For all of us, 2020 has been quite a year – and it’s not quite behind us yet. We had to stop in our tracks to implement the safety precautions necessary to see us through a major health crisis.
COVID-19 is just one more thing to think about during the silly season. As we gear up for the summer break, you may be wondering if you should also be factoring in life cover when it comes to your holiday plans. The answer is: YES, absolutely!
In fact, an active pandemic aside, reassessing whether you still have sufficient cover before riding off into the sunset is important to do anyway.
Now that the economy is opening up and allowing more movement, basic safety precautions are more important than ever, whether you’ll be exploring around our beautiful country or travelling further afield. Protective life cover goes hand in hand with these preparations.
Make sure that you’re adequately covered before your holiday
Accidents and unexpected incidents can happen at any time. That’s why you took out life cover in the first place, right? If you think about it, adequate cover is just as necessary while you’re on holiday as it is during your normal commute to work or picking up the kids from school.
You have life cover in place to financially safeguard you against the “What if?” moments of potential risk. But these events can even happen during the happiest of times. In fact, statistically speaking, certain risks typically increase during the times when you are more inclined to kick your feet up and let your guard down.
This is how your risk increases during the holiday season:
- Thousands* more accidental poisonings affect children.
- Trauma claims are 1.33* times more likely.
- Disabilities as a result of accidents are 1.48* times more likely.
- Claims related to accidental death are 1.45* times more.
It’s a good idea to ensure that you have the right kind of protective cover in place for yourself and your family. This will allow you to truly relax, with the peace of mind you need to make the most of your summer holiday.
Your to-do list for the silly season
Having your paperwork in order – in case an accident disrupts your plans – is just as important as ensuring that your basic needs can be met. You just never know what you may need while gallivanting away from home.
These are the important documents you should have ready:
- Copies of identification documents (ID, passport, driving licence and birth certificate)
- Emergency contact information (family and close loved ones who can be contacted in an emergency)
- The contact details of your financial adviser
- Copies of wills and life insurance documentation (and even your car and home insurance policies as well)
It is important to tell your broker about your travel plans (where you’re going and for how long). This is in case your travel destination affects your risk profile, which could potentially impact the validity of your life cover if an unexpected incident happens.
What could your life plan best benefit from?
One of the most common conundrums that families face is determining just how much cover they need. How much life cover is enough? Quite simply, how much will be sufficient depends on YOU – your needs, your family, your lifestyle and your budget.
First, you have to understand what kinds of risks exist and how these can financially affect your family and current lifestyle. For example, if you became unable to earn an income due to an accidental disability or severe illness, would you be able to manage the payment of your bills, your bond, school fees, grocery expenses or maintaining your health insurance?
What if one of your children became disabled or severely ill? Would you be able to afford the care that they’d need? Or, what if the very worst happened to you? Would your family have enough to manage without you? For how long could they manage financially?
Consider the life insurance cover available to you and your family:
- Death cover, which helps settle debts and other financial needs after your or your spouse’s death.
- Severe illness cover, which takes care of medical conditions that can affect any body system, including COVID-19.
- Disability cover, which provides financial protection to help maintain an independent lifestyle, thereby improving quality of life.
- Income continuation, which gives families a regular income to maintain their lifestyle if an injury or illness affects their ability to earn an income.
- Child protection cover, helps families to afford the necessary expenses associated with injury, illness or trauma affecting their young ones.
- Medical premium waiver, which helps families to afford and maintain healthcare insurance for up to 10 years after death, disability or severe illness.
If the worst happens, a comprehensive life plan will help you deal with the financial impact so that your family can maintain a good and healthy quality of life. Risks may be everywhere around us, but life is meant to be lived well. A good plan can help see to it that you are able to celebrate your quality time together with absolute peace of mind.
Learn more about Discovery Life’s suite of protective cover and benefits that rewards healthy living and protects your financial future.
For more information speak to your financial adviser or get a quote in 60 seconds.
*Based on Discovery internal research. Discovery Life Limited. Registration number 1966/003901/06, is a licensed insurer, and an authorised financial services and registered credit provider, NCR Reg No. NCRCP3555. Product rules, terms and conditions apply.
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