Can you claim it or not?
If you have dread disease or disability cover, you should watch this video.
So people are already talking about their end of year holidays, so here are a few things that I suggest should be in place:
Your Will
If there is no valid will in place, you are essentially leaving your family with trouble, admin and a lot of uncertainty. Don’t go on holiday without a valid, updated will.
When is a will not valid?
- When it is not signed
- When there are people not nominated, that should be in there (children, spouse etc.)
- When there are errors on it (names, ID numbers, signed wrong place etc.)
Consequences of not having a valid will:
- Unwanted people benefiting from your estate
- Family feuds
- Your children’s inheritance might pass to the government guardians trust (managed by the government)
Your short-term insurance (Car and house, including your household items)
Are all the details still correct?
Medical aid
Do you have any? Ensure that if you leave the borders of SA that the medical aid is also made aware, especially going into our neighbouring countries.
Life, disability and dread disease cover
Is it updated and valid? Are your beneficiaries correct? Remember, beneficiaries on a policy override that of your will.
Your budget
How much can you afford to spend? Don’t get caught with your pants down in January, where you overspent, and it makes the start to a new year a terrible time. There is still time to save up extra money, so get focussed, spend less now, and have a vacation without a guilty conscience.