The eagerly anticipated festive season is finally here and many people will take time off to unwind and recuperate before the new year.
Unfortunately, this time of year is also notorious for tragedies like road accidents and general crime as people travel, explore and celebrate locally or abroad with friends and families.
Lee Bromfield, FNB Life CEO, says, “For families who have not adequate plans to safeguard themselves against the financial impact, the consequences of tragic events can be devastating. As a result, we encourage consumers to make sure they have funeral and/or life insurance. If you have one, make sure it is regularly maintained, particularly as the holiday season gets underway.”
Tips to help you keep your life insurance up to date:
• Pay your monthly debit order: Keeping your debit order up to date is the best way to keep your life insurance in good standing. If you get paid early in December, make sure you have enough money for the debit order date.
• Review your beneficiaries: Keep your beneficiaries up to date to avoid delays in the event of a life insurance claim.
• Make sure you have enough coverage: Update your insurance plans as your life events change. Make sure you have adequate insurance coverage for a range of circumstances, such as death, disability, and chronic illness.
• Don’t engage in criminal activity: Tragedies that occur because of criminal conduct might complicate the claims process for your beneficiaries. However, each life insurance provider will have its own set of restrictions and policy exclusions.
Aneesa Razack, CEO of FNB Fiduciary, also points out that a will is a crucial element in your financial affairs.
“In the event of your passing, your wishes about the distribution of your assets are expressed in a will, which is a legal document. Your wishes may change as your life evolves, and you need to be sure that your will reflects such changes.
“For instance, you might have gotten married, bought a house, or want to make sure that your family member takes care of your favourite pet. All these things can be specified in a will,” she adds.
Tips to keep your will up to date:
• Review your will: Go over your will to make sure it matches your current wishes. If it does not, make sure you update it as soon as possible.
• Maintain an up-to-date inventory of your assets: Assets are essential items you possess and this varies from person to person. An inventory gives you a good idea of what you have and the potential value of your assets.
• Important documents must be kept safe: Some people keep their important documents in storage at home, while others prefer third-party storage, but wherever you put yours, it must be in a safe place.
Also Read: Home insurance claim mistakes
