By Wendy Naruses
In an increasingly unpredictable world, financial resilience is no longer a luxury. It is a necessity. One of the most powerful tools in building that resilience is life cover. While it cannot shield us from life’s inevitable challenges such as illness, disability, or death, it can provide a vital safety net, ensuring that our loved ones are financially protected when it matters most.
As leaders in financial planning, we must shift the conversation around life cover from a reactive necessity to a proactive strategy. It’s not just about having a policy. It is about having the right policy, tailored to your life’s unique journey. Here are five strategic considerations to help individuals and families make informed, future-focused decisions:
1. Life changes—So should your cover
Life is dynamic. From starting your first job to buying a home or welcoming a child, each milestone brings new responsibilities. Regularly reviewing your life cover ensures it evolves with your circumstances, protecting both your income and your dependents. It’s not just about today, it’s about safeguarding tomorrow. At all times, ensure that you have enough cover to settle debts and support those who rely on you when you are no longer there.
2. One size doesn’t fit all
Effective life cover is not a generic product—it’s a personalised solution. Tailoring your cover to reflect your income, dependents, and financial obligations ensures that your family is adequately supported when you pass away. A skilled financial adviser can help you navigate this complexity with clarity and confidence.
3. Align with life’s seasons
As your financial obligations shift—perhaps your children become independent, or your mortgage is paid off—your life cover should adapt accordingly. This is also the time to think beyond protection and consider the legacy you want to leave behind.
4. Understand Your Risk Profile
Your health and family history are critical in determining the right life cover. A history of hereditary conditions like cancer or heart disease can influence the type of cover that best suits your needs. A nuanced understanding of your risk profile leads to smarter, more sustainable decisions.
5. Plan for the Unexpected
Economic uncertainty is a reality. That’s why flexibility in your life cover is essential. Ask the right questions: How might premiums change over time? What happens if your financial situation shifts? The ability to adjust without compromising protection is key to long-term financial security.
The Power of Proactive Planning
Empowerment begins with education. By doing your own research and asking the right questions, you take the first step toward securing your financial future. But you don’t have to do it alone. A trusted financial adviser—like those at Sanlam—can help you navigate the options and craft a solution that fits your life, your goals, and your legacy.
In the end, life cover isn’t just about protection. It’s about peace of mind, strategic foresight, and the confidence that comes from knowing you’ve planned for what matters most.