[ADVISOR VIEW] Group life cover is very often insufficient for a person’s needs and should be considered as part of a broader personal financial plan: Devon Card - crueinvest. Moneyweb GroupLifeCover
If you are a member of your employer’s retirement fund, it is likely that you have group life cover in place. Many employees make the dangerous assumption that this cover is sufficient for their needs and adequately protects them in the event of death or disability. The reality, however, is that group life cover is very often insufficient for a person’s needs and should be considered as part of a broader personal financial plan.
This means that on payout, assuming that Xolisa’s estate receives the full pay-out in cash , it would receive an after-tax death benefit of R2 294 650, which is calculated as follows:Therefore: R3 160 000 – R865 350=R2 294 650 As is evident from the above, it is essential to know whether your group life cover is approved or unapproved before calculating any potential shortfalls that exist in your risk cover portfolio.
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