Tag Archive for: Employee Benefits

Expert financial advisors: 5 ways they can help your small business thrive

Are you thinking of opening a small business? Partnering with an expert financial advisor can set you on your way toward financial success. In the beginning, it is about being passionate about your products and services, gaining and retaining customers, ordering stock, and a plethora of other things seemingly more important than balancing the books.

Opening a new business, or trying to manage an existing one, presents a veritable minefield of challenges that you need to overcome. It can be an overwhelming conundrum, a feeling similar to going on an African safari without sorting out the logistics or retaining an experienced professional to guide you.

However, the advice of professional financial advisors will make the challenges less daunting and, through the services that they offer, you can implement practices to grow your business.

In this article, we will explain a few services that we offer and why you may need them for your business:

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Dreaded Disease Cover

Dreaded Disease Cover – The Sensitive Issue

Discussing dreaded disease cover is always a sensitive matter, after all, you’re discussing the potential premature passing of yourself or a loved one. However, ignoring it all together could be financially debilitating or even, in a worst-case scenario, lead to bankruptcy. As a result, it should at the very least, be investigated.

The Scary Statistics

It is unfortunately estimated that one in eight people will contract cancer, and one in five will suffer from one of the “Big Four” serious illnesses before the age of 65. The Big Four is commonly referred to as heart attacks, coronary disease or bypass surgery, strokes, and cancer. The latter is the leading cause of claims against dreaded disease cover.

For the most part, dreaded disease cover, also known as critical illness insurance, can protect against other serious ailments. For example, kidney or chronic liver failure, rheumatoid arthritis, respiratory failure, and major organ transplants among a host of others. Be sure to read the fine print of these policies to determine the percentage payouts per diagnosis and which of them are covered.

How it Works

Once insured with dreaded disease cover, it provides financial protection if diagnosed with a critical condition. Whether the diagnosis is poor or not, upon accepted diagnosis, the payment will be provided, tax-free, either as a lump sum once-off payment or paid out monthly.

Once in receipt of this money, it can be used for immediate or long-term treatment that is not covered by medical aid. It can also be used as travel expenses for overseas treatments, home renovations to improve quality of life, or as a monthly instalment to maintain living standards in case of lost income.

Dreaded disease cover is, not always, but usually linked to a life assurance policy and oftentimes expires or has reduced benefits once the recipient has reached an agreed-upon age.

Will it Reduce My Life Assurance?

There are two basic options for dreaded disease cover. Accelerated or stand-alone benefits. As its name suggests, the stand-alone option doesn’t affect your policy. It does, however, result in being more costly than the alternative. Accelerated benefits are offset against your policy and will affect it proportionately with drawings taken against it.

How Much does it Cost?

There are different levels of dreaded disease coverage. It is a costly investment, however, the policyholder may elect to diversify their policy requirements in line with personal health conditions or family history, thereby reducing the number of illnesses to be covered. Thus making it more affordable.

But, there are more comprehensive options that include a complete range of conditions. Some policies would insure conditions not associated with the listed events stated in the policy. Some institutions may offer added benefits, for example, intensive care, early cancer, or relapse cancer treatments.

Where to Turn?

Efficient Wealth of course. We understand that the dreaded disease cover is a controversial subject. But, we can offer peace of mind with minimal waste and maximum protection.

Efficient Wealth is a place of trust, where approachable humans deal with real human issues. Dreaded disease cover is an essential element in any future-fit financial plan and, although costly, it could end up saving many investments.

Should you be investigating the benefits of dreaded disease cover, consult with Efficient Wealth. We offer a vast range of options, giving you freedom and flexibility in finding the most relevant risk solution.