One of the cornerstones of the financial services industry and especially the insurance and wealth management industry, is to provide the public with financial security.

For anyone with a family, or someone needing security to cover debt exposure etc, this MUST BE your first port of call.

We at Brian Anderson Brokers cc have realized this need ad as such have been accredited to market all the life assurance offerings of all the major players. This is important as the different Companies offer different rates and benefits. The matching of a particular Company to an individual is also very important and will be assessed on things such as:

Forewarned is forearmed

In this ever evolving industry clients are often informed that they can get "cheaper" benefits. This is sometimes the case but make an informed decision before just changing. Very often the benefits of the "old" plan do not match the "new" plan. For example is it cheaper now because of annual compulsory premium increases being used? This type of premium pattern funding is usually appropriate for business needs insurance.

Then there are the ancillary benefits. These can be added as "stand alone" benefits or as accelerated" benefits. I.e. should a claim arise your life cover will reduce according to the ancillary benefits sum insured of that being claimed for.

The benefits offered by the different Companies vary greatly and only upon reading the definitions can an informed decision be made.

It is important to use the services of a professionally qualified person such as Brian who has achieved the distinction of becoming a certified financial planner through the University of the O.F.S. This is a Post graduate Qualification at NQF level 7 of which there are limited number of these professionals countrywide, and about 200 000 world wide.

How much life cover is enough?

Do I need disability income plan or capital disability protection? And again, how much do I need?

The importance of a Will in an Estate Plan

A Will is a fundamental of any prudent estate plan. Yet, all too often, people who have died leave behind wills which are out of date, copied from an inappropriate template or, worst still, bought of the shelf at your local stationers.

A Will must be designed to meet your own unique circumstances, taking into account all relevant factors including your personal, family and financial situation. It should preferably be drawn by a specialist in this field. No person should die without having a valid and carefully thought out will in place if you wish to reduce the burden on those you leave behind.

It is important that your estate devolves according to your wishes. In certain circumstances, not addressing certain issues in a Will can result in serious prejudice to your heirs. For example: if you bequeath a certain sum of money to a minor, in the absence of an express provision in the will to the contrary, the bequest must be paid into the guardians fund until that child attains majority. While the Fund was created for good reason, to protect the interests of minors, there is no possibility of growth in the Fund. Imagine what the purchasing power of R100 000 bequeathed to a three year old child would be when it is finally paid out 15 years later. The solution to this problem is to make adequate provision in the Will for secure custody and investment of the bequest.

Further, failing to specify issues like guardianship of minor children can also lead to unwanted and unhappy results for the children.

From an Estate Planning perspective, a carefully thought out Will allows a testator to ensure the smooth transition of assets to the heirs; for example, specifying how an Estate that consists mainly of one indivisible asset such as a farm or a manufacturing business will be shared amongst several children and a spouse. There are ways of achieving this without causing distress.

Frequently, a sound Estate plan will involve a Trust, either a separate trust created while the planner is alive or one established in terms of the Will. In either case the Will remains the central document in the plan.

Planners must remember that their circumstances change from year to year.

Who should be appointed as executor? The person you choose should preferably be someone with sufficient commercial know how who is also familiar with the family situation.

There is an annoying cliché: "failing to plan is planning to fail". This piece of pity wisdom is, however, very true of estate planning: failure to estate plan adequately will in many cases lead to extremely negative consequences for those you love; something that should be avoided at all costs.