Many people still do not have life cover. Some believe it is too costly to pay for it every month, and therefore cannot afford it. Some think it is a waste of money, and others just do not believe they will die anytime soon.There is also a view that the cover may take too long to pay out and is not easy to access without medicals, amongst other things. Because of these views, there is a responsibility to empower South Africans with knowledge as to why life cover is not only for certain people but for everyone.
WHY LIFE COVER IS IMPORTANT
While the subject of life cover is a touchy and difficult one to bring up with loved ones, it is a necessary conversation to have. It helps us to confront issues we never want to talk about such as death, disability, terminal illness, finances, estate planning, and debt. Having the conversation will help to ensure that everyone is on the same page because essentially. Abulela Gazi, Executive Head of Client and Business Solutions from Metropolitan gives ZiMoja some tips on starting the conversation about life cover with your loved ones.
1: Breakthe ice
Start the conversation by asking purposeful questions, and then listening intently to the answers. Starting with something like "We all saw the devastation COVID-19 caused to families across the country, and how those who did not have their financial affairs in order struggled' can break the ice and lead to a fruitful conversation.
2: Highlight the positives around the inevitability of death
Make real-life examples of someone you and your family know first could also help the family feel a bit more at ease about having the difficult conversation. You could investigate real-life stories that showcase the importance of having life cover. For example, a friend is grateful that their father was financially prepared when he had a terrible car accident because the disability benefit from the life cover helped maintain a decent lifestyle for the father and the family post the accident.
3: Find the right time to have the conversation
No one wants to be bombarded with serious and heavy conversations after a lovely dinner. Choose the right time for such conversations. You can use certain life events in the family or with friends to make having the conversation easier. The birth of a child for example means that there is now someone to consider should you pass away, and you need to make sure they are covered and have a future when that happens.
4: Do your homework
To have this important conversation, you need to have the correct information about life cover. Do your research and speak to an accredited financial advisor to arm yourself with accurate information.Ideally, this conversation with your family will help clarify your family's need for life cover.
