Facebook Twitter Instagram
    Running Wolf's Rant
    Latest News
    • Angie oeh ryk debut EP uit: “Sex in Afrikaans”
    • Britney Meistre heads to Hollywood to record “By My Side”
    • Artists Announced for MTN Bushfire Festival 2022
    • David Kramer Reik Liedjie Uit Vir Eseltjiesrus se Donkies
    • Nomadic Orchestra release flavourful album: “Out & About”
    • Emerger Prepares For Take-Off With “Aeroplane Park”
    • Amy Lilley releases new single: “Video Games”
    • Jeremy Loops Colabs With Ed Sheeran on “Better Together”
    Facebook Twitter Instagram YouTube RSS TikTok
    Home
    • Categories
      • Entertainment
      • Facts
      • General News
      • Hacks
      • Opinion
      • Photography
      • Quotes
      • Technology
    • Pages
      • Interesting Music Facts
      • Music Events
      • South African Artists & Bands
      • South African Live Music Events, Venues & Festivals
      • Submit Music Facts
      • Submit Music Festival Stories
    • Featured
    • Contact Us
    • Privacy Policy
    Subscribe
    Running Wolf's Rant
    Facebook Twitter Instagram YouTube RSS
    Home»Opinion»6 Top Financial Products you can’t do without in SA

    6 Top Financial Products you can’t do without in SA

    Staff WriterBy Staff WriterJul 1, 2020 Opinion 5 Mins Read28 Views
    Share
    Facebook Twitter Email Telegram WhatsApp

    Do you have a lot of concern around your financial planning right now? You have done and are still doing the right things – like you’re saving for your retirement and you’re also paying for a membership to a medical scheme.

    These two financial products are two which we understand well and kind of adopt early into our lives; usually when we start earning an income. The older we get, we start taking on more financial commitments – home loans come into the picture and car loans. For those with limited resources, it can be pretty stressful deciding what is most important, made all the more difficult by providers vying for our attention to offer us even more important products.

    What financial planners reckon are important ones

    Some financial planners were asked what their approach was if they were to tailor advice for their clients. It was considered that any extra money should be saved in a tax-free savings account, which could supplement, say, the retirement savings; maybe to invest in unit trusts.

    Financial Products

    It was also strongly advised that for any of the financial products above, that a will should be drawn up by a lawyer or by a Trust company. It is important to have a will; one that meets certain legal requirements, making it valid. Simple errors, like allowing a beneficiary in your will to sign as a witness, can result in that person being disqualified from inheriting.

    Let’s look at what they considered as critical ones:

    1. Medical scheme membership, as well as gap cover

    Many financial planners reckon you have to belong to a private medical scheme as a top financial need. Yes, medical aid might be expensive but the financial consequences of being without one can cripple you financially. You can limit your cover to investing in a hospital plan. Without a private medical aid and care, you actually leave yourself open to being dependent on state facilities.

    2. Unit trusts RA 

    Your employer might have a group retirement scheme, but you should consider increasing your contributions to the max if you can afford to. You can set yourself up with an RA; essentially a private retirement fund. A suggestion is a unit trust-based RA. You can choose which funds to invest in.

    3. Income protection

    This insurance protects when you become disabled and you are at great financial risk, putting you at risk without any income, perhaps, for many years. It is critical to protect your income so you are not dependent on others. An income protection policy will pay you out after a certain waiting period – the longer you wait for the policy to pay out the lower the premium. This product is quite an involved and intricate part of insurance, so it is best to get advice from a financial planner who knows the products well, to make sure you are properly covered.

    4. Life cover

    Life insurance is a core requirement for working people who have mortgage bonds and even more so, when there are young dependents. Maybe it is not so urgent when you are single and debt-free. If you have a partner and children, life cover can offer immediate financial support, and life cover can be used for wealth creation too. The exact amount of life cover you choose will depend on your circumstances and lifestyle. Here is a good review of SA’s top life insurers.

