Month: Nov 2019

The first thing you need to know about life insurance is that the younger and healthier you are, the less expensive it is. If you do not have life insurance, here are the six reasons you probably need it:

1. Having a baby. If you are planning to have a baby or you are pregnant and you are the breadwinner of the family, getting life insurance is always a good idea. However, if you already have a child then the need for life insurance is urgent.
2. Getting married? If you are getting married soon and you are depending on your income to live the lifestyle you share with your partner, you must have life insurance. So that in the event of accidental or premature death, you can still maintain a similar standard of living.
3. Supporting your ageing parents financially? The general rule is that if someone else relies on your income to live, then you probably need life insurance.
4. You have debt. When deciding on a coverage amount for a life insurance policy, financial experts recommend including your total debt amounts to ensure whoever receives the money in the event of your death will have enough to pay off your outstanding balances in full.
5. You have a high-risk job. If you work in a dangerous or high-risk environment such as mining, then life insurance is a must-have to secure your family and assets, should something unforeseen happen to you.

Iemas Insurance Broker (FSP 47563) a wholly-owned subsidiary of Iemas Financial Services offers comprehensive life and disability cover of up to R1 million with no medical examination required and a maximum cover of up to R5 million. Speak to a consultant today on 0860 102 383 or use our life insurance calculator to calculate the legacy you will leave for your loved ones in the event of death.

Losing a loved one is traumatic. Spare your family unnecessary trouble when you pass on by ensuring that you consult with a qualified professional. They will ensure that your estate is distributed efficiently, is cost-effective and is finalised as quickly as possible. It is important to keep in mind that one size does not fit all when it comes to estate planning. That is why it is important to create an estate plan that is uniquely customised to you. Here is an estate-planning checklist to get you started in creating your own estate plan:

Update your beneficiaries: Take the time to make a few phone calls and double-check your beneficiary information. Changing beneficiaries is usually a quick and simple process, and you will feel good knowing that your beneficiaries are well taken care of.

Review your insurance: Ensure that your insurance is relevant to your situation. You could be over or under-insured, depending on the changes that have occurred in your life since you took out your policies. Let a broker help you review your insurance policy every year and have a look at your status and your requirements. You could save due to changing circumstances.

Address your Will: Drawing up a valid Will is much more than just nominating heirs and appointing an executor to administer your estate, provision should be made for the settling of debts, taxes and other related costs, and to secure your family’s financial future. If you do not already have a Will, it is a good idea to get started with creating one today. If you already have a Will, review it carefully.

Evaluate your estate tax: You can reduce taxes on your estate simply by the way you structure it. Thoroughly reviewing your estate plan through Iemas Insurance Brokers a wholly-owned subsidiary of Iemas Financial Services can help you to see where you can make changes in order to reduce your tax burden, both now and in the future. Call us on 0860 102 383 or use our Wills and estate planning assessment upon death tool.

Iemas offers life file training at its participating employer groups – at no cost to you. We take you through all the documents you need to prepare for your family when the unforeseen happens. Call us on 0860 102 383 to find out more.

Source: https://www.altusfinancial.com.au/blog/effective-estate-planning-in-4-steps