If you are responsible enough to worry about your and your family's future and take out cover to protect your income in the event of death or disability, don't just buy policies. Make sure you analyse exactly what you need and plug the gaps in any cover you enjoy as an employee. This is the lesson Pranay* learnt when his adviser, Kate du Randt of Wynsam Wealth, reviewed his life and disability cover. Pranay works for a listed company in Pietermaritzburg. His employer provides group life cover through his retirement fund, and he also had some policies in his own name. In total, he was spending R2059 a month on cover. Pranay's group benefits provide him with life cover equal to three times his annual pensionable salary and an income equal to 75% of his pensionable salary should he be disabled. However, the cover is subject to a six-month waiting period. He also enjoys a waiver on his contributions to his retirement fund and life-cover premiums should he become disabled, taking his tot...
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