Disability cover, critical illness or trauma cover, income disability protector, funeral cover, business insurance, savings plans, investments and retirement annuities.
Short term insurance;
Car insurance, house insurance, furniture insurance, laptop insurance, all risk insurance, excess, road side assistance, no claim bonus.
Broadly speaking there are two primary types of insurance that people generally buy, namely short-term insurance and long-term insurance.
Long-term insurance is life insurance, and long-term insurance policies pay out a cash value when the insured individual dies. Short term insurance is insurance for the possessions that an individual owns, and short term insurance is usually taken out for your home, the contents in your home, and your car.
When you purchase short-term insurance you must be fully aware of the conditions of your policy. These conditions must be met otherwise your claim might be denied. A prime example of this in South African short-term insurance is with car insurance where the policy might insist that the car is equipped with a vehicle-tracking device. If your car is hijacked and does not have the device installed your insurance company might not honour the claim. The obligation is yours to see what the policy requires and what the policy may exclude.
Home Insurance-Insurance for Where You Live
If you own a home you will need two types of insurance to safeguard your assets. The first insurance policy that you will require is home insurance, which provides coverage for the actual structure in which you live (your house, flat, townhouse). The second insurance policy you need to buy is home insurance, which covers the contents of your house.
What is a Retirement Annuity?
In basic terms, you contribute a chosen monthly amount until you reach retirement age, which can be from the age of 55. Your contributions are allocated to a suite of investment portfolios that offer substantial long-term growth. You will have access to the money from when you reach retirement age, which means planning today, will help you get ahead and stay ahead.
Speak to your Broker who’ll help you to focus on the things you’d rather be doing by taking away the worries of retirement. With a Retirement Annuity we’ll help you to structure a long- term plan that not only secures your future, but allows you the freedom to focus on the present.
WHAT WE WILL DO FOR YOU –
By gathering our personal information, we will analyse your financial situation and identify your personal needs [establish whether you need wealth protection, wealth creation or a combination of both.]
We will consider various products and make recommendations on possible solutions and thereafter assist you to implement the recommendations.
We undertake to review your portfolio on a regular basis and stay in touch with you.
Whole- life policies (Death cover]
These policies provide the insurance solution to wealth protection needs.
Will be payable at death only, irrespective of when death occurs. Other risk benefits such as disability and or critical illness can also be added to the policy. The premium is determined according to the structure and amount of cover selected and the life assured’s level of risk, e.g. age, smoking habits, income, occupation, health and education.
to take care of your loved ones after you are dead, guaranteeing that they will enjoy the same lifestyle as before your death.
To protect your assets and safeguard your mortgage
To settle your debts and to preserve your estate.
A disability policy is a contract in terms of which an insurer undertakes to, in return for the payment of a monthly or annual premium, provide policy benefits on the occurrence of a disability event. Disability policies address the need for a payment of either a lump sum, in which case the nature of the disability must be permanent or an income benefit payable to the life insured for the period of his incapacity, which can be of a partial and or temporary nature.
If you become permanently disabled you will have certain specific needs to address, i.e. a wheel chair, alterations to your property to accommodate your new life style. The lump sum payment will enable you to address your needs.
Income disability benefits are available as stand-alone benefits and are payable in the event of total, partial or temporary disablement. It makes provision for a regular monthly income payment and payment will commence once the waiting period has expired.
WHY -to protect your greatest asset – the ability to earn an income over an extended period, although you are disabled.
Critical illness cover
[Trauma cover dread decease]
The above is a risk benefit which provides for the payment of a capital sum on the confirmed medical diagnoses of a predetermined medical condition. Client has a number of structure and benefit options. This is not indemnity insurance and is designed to supplement your medical scheme cover and not replace it.
WHY ? – The lump sum payment you will receive after being diagnosed with a critical illness will help you to protect your lifestyle.
Pays out immediately on the death of a person.
WHY ? – To provide enough money to take care of your final expenses and not to burden your loved ones with these costs.
