There are four basic ways to manage risk:

1) Avoid it
2) Reduce it
3) Accept it
4) Transfer it.

Risk cover is protection against loss of life, disability or dread diseases. It is cover that pays out to your family/beneficiary should you die, or to you should you become disabled or suffer a dread disease.

A client’s risk needs can be categorised into four broad areas:

• The need for Life cover
  The need to protect their ability to earn an income
• The need to make provision for Lifestyle adjustments due to illness,  impairment, or retrenchment
• The need to provide for future needs or goals

Risk cover has, however, evolved from the traditional life insurance version of the past to a modern select-what-you-like experience.

You now have a greater level of personalisation, and choice, when it comes to personal risk cover.  You can choose between different premium patterns and also select between different linked products.

Life Cover

Life cover is designed to provide cash for your family after your death.  This cash replaces your income and can help your family continue to maintain their lifestyle and meet their financial obligations.  It can also finance to repay debt, any outstanding bond, estate duty and other cost when the client passes away.
It’s always hard when you lose someone you love, but your emotional struggles don’t need to be compound by financial difficulties.  Life cover helps to make sure that people you care about are provided for financially, even when you’re not there to care for them yourself.

Disability

Disability cover protects clients when they become disabled or impaired and can no longer work.  It provides a lump sum that will pay for initial adjustments in lifestyle and also be managed by the client to replace lost future income.  It can also provide a monthly income in the form of an Income protector which can be a temporary - or permanent Income protector.

Dread Diseases (Trauma)

Dread diseases cover (often referred to as critical or severe illness cover) is designed to pay out a lump sum on diagnosis of a serious illness.

It covers the costs of making adjustments to a client’s lifestyle, as a result of surviving a severe illness.  These costs include employing a child minder, nurse, housekeeper or modifications to the house or car.

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