YOUR LIFE MATTERS: PLAN AND PREPARE TO MAKE THE MOST OF IT
While South African women have many more opportunities to succeed and lead than previous generations, they continue to be financially vulnerable.
“We want to encourage women to empower themselves financially. Too many women still rely on others to take care of their money matters”, says Karabo Ramookho, Strategic Retail Marketing Manager at Old Mutual.
“Whether you have a partner or not, it’s wise to have a proper financial plan in place to ensure a secure financial future no matter what happens.”
There is no magic formula, just careful planning and discipline, she says. It begins with preparing a household budget and settling short-term, expensive debt like store cards as quickly as possible. This frees up money that you can save and invest for long-term goals, like your children’s education and your retirement.
It’s also important to focus on protecting yourself and family against life’s risks and unexpected setbacks. Make sure you have life, disability and illness insurance in place. Your ability to earn an income is your most valuable asset and you need to protect it. A valid and current will and estate planning is a key part of a holistic financial plan.
“Over the years, we’ve seen the number of people who will depend on their children or the government to provide for them in their old age increase. According to our Old Mutual Savings and Investment Monitor. This highlights the need for you to save for retirement so that you are able to have some financial independence and maintain your lifestyle, when they are no longer working”, says Ramookho.
“The reality is that illness is often unexpected, so it’s important to ensure you have adequate cover should anything happen.”
Old Mutual gives you the flexibility to build Illness insurance that suits your unique circumstances. You choose your cover, the premium you can afford and any extra benefits which you can add or remove as your life changes.
Illness insurance pays out a single tax-free amount when you’re ill to help with your recovery or day-to-day expenses while you are unable to work. Old Mutual paid R11.3 billion to our customers during 2019, which means that we paid out over R45 million every working day. This is our way of being there for our customers when they need us the most.
We are your certain friend in uncertain times.
Speak to a financial adviser to assist you with a holistic financial plan designed just for you” concludes Ramookho.
Click here to speak to an Old Mutual financial adviser to advise you on Illness Insurance.