What is a financial plan?
A financial plan is a blue print of how you will build, develop and protect your lifestyle.
It is a map of how you will achieve your lifestyle goals through investments, financial products and insurance. It is a comprehensive analysis that looks at your current situation, helps establish your goals and formulates a plan on how to achieve them.
A good financial plan considers factors such as how to best maximise your opportunities to save tax, how to build wealth and capital and how best to protect your assets and dependents.
It also takes into account your appetite for risk, how much time you have to achieve your goals, your current assets, liabilities and expenditure and important life events that may be taking place or approaching.
Proper financial planning can be complex and should therefore be done with the assistance of a suitably qualified Financial Adviser.
Protection for your family when you’re no longer there.
Life Insurance is designed to provide cash for your family after your death. This cash replaces your income and can help your family continue to maintain their lifestyle and meet their financial obligations – like daily expenses, bond and car repayments and the cost of education.
It is always difficult for family to lose a loved one, but what makes it more difficult to deal with the loss is when these emotional struggles are compounded by financial difficulty. Life cover helps you to make sure that the people you care about are provided for financially, even when you’re not there to care for them anymore.
The need for life cover is greatest when you have people that are dependent on you and that might face financial difficulty if you’re no longer there. So for instance, most families depend on two incomes, so life will be difficult for the family if the income is no longer there. Not only will this affect your family currently in terms of daily living expenses, but also in the future – would the surviving spouse be able to provide for the children’s education?
If you’re a single parent, then the need is so much more, because your children and dependents only have you to provide for them.
If you’re a single person, you will need to assess your life – some single people are providing financial support to ageing parents or siblings.
If you fit any one of these descriptions you should consider Life Cover to ensure that your loved ones are provided for and their futures are taken care of in the manner you may have intended.
There are a number of options available under the Family Protection pillar.
No two family’s lives or lifestyles are the same, so, it stands to reason a “one-size-fits-all” insurance or investment product will, in almost all cases, not meet your family’s specific requirements and objectives.
At Liberty Life we recognise your situation is unique and that your life, circumstances and lifestyle is ever-changing. A financial solution that meets your particular needs today, may well not be appropriate in the future and YOU and your family need to have the control to make adjustments when necessary.
A young, married person, will want to protect his/her lifestyle in ways that are different from those of a single person, or perhaps someone else whose children have left home and is nearing retirement.
Each phase of life requires different plans and solutions. As we encounter various life events, so our needs change. Liberty knows this and we want to help you own your life. Our goal is to provide you with the tools and information that put you in control.
Lifestyle Protector for HIV positive lives
Extending Lifestyle Protector cover to HIV positive lives
Our award winning life cover policy, Lifestyle Protector, is now available to people who are HIV+. We believe that HIV is a manageable disease and our aim is to treat HIV+ lives in the same way as we would someone who has another manageable disease, for example diabetes. It is with this reason that we have decided to extend our policy to HIV+ customers and give them access to the same Lifestyle Protector cover with benefits as all customers.
Of importance, we have included our EduCator offering as a benefit to ensure that children of HIV+ parents should continue to go to school when their parents are no longer around to manage their education costs. This is important to us because their need for an education doesn’t go away should their parents pass away and as such we offer this cover.
HIV+ customers will have access to the following Lifestyle Protector benefits:
1. Life Cover
2. Renewable Life Cover
3. Immediate Expenses Benefit
4. EduCator (Death only)
5. The maximum cover available is R5 million
We won’t require customers to provide us with on-going test results to determine treatment. Instead HIV positive customers will be underwritten at application stage and, once they are accepted, they will be treated in the same manner as any other customer with a health condition that materially affects the likelihood of death.
Protecting your Income
The best risk product in the market just got a whole lot better – introducing a holistic income protection solution from Liberty’s Lifestyle Protector.
Add more living to life when life’s uncertainties happen
Your ability to earn a future income is your biggest asset. Can you afford not to protect your single most important asset?
We have created the industry’s most comprehensive and holistic income protection solution. It protects you in the event that you cannot earn an income as a result of an unfortunate circumstance rendering you unable to work, permanently or temporarily.
With a range of market-firsts, flexible options and the ability to tailor solutions to meet your specific risk needs and your pocket; you will have absolute confidence and peace of mind knowing you are covered against life’s uncertainties
Vital Living Benefit for under 35’s
Critical Illness cover (also referred to as Critical Illness cover) is designed to pay out a lump sum on diagnosis of a critical illness or or trauma-related event.
This benefit is available as an accelerated and non-accelerated option (Living Lifestyle Plus). The difference between Living Lifestyle and Living Lifestyle Plus is that Living Lifestyle is taken as part of your Life Cover, and claiming on this reduces the Life Cover sum assured. Whereas the Living Lifestyle Plus is taken in addition to your Life Cover, claiming on this benefit does not affect the Life Cover sum assured
Critical Illness cover will pay out a predefined amount upon the diagnosis of one of a number of conditions. The list of conditions covered can vary depending upon the insurance provider although major providers offer protection against around 25 illnesses including cancer, heart attack, stroke, paralysis, major organ transplants, Parkinsons disease and more.
You may find yourself in a situation where you need to hire home help or pay for a nurse. Alternatively, you may still be able bodied and might just want do those things in life that you always wanted to before it’s too late.
When someone is diagnosed as having a serious illness it often means they are unable to work any longer or may not be able to work for a couple of months. The problem is that after these life changing events, the requirement for money is just as demanding and, if anything can become greater.