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IMPORTANT POLICIES THAT MARRIED COUPLES SHOULD HAVE

Marriage is a beautiful institution of uniting of two people in love, but it is also important to remember that it is still a binding contract between two people. Not only will you share a life, but financial responsibilities as well. For a marriage to function successfully, combining finances should be considered carefully and with a lot of meticulous planning. The accredited Financial Advisers at Liberty have been helping couples navigate these unchartered waters since it was founded in 1957. Read more to find out which policies would be beneficial to you when starting your new life together.

LIFE INSURANCE

First and foremost, all couples should invest in Life Insurance. No newlywed wants to consider the possibility of their significant other passing away even before they had the opportunity to share a life together, but this policy should only serve as a security blanket, should the inevitable ever happen and yours become a single income household.

Couples can either opt for a lump sum, or an income pay-out. The total installment per month, as well as the amount to be paid out, will depend on the recommendations made by an accredited Financial Adviser, and is tailored to each couple’s specific needs.

MEDICAL INSURANCE

One of the biggest financial burdens that any person can have, is that of unforeseen medical expenses. In modern times no person wants to be handed over to the mercies of public health services either, thus they see medical insurance as one expense that they cannot afford not to have. At Liberty you have various options when it comes to medical cover, namely:

  • Liberty Gap Cover – This covers all shortfalls (such as co-payments for hospital admissions and procedures) not paid by your medical scheme. To have this cover, you should already be an existing member of a South African medical scheme.
  • Liberty Health Cover – A complete range of health insurance plans, tailored to your needs.
  • Liberty Medical Premium Waiver – Should you not be able to afford your medical premiums, due to death or disability, this option will cover that.
  • Medical Scheme – Providing access to two of South Africa’s top medical aids – Bestmed and Bonitas. Different plans and options are available to your specific requirements.

FUNERAL COVER

The same as medical bills, unplanned funeral costs can make an already tragic situation even more unbearable. Liberty does not discriminate against large families; thus, you can cover all your family members (and even non-family members including your domestic worker and gardener) at affordable rates. You choose your type of cover, with the choice of optional benefits like tombstones and cash backs.

DISABILITY COVER

Now that you will share financial responsibilities and make big purchases such as vehicles and your first home, it is important to see to it that your installments and mortgage would be covered, in the event of either spouse being unable to work. At Liberty your lifestyle will be considered, an amount will be worked out accordingly and you will be paid out a lump sum that you can use to relieve your financial pressures.

 

Where financial planning is concerned, couples can rest assured with the knowledge that their investments are in good and capable hands. Marriage poses a lot of challenges and changes as is, and financial challenges shouldn’t have to add to them. Speak to one of Liberty’s trusted Financial Advisers today.

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