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Myths about Life Cover Featured
640 417 Maysure Financial Services

Debunking Myths About Life Cover

Life happens when you least expect it. In the current world climate, the topic on everyone’s lips is planning for the future. While checking that all your affairs are in order, you might want to consider adding life cover to your financial planning.

Life cover can act as a tool to help you meet your medium and long-term goals. It provides a form of surety when you or your family need financial cover the most. This cover offers the sense of security your loved ones need long after you are gone.

Yet, despite these attractive features, some people still feel that life cover is unnecessary. This is due in part to a number of myths about it. This post will debunk a few of these theories and tell you everything you need to know about life cover.

Myth #1: Life Cover Is Not Important

Main with children in field

The primary purpose of life cover is to provide financial assistance to the family upon the death of the insured person. This makes it a crucial tool for anyone with dependents. It is particularly necessary for individuals with accumulated debt.

Most commonly, life cover is used to protect kids or spouses, but it’s also a good option for people with other financial goals. For example, if you don’t have assets to pass onto your heirs, life cover can help you create an estate plan and inheritance for those you name as beneficiaries. It can be a great way to set up a solid financial future for your family.

Some products even provide a payout if you become disabled or critically ill. This ensures you continue to pay the bills even in times of personal crisis. It could help to alleviate financial burdens while you get back on your feet.

Myth #2: You Only Need Life Cover When You Are Older

Man smiling about Life Cover

People at the beginning of their careers tend to focus on material investments, but life cover can be a good asset at any age. Anyone who is financially capable should invest in life cover. In fact, the sooner you take it out the better.

Multiple factors are taken into account when calculating how much you pay for life cover. Younger people with no pre-existing health conditions are more likely to receive lower premiums. They are also considered low risk because they are less likely to claim.

Life cover isn’t just for homeowners or parents. Anyone you choose can be added as a beneficiary, which means that other family members can benefit too.

Proceeds can be left to pay off a student loan, support a needy family member, or even donate to your favourite charity. The list is not limited to people who depend on you financially.

Life insurance can even provide a safety net to small business owners. This will help cushion the blow for any employees or partners who need to keep the business going.

Being young doesn’t exempt you from bad things happening. Road accidents or unforeseen illness can be a huge financial hindrance for someone at the start of their career. While medical aid might be able to take care of hospital expenses, it can’t ensure you an income while you recover.

Myth #3: Insurers Never Payout

Hand and wallet

For life cover, beneficiaries are nominated to receive a specific amount in the event of your death. Different policies provide cover for different structured needs. Your life cover can go towards your home or other living expenses. It can also be used to settle outstanding debt.

There are two ways life cover can pay out. Your loved ones could receive a lump sum, depending on the amount designated. Alternatively, life cover can provide regular earnings for your family.

These take the form of a series of consistent payouts, which act as an income to cover their needs. An assessment of your family’s long and short-term needs can help to choose a plan that best suits you.

Be aware that some policies contain exclusions in their terms and conditions. You need to review your life cover to know what you are being covered for. Knowing these exclusions could save your family the pain of having to debate over your policy’s conditions when you are gone.

Myth #4: Life Cover Is Expensive

South African money

Everyone has different needs. Each individual can find a policy that best accommodates him or her. Maysure is a financial advisory service that can help you find a life cover that is good for you and your pocket.

You shouldn’t be put off of life cover because of the cost. There are plenty of options out there and a number of ways to reduce your monthly premium.

Taking a lower cover amount, getting a policy when you are young, or even just quitting smoking are all ways that you can save on life cover.

Final Thoughts On Life Cover

The truth is when it comes to life cover you can’t afford to not have it. It is the ultimate form of financial protection and is sure to give you peace of mind.

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Let us help you choose the right life cover. Contact us here:

+27 11 839 2302

info@maysure.za.com

1024 683 Maysure Financial Services

Moving from a Bull to a Bear Market

The Maysure logo has a bull and a bear in it. This is no mistake.

The two animals which make up our icon illustrate how we partner with our clients during the good, the bad and the ugly when it comes to investing their money. Developing wealth over the long-term can feel overwhelming at times, especially in times of crisis, so its important to have a planning partner who understands your personal needs.

Long-term investing can be dauting and looking at a market such as the one we currently find ourselves in, every instinct can be to get up and run. To pull out all your investments because watching them dip dramatically is too much to handle.

