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Insurance through your various life stages

Life Insurance podcast series Episode 3

COVER will, over a number of episodes, be chatting about certain aspects of Life Insurance as part of a Life Insurance Podcast series in partnership with FMI.

In this podcast series, COVER’s Tony van Niekerk will be chatting with Mapalo Makhu, author, award-winning personal finance coach, speaker and founder of the Woman & Finance platform and Brad Toerien, former CEO of life insurer FMI.

In our previous two episodes, we looked briefly at the insurance gap – the fact that many South Africans are under-insured. And if we’re going to close that gap, we’ve first got to close the trust gap between consumers, advisers and the industry as a whole. We also looked at the concept of income protection, which remains a significantly under-used tool in the average South African portfolio.

In this third Episode in the series we will be talking about the different life stages and how your insurance needs change as you move through life and as your responsibilities and priorities change.

We started off by asking Brad what the different stages of life are, from an insurance point of view – and why do they matter?

We then follow the question up by asking Mapalo if she could tell us from her perspective why customers should think about life insurance in terms of life stages. What are the practical milestones or life events you would advise customers to looks at to ensure they have adequate cover.

Moving back to Brad we asked him if he could run us through some of the different life stages and how their insurance needs change in a practical way?

To end off, Tony asked Mapalo if she could tell us what the role of the adviser is through these stages?

To wrap things up we can say that insurance is a living, breathing thing that changes as you move through life … as a consumer, you need to be alive to this, and be talking to your adviser to make sure your needs are met and your loved ones protected … as an adviser, it’s important to guide your client through the stages based on their needs and responsibilities, and create a plan for them that takes them smoothly though life with future insurability.

Listen to Episode 3 below:

In case you missed the previous episodes:

Listen to Episode 1: Bridging the insurance gap

Listen to Episode 2: Income first, the new normal

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