your financial portfolio. This is to provide an income to you during temporary / short-term incapacitation.
Perhaps the most important component to consider in financial planning is the implication of medical costs on your budget. It’s also important to allow for the rate at which these costs increase over time. Medical & hospital related cover is critical. This is more so with ancillary costs & possible loss of income! Often, loss of income that may arise as a result of hospitalisation or long-term treatment programs.
Our comprehensive analysis of the financial impact on your finances allows us to tailor the perfect medical cover portfolio for you. We ensure that apart from a medical aid, we incorporate, where required, additional medical insurance and gap cover. Our medical-aid team will guide you through understanding the differences in the products available. We’ll help you select the best combination that covers all your needs.
Very often, the solution to the hardest questions are relatively simple. All it comes down to is starting the conversation. More importantly, is having the conversation with the right people who can help do something constructive to address these issues. That’s why you should be talking to us…
When it comes to claims, we understand that engaging with you in a quick and efficient manner is important. That’s why we handle your claim from the get-go. We keep you updated, answer your questions and address all your concerns. After all, our task is to ensure you’re up and running again in no time.
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