Business assurance is a financial solution that enables businesses to anticipate and find solutions to financial problems which may arise due to death, disability or retirement. Three participants of the business are identified: the owners, the business and the employees.
The death of a co-owner or partner causes a problem to the remaining owners or partners, family of the deceased and or the dependants of the deceased. The family of the deceased wants to receive value for the deceased’s share while the remaining owners need to ensure that they have sufficient funds readily available to acquire the deceased’s share in the business. If they are unable to buy the deceased’s share, the executor may have to transfer the interest in the business to the deceased’s heirs, which may force the surviving members to take in a business partner or co-owner whom they would not otherwise have considered.
Life insurance offers a solution to both parties. The owners of the business can enter into a buy-and-sell agreement, whereby the surviving owners agree to buy the deceased’s share in the event of death. The deceased’s executor is obliged to sell the share in the business to the surviving owners. Life insurance is used to fund this agreement.
Other products available to the entity are –
Suretyship protection [contingent liability]
This solution ensures that the business debts, for which the owner has signed surety in his personal capacity, are paid in the event of the owner’s death or disability.
Credit loan account protection
This solution ensures that the business is able to meet its obligation of paying a debt in the event of the death [or disability] of the owner, for funds initially invested in the business at start up.
Business overheads cover
This solution ensures that the business has funds to continue [and to maintain] payments on the running costs of the business, if the owner becomes disabled.
This solution ensures that the business is able to recover from any loss incurred as a result of the death or disability of a key employee or a director.
This solution aims to protect businesses that provide credit to purchasers of their products.
Alternative finance repayment plan
The need is to structure a bank loan in an alternative manner that will offer business clients who are entrepreneurial by nature and are willing to take calculated risks, an opportunity to achieve other benefits for themselves.
To finance future business expenses, in a structured and cost effective manner, by making use of any tax concessions that may be applicable.
You may want to, or have to, save for a specific goal, i.e. a deposit on your own property, a new motor vehicle, a well-deserved holiday or for your child’s education. There are numerous options available to help you to reach your goal.
An Endowment policy is a vehicle that encourages disciplined contractual savings and has become important in an individual’s medium- to long-terms investment portfolio. We will assist you to choose an investment portfolio into which your premiums will be invested. The growth of an endowment is dependent on the performance of the underlying investment portfolio chosen.
An Endowment policy provides for a lump sum payment at the end of a specified term and is aimed to provide a growth in excess of inflation rate, subject to performance of the underlying portfolio.
There are three basic kinds of retirement funds: pension funds, provident funds and retirement annuities. The purpose of retirement funds is to achieve capital growth for retirement purposes.
A retirement annuity is an investment policy which is especially geared for an investor to accumulate retirement capital, i.e. it is to save up towards retirement, and a regular and or single investment is accumulated by the investor up to retirement age. An annuity is a policy or arrangement which pays the investor a regular income called an annuity or pension after retirement.
The retirement benefit from a retirement annuity cannot be taken before the age of 55 [unless as a result of ill-health or disability], and it has to be taken before the member’s 70th birthday. On maturity of the retirement annuity, the investor is entitled to access a one-third cash lump sum. The balance of the funds has to be invested in an annuity. This compulsory investment pays the investor a regular pension after retirement.
WHY ? – do you easily spend R250, 00 on a ‘night out’? Then you can afford to invest in your own retirement! From as little as R250, 00 per month to ensure that you will still be able to eat when you retire!
Policies providing investment and savings benefits [such as retirement annuities, endowments provide a solution to wealth creation needs].
Wills and winding up of your estate
IT IS EVERY MAN’S DUTY TO MAKE A GOOD WIDOW OF HIS WIFE………….
Do you care who gets your money when you die?
Do you care who gets your property when you die?
Do you care who gets appointed guardian of your minor children?
MAKE A WILL!!!
Drafting a Will is the basis of proper estate planning.
