Build generational wealth with the perfect insurance plan


Creating generational wealth may seem like an elusive idea to the average South African, but there are ways to achieve it, if not in our lifetime, at least certainly in the next generation. We can take the right financial steps today to enable the next generation to start building wealth.

If the past 18 months have taught us anything, it’s that life is unpredictable. Of course, the well-being of the family has been a priority for most people as we face an uncertain future.

It starts with a plan

A die proven means creating generational wealth means purchasing life insurance so that when you die, your family has a lump sum to use for daily expenses or to enrich themselves. This means that the financial decisions you make today should be deliberate, planning for the future – while you are still alive and when you are no longer there.

Most people are aware of the benefit of having funeral coverage in place, however, life insurance is not only about death, but also about protecting your family’s progress throughout life. Good protection means you have the right policies in place, to help your family meet financial commitments if you die or are unable to continue working and supporting during your lifetime.

Good protection = the perfect insurance coverage for YOU

Depending on where you are in your life, good protection looks different from person to person. The perfect insurance coverage plan is personalized, flexible, and revised regularly. Your perfect plan could be a combination of the following:

  • Life Cover: Pay a lump sum to the beneficiaries of your choice in the event of natural or accidental death. Your family can use a payment from your life insurance policy to build generational wealth by using the money to pay off debt, like a home loan, pay for your children’s education, or start a business. With 1Life, you could get life coverage of up to R10 million.
  • Funeral Coverage: Pay you or your policy beneficiaries a lump sum to cover the cost of the funeral, once a valid claim is made. With the right funeral coverage in place, your family can provide you with a dignified funeral and service without incurring additional costs or incurring further debt.
  • Disability Insurance: Pay for permanent disability due to illness or accident and you cannot earn a living. The payment of your contract can replace all or part of your income and cover additional expenses to deal with your disability. With 1Life, you could get disability coverage of up to R10 million.
  • Critical Illness Coverage: Receive a lump sum payment if you are diagnosed with a life-changing specified critical illness, to help cover medical or basic living expenses. With 1Life, you could claim dreadful disease coverage of up to R4 million.

Remember that it is not a question of choosing one type of insurance over another, everyone has their role to play. In fact, 1Life has a policy that makes it easy to get the right combination of coverage, where life and funeral coverage are grouped into a practical policy.

Ensuring continuity through financial education

Receiving a large sum of money can be overwhelming, so it’s important that you protect your family’s future wealth by teaching them how to manage their money today. Without good money management, it is impossible to build wealth. It starts with you. Teach your loved ones how to never spend more than what you earn, or the value of paying off debts or smart money, etc. 1Life’s Truth About Money offers an online financial education course that can get you started on this journey. That way, you know they’ll do the right thing when they get paid for your life insurance policy.

1Life Insurance Ltd is a licensed financial services provider (license number FSP 24769).

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