Riskfin Brokers offer you the client a variety of insurance options ensuring that you get the best value for the money you spend on insurance. We also provide you the option to choose the insurer of your preference.
We tailor your insurance portfolio according to your needs.
Retirement and Estate Planning
Retirement planning is the process of determining your retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets.
Estate planning is the act of preparing for the transfer of a person’s wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one’s estate.
Endowment Policy
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term or on death of the policy holder. Typical maturity periods are ten, fifteen or twenty years up to a maximum age limit. Some policies also pay out in the case of critical illness.
Term Life
Term life insurance is life insurance that provides coverage at a fixed premiums for a limited period of time. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the policy holder must either forgo coverage or obtain further coverage with different premiums and or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount for a premium rand basis over a period of time.
Permanent Life
Permanent life insurance such as whole life, universal life, and variable universal life, guarantee coverage at fixed premiums for the lifetime of the covered individual unless the policy is allowed to lapse. The premiums may also be increased at a fixed percentage alternatively the increase in premiums may be linked to the inflation rate.
This type of insurance is more commonly known as Hospital Cash Plan. A hospital cash plan is not medical insurance, it simply is a benefit plan that allows for cash payments to the person who is hospitalised for every day that the person is hospitalised. This type of plan is aimed at giving the individual extra cash on hand to cover additional medical costs and to partially cover the loss of income during the hospital stay.
A whole life insurance policy remains in force until you die. It pays a certain amount at your death, but it also includes a “cash value” component, meaning a portion of your premiums is invested by the insurer and earns interest. You can withdraw the cash value of your policy or use it as security to borrow money. The portion of your premiums used to fund the cash value isn’t taxed until you withdraw the cash from the policy.
Child policies are seen to be on the expensive side as they are similar to endowment plans they include an investment and an insurance component.
There are two basic types of annuities: deferred and immediate. With a deferred annuity, your money is invested for a period of time until you are ready to begin taking withdrawals, typically after retirement. If you opt for an immediate annuity you begin to receive payments soon after you make your initial investment.