In general usage, a financial plan is a comprehensive evaluation of an individual’s current pay and future financial state by using current known variables to predict future income, asset values and withdrawal plans.

  • Life Cover – Is one type of cover that falls under the heading ‘life insurance‘, and may also be known as ‘term life insurance’ or ‘death cover’. Life cover pays a set amount of money when you die. The money will go to the people you nominate as beneficiaries on your policy. If you have not named someone on your policy then a Trustee or your estate will decide where the money goes.
  • Disability – Disability insurance is a type of insurance that will provide income in the event a worker is unable to perform their work and earn money due to a disability. There are many types of organizations that provide different types of disability insurance
  • Critical Illness – Trauma/Dread Disease insurancecovers you for serious medical conditions. Trauma insurance (also known as critical illness insurance) provides a lump sum payment if you are diagnosed with a serious illness or injury. Trauma insurance covers for you serious illnesses, accidents or medical conditions. If you take out a policy and then develop an illness or condition that’s covered under the policy you will receive a one-off payment that can be used to cover your medical costs, large debts such as a mortgage, and the cost of home modifications and professional care.
  • Funeral Cover – Funeral coverworks by paying a monthly amount towards a funeral plan so that in the event of death, a specified amount will be paid out to your family. This means that during this difficult time, the costs of a funeral will be covered so that your family won’t have to struggle with the expenses.
  • Retrenchment – Retrenchment insuranceas a benefit. Many insurance companies offer retrenchment insurance as a benefit on other insurance policies, such as car insurance. When retrenchment cover is a benefit and not a standalone policy, it does not cover the insured’s salary, but rather covers the insured’s premiums for that cover.
  • Income Protection Plan – paying benefits to policyholders who are incapacitated and hence unable to work due to illness or accident.