the-importance-of-keeping-risk-cover-intact The importance of keeping risk cover intact

In the current circumstances, many of us may feel pressured to make tough financial decisions. Often, in such cases, insurance is one of the first things we are tempted to sacrifice – but making rash decisions should be avoided at all costs. The key is to assess your financial position, preferably with the help of a professional financial planner, and to reprioritise your regular monthly expenses in order to survive financially.

During tough times like these, the importance of proper risk cover cannot be overstated. Protecting yourself and your loved ones financially against an unfortunate life or health event is more important than ever. It is equally important to protect, as far as possible, the cover you already have in place.

Before making any hasty decisions, engage with your financial planner and your insurer to ascertain what options are available to you. At Sanlam, for instance, we are offering greater flexibility of cover on our Matrix solution over this period. This flexibility will allow you to reprioritise your risk cover needs in the short term and to put your full risk protection plan back on track a number of months thereafter.

You can also ask your insurer if you could temporarily suspend your risk premiums without your policy being cancelled. With Sanlam risk cover, for instance, you could qualify for a premium holiday, where you can apply to have your premiums suspended for a period of 3 months while still enjoying a measure of free ex-gratia cover.

Your first port of call should always be your financial planner, who will be able to help you to explore all available options. If you don’t have a financial planner, you can contact us to help you choose one.

We understand that this is a very challenging time for all our clients and we assure you that we are committed to doing whatever we can to help during this challenging time.