When it comes to your current long-term portfolio, its important not to make any rash decisions without speaking to your advisor. A market like this might seem dangerous and terrifying, especially when it comes to your long-term investments, but all throughout history these are the markets where waiting it out for investors has worked out.

We currently find ourselves in what we would call a bear market, and having just been in a bull market, things can feel upside down.

A bull market is on the rise in a stable economy, and it feels safe. A bear market is unstable with stocks declining in value as the economy is receding.

One of the most iconic investors of our time, Warren Buffet made most of his money in a bear market. He is famously quoted on saying

“The investor of today does not profit from yesterday’s growth.”

“Be fearful when others are greedy and greedy when others are fearful.”

What goes down must come up, and when it’s down the price and value you pay for certain stocks and investments means that ultimately, when they go up again you will have more value in your stocks than you would have had if you purchased them during a bull market phase.

We believe now is the best time to consider investing in the Sygnia Life Berkshire Hathaway Fund.

This innovative and low-cost fund gives South Africans access to the global investment powerhouse Berkshire Hathaway Inc. Run by two iconic executives: Chairman and CEO Warren Buffett and Vice-Chairman Charles T. Munger.

More on the fund

Berkshire “A” shares are valued at over four million rand per share, this means that the stock has a high average annual growth rate. It was previously closed to a small group of investors, but you now have the opportunity to invest in this fund through the Sygnia Life Berkshire Hathaway Fund.

Investing in a fund developed by someone who made his fortune off of markets like the one we are in, betting on that fund at a time like this could pay off.

Being in a bear market is ideal for someone who wants to invest and is prepared to ride the wave.

Get in touch with us if you would like to know more about this fund.

If you would like to discuss this further, feel free to get in touch with us.

☎️ +27 11 839 2302

📧 info@maysure.za.com

1024 576 Maysure Financial Services

Offshore Investing

Offshore investing may sound daunting to first-time investors and may still seem rather complex for the avid investor, but we are here to help you understand what it is, how it can benefit you, and the best way to go about it.

Essentially investing offshore gives you the opportunity to tap into different economies and regions, as well as access industries and companies that aren’t available to invest in within South Africa.

While global investment may seem like a better idea considering the current economic climate, investing offshore doesn’t mean that you will get the most bang for your buck. Returns depend on current global economic conditions and exchange rates, which you can prepare for together with your financial planner.

The benefits of offshore investments include:

  • Reduced risk because of the diversified portfolio
  • Access to a wider range of investment opportunities
  • The ability to grow your money across global industries, companies and currencies not available in SA

When you spread your money across various markets and currencies, you minimise the impact of currency depreciation, political factors, market trends and events, which can have a sizeable impact on growing your wealth. Taking a portion of your investment out of the country means that capital loss risks are minimised as greater diversification is a key element in reducing risk when it comes to financial investments.

One of the major benefits of investing offshore is that you can reduce the emerging market risks that come when investing locally. SA remains an emerging market regardless of all the first world investment industries available to local investors. We are still a small fish in a big ocean, with an open economy that is illiquid and has a consistently volatile stock market.

A long-term view is required to fully benefit from offshore assets’ return potential. While investing offshore can seem attractive, it’s important to consider where the return from investment could come from, the exchange rate and/or the underlying foreign investment. The impact of the exchange rate needs to be strongly considered when it comes to foreign investment.

What is the best way to go about investing offshore?

This all depends on you as we believe that no two lives are exactly alike. We would need to look at your personal circumstances, risk profile and your long-term planning goals.

The answer depends on investors’ personal circumstances, risk profile and longer-term financial planning objectives.

If you would like to discuss the potential of investing offshore, get in touch with us and we can talk you through everything you need to know.

☎️ +27 11 839 2302

? info@maysure.za.com

900 491 Maysure Financial Services

Maysure Financial Services: Company Profile

Since 2003 the founders of Maysure Financial Services have believed that life happens – whether we plan it, don’t plan it, save for it, don’t save for it, expect it, or don’t expect it…. It happens. But how your life has happened doesn’t dictate how it must be lived. It is simply a journey that you are on, and everything that you have experienced along the way has brought you to this point, and dictates the road you will take from here on out.

Whether you are at the beginning of your journey, or a long way down the path, a specialised team will help you set a firm financial focus and guide you as your journey continues, specifically when it comes to your retirement and estate planning.

