It’s no secret that life insurance is seen as a “grudge purchase”, but a 2014 survey conducted by Finmark Trust has revealed that 40% of adult South Africans have no insurance at all. According to the survey, they just don’t feel that insurance is affordable.
According to an online survey conducted by NerdWalet.com, some of the most common reasons why people aren’t willing to buy life insurance are:
There is no single answer to the question of how much risk cover you need. It differs from person to person based on your specific financial circumstances and particular needs. A person with no dependants, no debt and significant retirement fund savings would clearly have significantly lower risk-cover needs than someone with a family, significant debt and minimal savings.
People who get financial advice tend to get richer – one of the biggest benefits of seeking help with your finances is that, as a result you are likely to invest more money. According to a recent study, a 30 year-old who receives financial advice can save a massive R 800 000 more toward their pension than a person of the same age who doesn’t get any advice. What’s the reason?