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The holidays are the best time to review and update your life cover






At this time of the year, families across the country embark on long journeys to distant holiday destinations. However, very few travelers fully understand the level of risk they’re putting themselves and their family under.
According to the 2016 road safety report, 156 people died during the Easter weekend alone last year. The statistics for 2017 so far are also quite disturbing. Not only is the death toll on the roads steadily increasing, traffic officials have reported that over the Easter weekend this year, 1 738 motorists were caught speeding, 354 vehicles were overloaded, 843 drivers had no licenses and 346 drivers had no public driver’s permits.
These statistics highlight the importance of updating your insurance cover. However, the most important update you should make is to your medical and life cover. “Ensuring that you are adequately covered in case of an unfortunate event is essential for everyone. Liberty’s 2016 Claim Statistics found that of all the claims made by young achievers both male and female, 22.37% were due to motor vehicle accidents. Of these claims, 74% were for life protection and approximately 10% were for loss of income protection,” says Henk Meintjes, Head of Risk Products at Liberty.
Meintjes adds, “If you are doing something adventurous over the public holidays, like sky-diving, bungee-jumping or off-roading, make sure you inform your insurer to avoid any possible claim issues should you need to. Remember that there are exclusions on policies that you may not be aware of. You can simply check in with your Financial Adviser if you’re unsure of what you are covered for.”
Holiday’s aren’t for travelling only. They’re also a time to relax or get some admin done. “It’s a good time to look at your policies and to make sure that everything is up to date. It’s also a good opportunity to check that your beneficiaries are correctly listed.”
While speaking to a Financial Adviser may not sound like fun ahead of a holiday, ensuring that you and your family are taken care of in any eventuality will allow you to start your holiday with peace of mind and enjoy every moment,” concludes Meintjes.
Source: FleishmanHillard
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Actuarial Balance Sheet:

A statement of assets and liabilities of a life insurer drawn up according to the financial soundness basis of valuation.
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