Should you be of the Muslim faith, you will have access to a dedicated Muslim team that understand that your earnings must always remain wholesome and pure, this team will guide you with your Sharia Investments and estate planning so as ensure that your journey is sustained and nourished by that which is Halaal.

We believe that your savings are the first step on your journey to your future – we apply expert, large scale, corporate savings principals to your investments, whilst still maintaining the personal, hands on approach of a small firm.

Maysure Financial Services is built on 3 solid propositions:

Serving you – we want to show you how to take your existing wealth and with some uniquely adapted and personalised guidance, turn it into the ground where your future takes root, the ground where you can start saving towards your dreams, passions and goals.

Services that are adapted to your circumstances – they are inspired by your life. The financial service instruments that we offer are as varied as your journey, and your circumstances will determine which services we will offer you to ensure that your unique financial goals are reached.

An understanding of that which is most important to you – Planning your future financial security should not be taken lightly. Our intention is to make your journey one that ends in financial independence, especially because the path is can be so strongly determined by simple consistency. With the right amount of experience, a firm grasp of the latest technology and a personal, hands on approach, our goal is for you hold the key to financial freedom.

SERVICES

When we are inspired by life to make choices that benefit ourselves and our families, it can be very daunting. This is where Maysure’s expert team steps in.

Our range of financial planning services include:

Retirement Planning
We all dream of being able to spend our time as we choose to. It may seem like an inconceivable notion, but effective retirement planning is exactly that – The process of setting retirement income goals and making the decision to do whatever is necessary to achieve them, in order to live your best life.
Effective retirement planning is essential to ensure that you accumulate the necessary funds necessary to give you financial freedom when you no longer enjoy the advantage of receiving a salary.

Sharia investments and estate planning
Sharia law acts as a code for living that all Muslims should adhere to, and this applies to investments and estate planning too. All earnings are to remain wholesome and pure, and no investments should be used for “sin” industries such as alcohol, tobacco, pornography as well as what can be considered unethical industries such as gambling, arms and weaponry.
Being secure in the knowledge that your investments are Halaal and pure is essential to ensure peace of mind; allowing you to graciously reap the rewards of what you have sown.

Investments – Unit Trusts, Endowments and Tax Free
You can empower yourself greatly by understanding the tax on your savings. Different tax structures apply to different investments and knowing exactly what you have and what you’re going to gain is an integral part of financial planning.
Understanding your investment portfolio is essential to ensure that you really are getting the most bang for your bucks.

Life Cover
Life happens, whether we plan for it or not. Having sufficient life cover ensures that the legacy of love that you leave behind for your family is not tainted by financial worries. Life cover can be reinvested to provide your family with an income and also used to cover any outstanding debt that you may have accumulated.
Ensuring the financial freedom of those you love in the event of your death is essential to ensure that they will not be burdened by financial strain and live the life that envisioned for them.

Medical Aid
Life is a precious gift and a well constructed medical aid ensures that you are able to pay for any treatment expenses incurred with regards to your health and wellbeing, on both a day to day basis and an emergency contingent.
Comprehensive medical aid is essential to ensure that you will not be burdened with debilitating medical bills should you fall ill.

Estate Planning
Your estate is comprised of everything that you own – your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions etc. Estate planning is ensuring that your asset base is managed in the event of your incapacitation or death in an appropriate and financially savvy way.
Estate planning is essential to protect your loved ones, because without a plan in place, there could be a long-lasting negative impact on their future.

Offshore Investing
Offshore Investing allows you to spread your investment risk across different economies and regions. It also gives you access to industries and companies that may not be available locally.
Being strategic with your offshore investment is essential to allow you to make adjustments to your investment portfolio to accommodate the ebb and flow of well performing international markets and maximise your returns.

Fiduciary Services
Being in the position to leave a legacy is a wonderful gift, but it is also a complex one that must be thought through carefully. Fiduciary services help you preserve, grow and distribute your wealth the way you want, both during your lifetime and the lifetimes of your loved ones.
With a thorough fiduciary plan comes financial peace of mind, allowing you to focus on the important things in life – living it the best way you can.

We pride ourselves on a providing a personalised service because we are a small, tight knit team; but our investment tactics and guidance are based on solid corporate principals that are applied across the board, no matter the size of the portfolio.