Choose your risk cover wisely

2010-05-08 10:13

At times I come across ­potential clients who ­rightfully question

my ­recommendations.

These questions stem from the sheer glut of ­information available

on many of the products out there.

This is good because it means clients now think harder about the

options they choose.

It is therefore reasonable to anticipate that people with different

life circumstances will choose different risk products.

For example, total disability would suit a general labourer with

limited skills while ­occupational ­disa­bility, which insures ­specifically

according to ­occupation or ­qualification, works better for semi-skilled


But disease cover, an ­insurance against ­ailments such as cancer

and heart conditions, comes under different names.

It is most ­difficult to choose the right product in this

­insurance ­segment.

The extra R100 a month difference in ­premiums could easily

translate into a fortune in the event of something bad happening.

Some insurance companies quote cheaper premiums at inception for

guaranteed terms but a few years down the line contributions skyrocket.

Clients need to scrutinise what is ­offered ­under the various

medical ­categories.

They should ask questions like: What is a heart ­condition? What

categories are defined under this? What is the scale of benefit for any

­particular condition defined? What is the ­insurer’s claim history for the

­different ­conditions?

Protecting your earning capacity and ­physical assets depends on

the ­decisions you make.

Therefore, you need to choose wisely.

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