If your car needs replacing in the short term, this could add considerable financial pressure to a new homeowner.
It will also show the bank that you have financial discipline, which could improve the interest rate that you qualify for. Most of us have the potential to earn millions of rands in our lifetime, so we need to protect that ability. Should something happen to us that prevents us from physically working, at least we know we won’t suffer financially.
. Loans: Firstly, we need to ensure all debts are settled at the time of death. Include all short-term and long-term debt, debt to family, debt to the SA Revenue Service and other death-related expenses at this point.As said before, this is your most valuable asset and should be protected no matter how old you are. If you become unable to earn or generate your income , you and your family will still have expenses that must be paid. One would require an income to cover those expenses.
This could include a car, perhaps a deposit on a home or even a contribution to their wedding one day. Here you can opt to have the insurer pay out the life cover as a monthly income, instead of a lump sum, if you prefer. There are a number of benefits to this.
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