Financial Planning for Women

Financial Planning for Women from Psidean Financial Services

By: Psidean Financial Services  10-24-2011
Keywords: Financial, Financial Planning, Investment Planning

Women have always had unique requirements when it comes to risk benefits. Did you know that in South Africa: • women make up 41% of the working population • in more than 42% of families, women are the chief breadwinners • 44% of women are single • as 43% of these are single mothers, it is even more important for these women to evaluate their life cover • almost as many women as men between the ages of 25 and 34 are starting businesses. In terms of life insurance: • for a child, losing a working mom these days is just as financially devastating as losing a working dad • the average amount of life insurance taken out by women is about 30% lower than that of men • women have been under-insuring themselves for the past 20 years. Risk planning for today’s woman Modern society has seen an increase in the number of female-specific conditions. In addition, the ever increasing numbers of women in the workplace have generated a far greater financial need for life, dread disease and disability cover. A woman’s unique risk requirements Consider the following: • 1 in 4 women suffer a stroke or heart attack before the age of 60 • 1 in 7 women suffer from cancer, 50% of these patients are still alive five years later • approximately 30% of economically active South Africans are HIV-positive. At Liberty we paid... Between January and December 2009, Liberty Life paid a total of R235.4 million for Critical Illness (Dread Disease) claims: • 41% of these were due to cancer • of which 8.81% was accounted to Breast Cancer • 68% of these claimants were between 41 - 60 years of age, but 16% were between 31 - 40 • of which 33% were accounted to females. Liberty Life offers solutions for women The Lifestyle Protector policy offers comprehensive cover for women. It is made up of the four pillars of protection: Life Protection, Loss of Income Protection, Lifestyle Protection and Policy Protection. Included in the Lifestyle Protection pillar is the Female Living Lifestyle Benefit. This benefit is designed to cover critical illnesses specific to women, particularly those conditions related to pregnancy and congenital birth defects in your child. The Child Living Lifestyle Benefit will enable parents to afford the best possible care should their child suffer from serious health conditions. Many mothers are concerned that their children’s education will be compromised should they die, become severely ill or disabled. Lifestyle Protector includes the EduCator benefit allowing her peace of mind knowing that her children’s education is secure, should something happen to her. Providing for today’s women Today’s women require more from insurance than their predecessors. Lifestyle Protector affords you the opportunity to get the most comprehensive solution available. The Living Lifestyle Benefit Provides a lump sum that is payable on diagnosis of a dread disease that is covered under one of the 31 Benefit Categories, each of which is treated independently. What are the Benefit Categories? Cancer and Leukaemia Cardiac and Cardiovascular System Stroke Multiple Sclerosis Motor Neuron Disease Parkinson’s Disease Myasthenia Gravis Alzheimer’s Disease and Progressive Dementia Other Central Nervous System Disorders Coma Renal Disorders Urogenital Disorders Respiratory Disorders Chronic Liver Disorders Endocrine Conditions Aplastic Anaemia and Other Blood Disorders Gastrointestinal Disease Pancreatic Disorders Muscular Dystrophy Paralysis Rheumatoid Arthritis Other Autoimmune Disorders Ear, Nose and Throat Disorders Eye Disorders Speech Disorders Traumatic Injuries including Traumatic Brain Injuries, Head and Neck Injuries, Spinal Injuries and Comas Loss of and Loss of Use of Limbs Major Burns Accidental HIV AIDS Living Lifestyle Catch-All How does it work? • A claim under one category will reduce the amount that can be claimed in future under that benefit category. • The amount that can be claimed remains unchanged under all the other benefit categories. • On the Living Lifestyle Plus, if a claim is admitted for a particular stage or severity, further claims in respect of that stage or severity will be considered under the same benefit category, provided the cause of the claim is totally unrelated to the existing condition claimed for. The Living Lifestyle ‘Catch-All’ Benefit Only the more common diseases are specifically named and categorised. The ‘Catch-All’ Benefit was specially designed to allow the policyholder greater scope to claim for a serious condition that has not been specifically included in other benefit categories. Lifestyle Protector, because there’s no better time like the present to plan for the future... Lesoba 11849 Any legal, technical or product information contained in this document is subject to change from time to time and is not to be construed as advice from Liberty Life. Any recommendations made must take into account your specific needs and personal circumstances. If there are any discrepancies between this document and the contractual terms or, where applicable, any fund rules, the latter will prevail. Liberty Group Limited – an Authorised Financial Services Provider in terms of FAIS Act (license no.2409) Liberty Active Limited – an Authorised Financial Services Provider in terms of FAIS Act (license no.10332)

Keywords: Financial, Financial Planning, Financial services long term, Investment Planning, Risk Insurance,

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