Drafting a Will allows you to nominate heirs of your choice
Drafting a Will can ensure certain Tax Benefits
Your minor children’s legacy does not end up in the ‘Guardians Fund’
Your Will should be updated regularly, or as soon as your personal circumstances change, i.e. marriage, divorce, birth of child, starting a business, etc.
Why do you need an executor andor trustee? One of the important functions of an executor andor trustee is to administer your estate and carry out the provisions of your will.
Why not name your spouse? Often surviving spouses are too distraught after a spouse’s death to deal effectively with the details of managing an estate, or might lack the experience to handle financial matters.
Why choose Care Line? We, as your executors, andor trustees, will work diligently and efficiently and adhere to all time frames, and will be able to deal with all estate beneficiaries in a way that will avoid disputes.
IT IS EVERY PARENT’S DUTY TO TAKE CARE OF THEIR CHILDREN’S NEEDS AFTER THEIR
HOW? By creating a testamentary Trust.
A testamentary trust is a trust which arises upon the death of the testator and which is specified in his/her will. It provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves. A testamentary trust within a correctly structured will is a useful tool to protect minor children’s inheritance, or persons suffering from disabilities. Although the testator shouldn’t ‘rule from the grave’ a properly drafted will should provide for the nomination of trustees and define their specific powers and responsibilities. It should also contain clauses to define how a trust income and capital should be used and invested, and the testator could also nominate a guardian for minor children. The testamentary trust can continue for a period of 80 years, if so required and it is also possible to terminate same at any earlier date if the trustee so decides. During the will maker’s lifetime, he or she can vary the terms of the testamentary trust at any time and from time to time.
Steve wants to know if it is cheaper to use one insurer for all his needs and if so whether a claim on one policy would affect the premiums on a separate policy……
Care Line replies: As there is administration cost for each policy, you can cut costs by insuring with just one insurer at one Brokerage. But it is important to find out from your Broker whether further discounts are given to encourage you to bring all your insurance business to them and whether a claim on your car insurance, for example, would affect your overall insurance rating thereby affecting the insurance on your household contents.
By insuring all your items with Care Line you save on your premium. In other words your vehicle premium is discounted if you add home contents cover. If you were to insure your buildings and all risk cover there is no effect across the types of cover if you were to claim against just the one type. Only the cover against which you claimed would have its no claim bonus affected.
PREVENTION: BETTER THAN CURE
Has your car been stolen or hijacked? Your home ransacked? Provided you pay your insurance premium regularly you’re protected from the financial shock. OR SO YOU THINK!
Thousands of insurance claims are rejected each year. Insurers that are quite happy to accept your monthly premium suddenly play hard ball because of a few lines of small print in your policy document.
There’s nothing like a large claim to uncover administrative errors that render a policy void. In many cases the insurers’ decision to reject your claim is fair, but what if it’s not?
How do you take the fight to your insurer?
PREVENTION: BETTER THAN CURE
Before we consider your options, let’s look at two ways to prevent insurance complications. The first is to be open and honest when completing your short-term insurance application.
Your insurer uses the facts you supply to determine the appropriate premium for the risk it take on to cover your assets. You must supply accurate details about motor vehicle alarms, your residential area, whether your vehicle is locked in a garage or not, who the main driver will be, and so on.
Make sure you supply fair values for your household contents.
The second is to obtain and carefully study your short-term insurance policy document.
Read the policy carefully and make sure the facts are correct and you comply with all its requirements.
If you misrepresent facts or fail to make an important disclosure when you purchase insurance your insurer has the right to declare your policy void ab initio at the claims stage. In simple English: the insurer cancels the policy because your dishonesty (intentional or not) resulted in an inaccurate assessment of risk when you purchased cover.
ADVANTAGES OF A BROKER
• Keep the business personal, the client cannot become just another number.
• Offer consistently competitive products for both domestic and commercial clients.
• Be efficient
• Be compassionate; understand your client when disaster strikes.
• Deal with the best companies to insure service levels.
• Be accessible to our clients