Is Life Assurance Still Seen As a “Grudge Purchase?”
Before the COVID-19 pandemic, the question of whether life assurance was a ‘grudge purchase’ or not was often debated. Following COVID-19, the argument is becoming more heated both for and against these products and services.
During this tragic time, living in the age of the ‘new normal’ has made many people aware that it is sometimes difficult to adjust to and recover from losses, both emotionally and financially, and that life can take unexpected turns at any time. Even after a few years of adapting to COVID-19, the reality for some South Africans remains falling seriously ill for lengthy periods, having loved ones pass away prematurely, losing jobs, or having to close businesses.
Life Assurance through Efficient Wealth
For the above reasons and more, the financial professionals at Efficient Wealth concur that an essential part of any future-fit financial plan is having financial products that take care of people and their loved ones in a time of crisis.
We believe that not attending to financial protection like life assurance, personal risk cover, income protection, and dreaded disease, and not adequately covering your and your family’s well-being might prove financially catastrophic should something unexpected occur. However, we do realise that these products and services can be a costly part of any portfolio and that it is a depreciating investment.
Efficient Wealth – Where Innovation is Part of Our Vision
While there may be a perception that life assurance is a grudge purchase, it is an illusion. Relevant precautions like life assurance, disability cover, dreaded disease cover and income protection – policies that protect us during harsh times – are vitally important.
We must, therefore, remain forever optimistic, and it is our responsibility as leading financial service providers to focus, adapt, and evolve to a new nation. Our nation has grown and with it, the demand for traditional life assurance models has evolved.
Meeting Our Clients’ Needs through Interaction, Innovation and Technology
Through visionary leadership and a team of specialised and qualified experts, specifically selected for their academic excellence and compelling track record in the financial services industry, we at Efficient Wealth deliver a host of financial products and integrated financial-planning solutions to appropriately address a myriad of diverse needs, requirements, and expectations. These benefit individuals and small to medium businesses within our beautiful country and serve all South Africans.
We provide holistic personal financial services with a complete suite of asset-, portfolio-, and investment-management products. We can accommodate our nation’s needs and requirements not only through innovative ideas and products, and advanced technological equipment, but also through service excellence, building relationships with you (our valued client), and personal interaction with our informed partners within the financial services industry.