Updated: Jun 27, 2020
The Beatles said: “Life happens while we are making other plans”… How often have you heard people saying: “If you told me a year ago, this is where I’ll be today, I wouldn’t have believed you”?
This statement could either be positive or negative.
One of the many truths about a positive lifestyle is enjoying the happy and special moments as much as you can; not neglecting to provide for the unforeseen and sad moments.
This includes protecting oneself and one’s ability to earn an income as well as providing for one’s family in traumatic circumstances; whether it be the passing away of a family member, illness or disability.
We are usually able to manage most negative situations if we are in good health. However, the moment our health deteriorates, we start losing the battle, especially if we don’t have a support system and financial assistance. It’s frequently mentioned that money can’t buy happiness, but it can go a long way in making sad and difficult times bearable.
Every individual’s situation is unique, therefore the need for life insurance, disability and critical illness cover differs from one person to another. It is essential to determine how much insurance should suffice your needs. “Too little too late” is a reality nobody wants to be confronted with.
The amount of life insurance needed is usually determined by taking into consideration dependants (their age and ability to earn an income if you pass away), debts and last expenses (funeral cost, executors fees, TAX, transfer costs etc.). The best case scenario is to have sufficient