A Personal Financial Plan without a Risk Plan is like playing Russian Roulette – not wise and generally leads to disaster. As quickly as a portfolio can grow, it can shrink, which is why the very first investment you make should be in a Risk Plan.
Risk Planning expects the unexpected. A resilient, well-rounded risk management strategy incorporates a mix of vehicle insurance, homeowner policies, personal liability cover, medical insurance, disability insurance, life insurance, and emergency savings.
It’s the golden rule of a building – get the foundation right. Ensure yourself first and then the assets you have created, but remember – You are your greatest asset.
‘Risk management’ is a formal and structured process of identifying and managing risk. It involves assessing and then actively managing a person or company’s potential exposure to loss, damage, or litigation. Effective practical strategies for reducing risks, such as safety protocols and security devices, can work together with insurance to reduce risk exposure.
Oracle`s life insurance packages can make ensure your family is protected even if the unexpected happens to you. We as a brokerage take special precautions against the financial implications of your death. An Oracle Broker will help you assess your current needs for life insurance cover to ensure you have full protection.
There is probably a handful of people today who can safely say they do not know or have known of someone who has been affected by dread diseases such as cancer, heart disease, a stroke, or many other illnesses. Although medical advancements have allowed people to live after contracting a dread disease, the process of recovery and or cure can be a long and tedious battle. Most people who fall ill are unaware of how much financial constraint a sickness can impose on themselves, their work, or their loved ones and therefore having sufficient Dread Disease cover can allow you to focus on recovery rather than having to worry about the costs or monthly expenses as well.
This type of insurance protects you after you lose your job due to retrenchment. The constant ever-changing economic climate can provide many risks in your employment; However, You can become unemployed suddenly. If you should face retrenchment you have a “safety net” to fall back on while you look for another job.
This is really about insuring your income in case of illness or debility. Many people who have gone through disability or dread disease can attest to how vital an income was through their traumas or sicknesses. Income Protection allows you the peace of mind that comes with replacing your income when you cannot work. This benefit can be structured to cover 100 percent of your income and can be payable till retirement if structured correctly. If you are unsure if you have this vital benefit or if you qualify for it, please feel free to make contact with us to correctly advise you.
This is generally a lump sum benefit that is payable in the event of partial or complete disability. This is generally tailored to allow you to settle a debt and enable you to make the relevant lifestyle adjustments if you were to become disabled. Usually, people only look to have either Disability Cover or Income Protection. However, ideally, you should have both. Income Protection replaces your income. Lump-sum disability cover allows you to settle debts or liabilities or finance potential charges to your lifestyle in the event of long-term disability.