Life/Risk Assurance

Death Benefits

Risk Benefits include provision of liquidity upon death, disability or the occurrence of a so-called dread disease.

It is our practice to utilise reputable risk companies to underwrite an individual at the inception stage, thus obviating any unnecessary delays or repudiation at claim stage. An analysis is always completed to ascertain the level of risk cover required, and should be regularly reviewed as circumstances eg occupation and Geographic localities change. It is critical that ALL details are accurately captured for compliance purposes.

The following are a number of applications for risk benefits:

 • Family security-provides capital to ensure financial security for ones heirs into the future.

Partnership arrangements (in conjunction with partnership agreements)-otherwise known as Buy and Sell cover ensures business continuity upon the death or permanent disability of one or more co-owners. Appropriate documentation is implemented to guarantee the protection of the remaining partner/s.

Key person Insurance-protects the liability of the business should a Key person die or become disabled. Credit-worthiness and financial resources of the business is protected until a suitable replacement (if appropriate) is recruited.

 • Estate Implications-

Mortgage protection-allows settlement of mortgage debt upon the death or disability of the principal owner/s.

 • Contingent Liability protection-usually applicable to business suretyships where the assurance allows settlement of debt (usually in favour of a financial institution). Generally, the initial rates are dependent on age, gender, education, occupation, habits (smoking) etc., and of course current state of health.

Disability – Lump sum benefits usually upon disability of the life assured.

 Income Protection -Many Pension and Provident funds provide income in the event of temporary or permanent disability of an employee. This benefit however should be urgently addressed if an individual is self-employed in any field. One may insure up to 75% of income with waiting periods from 7 days to 3 months. An important benefit is the tax deductibility of this assurance thereby making it extremely cost efficient.

Severe Illness or Dread Disease - Definitions are wide and comprehensive. If claims are approved, then benefits are paid upon diagnosis.