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Retirement Funds

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 andor 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

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?

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 Careline?  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.

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 hisher 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……
Careline replies:  As there are 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 Careline 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.