    5. An emergency fund

    It is always advised by financial planners to save up for a rainy day; for times of crises. Because without access to funds in the event of an emergency, one is often in desperate need to take out a personal loan. Thank goodness they are there. In times of unforeseeable events, you will be so relieved to be able to access your emergency fund to lean on in times of need, like when your car suddenly seizes up, or your dog becomes suddenly ill, or you need to take an urgent flight; that type of thing.

    The times we are living in at the moment are perhaps the right warning signals for both young and old to think about; their future, into the future – top financial products that reputable SA financial institutions can offer you, for peace of mind.

    6. Funeral cover

    Did you know that funeral plans are the most prevalent now in South Africa – all for good reason. Being able to provide a worthy and dignified send-off for a loved one is held in very high regard in many of the South African communities.

    The calls you see coming through the call centres echo these views, and it’s seen on a daily basis. Millions of South Africans are hugely impacted by the insurance solutions sold, and the funeral cover, particularly, gives them peace of mind for the immediate financial relief offered and to include a dignified funeral for their loved one. Here is a good review of the best funeral covers in South Africa.

    Watch this space for updates in the Opinion category on Running Wolf’s Rant.

    Get updates via email
    Financial Services Useful Tips
    Share. Facebook Twitter Pinterest LinkedIn Telegram WhatsApp Reddit Email
    Previous ArticleFokofpolisiekar Super Sick Seventeenth: Als Wat Jy Moet Weet
    Next Article SonOfOld releases new single: “Saturday Night”
    Staff Writer

    Running Wolf's Rant's correspondent who chooses to remain anonymous...

    Related Posts

    Is Tech Improving Financial Inclusion Around The World?

    Apr 3, 20223 Mins Read8 Views

    What is financial provision after a divorce?

    Dec 5, 20214 Mins Read18 Views

    Self-Employment: Everything You Need To Know

    Apr 20, 20213 Mins Read

    Solid Financial Advice for graduates entering the job market

    Sep 21, 20207 Mins Read

    4 Things to do when you’ve faced a Financial Blunder

    Mar 11, 20195 Mins Read9 Views

    The 6 Basic Insurance Solutions

    Jun 3, 20153 Mins Read

    Leave A Reply Cancel Reply

    You Might Like

    A Quick Chat with Bittereinder

    Oct 13, 201515 Views

    Photo Album: Arcade Empire gigs in 2011

    Jul 3, 201434 Views

    Photo Album: First Rise & Shine Festival of 2015

    Apr 7, 201513 Views

    Photo Album: Van Coke Kartel @ Park Acoustics

    May 4, 201329 Views

    Christiaan Kritzinger Interview

    Oct 31, 201222 Views
    Subscribe
    Get updates via email
    You Might Also Like

    Singleism: Being single doesn’t suck

    Jan 14, 201420 Views

    Bad Lip Reading Of Game Of Thrones (Video)

    Oct 17, 201310 Views

    27 Funny “Things Longer Than Oscar’s Sentence” Tweets

    Oct 21, 201420 Views

    4 reasons why I love Pride of India

    Jun 11, 201818 Views

    9 Guidelines for dating my friends

    May 8, 201415 Views
    Follow Us
    • Facebook
    • Twitter
    • Instagram
    • YouTube
    About Running Wolf’s Rant
    About Running Wolf's Rant

    Running Wolf's Rant has been covering the South African Music Scene and featuring interesting, funny and engaging content since 2008.

    Feel free to explore the various sections and categories. We hope that you find something howling good while you're exploring. Please share posts that you find interesting with your friends on Social Media. Share buttons are provided.

    Featured Posts

    Photo Album: Editors, Rival Sons & Wolfmother at Oppikoppi

    Aug 25, 201422 Views

    Photo Album: Rammstein Concert In Johannesburg

    Feb 15, 201134 Views

    Foreigner To Tour South Africa in October 2022

    Mar 28, 2022220 Views
    Recent Posts

    Angie oeh ryk debut EP uit: “Sex in Afrikaans”

    May 20, 202220 Views

    Capital Craft Beer Festival 2022: Everything You Should Know

    May 20, 202256 Views

    Disney+ Makes Smooth Arrival in South Africa

    May 19, 202271 Views
    Facebook Twitter Instagram YouTube RSS
    © 2022 Running Wolf's Rant. Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.