Masthead Financial Planning - Boland

23/03/2022

Make sure you are fully protected...

22/03/2022

What is the first thing that comes to your mind when you think about your family? Most would say that it is their safety. All of us want our families to be safe and secure. After all, family acts as a life-jacket in the stormy sea of life.
Similarly, your family’s financial security is also important. Life is uncertain and we never really know what is around the next corner.
Get in touch with us to make sure that your family is protected and financially secure!

05/07/2021

The risks of not having enough life insurance coverage.

A majority of South Africans are underinsured — but what does this mean for your loved ones and how can you fix it?

Life insurance is meant to protect your family’s financial security when you die. But having just any life insurance policy doesn’t cut it. A policy lacking in coverage or a long enough term length can leave your loved ones struggling financially after you die.

Finding the sweet spot between the right amount of life insurance coverage and term length makes all the difference when it comes to your family’s financial assurance.

Let us help you to find the sweet spot between the right amount of life insurance coverage and term length.

30/06/2021

We’re here to assure you that your life is covered.

- There’s no exclusions on any of our Myriad Life Insurance benefits (life, critical illness and disability cover) with regard to COVID-19. Your cover remains intact, regardless of where you’ve travelled or intend to travel. We will continue paying all valid claims.

- Income Protection Cover
Until further notice, and in an effort to contain the spread of the virus, confirmed cases of acute COVID-19 infection will be treated as a defined event for a 10 day guaranteed pay-out. This will be applicable to clients who selected a 7-day waiting period. If clients are medically booked off for longer periods, they may qualify for additional pay-outs. Only a PCR test result will be considered in support of an acute infection claim. The automatic 10 day pay-out is a one-time concession and is a temporary measure that can be reviewed at any time. It should not be viewed as a permanent change to the contractual terms and conditions.

- Critical Illness Cover
Contracting COVID-19 is not a defined critical illness event but, should it result in a critical illness, it will be assessed under the normal critical illness claims criteria.

- Disability Cover
Contracting COVID-19 is not a defined disability event, but should it result in a disability, it will be assessed under the normal disability claims criteria.

- Life Cover
If a client dies as a result of COVID-19, the death claim will be paid.

To remain covered and protected, we’re encouraging our clients to maintain their life insurance payments, and to seek the advice of their financial adviser before not paying or canceling their life insurance.

28/06/2021

There hasn't been a better and more important time to review your life insurance them now.

Lets us help you.

08/02/2021

Stanlib Market Report.

03/02/2021

Provident fund members face withdrawal changes on March 1

WORDS ON WEALTH:
Up until now there have been two distinct types of retirement funds offered by employers to their employees: pension funds and provident funds. Many company retirement funds offer both.
Traditionally, the differences between pension and provident funds were that in a provident fund your contributions were from after-tax income (in pension funds it was from pre-tax income – in other words, your contributions were tax-deductible) and that on retiring from a provident fund you could take your entire benefit as a lump sum, unlike a pension fund, where two-thirds of your benefit had to be used to buy a pension.
If, during your working years, you changed jobs and cashed in your savings instead of preserving them, the tax consequences for provident fund members were not as severe as those for pension fund members, because provident fund savings were from after-tax income.
About a decade ago, the government embarked on an ambitious retirement reform programme, which was primarily aimed at getting working people to save more for retirement and to preserve their savings when they changed jobs. The programme had various facets, and it continues to this day.
Some of the main changes to the retirement fund landscape in the past several years were:
• Upping the tax-deductible amount for pension fund contributions from 7.5% of your annual income to 27.5%, with a ceiling of R350 000. This coincided with changes to how you were taxed on your income and employee benefits: retirement fund contributions your employer made on top of your own would now be considered part of your income - previously, your employer could get a tax-break on these contributions, which could be up to 20% of your salary.
• The introduction of the retirement fund default regulations. These were regulations under the Pension Funds Act that compelled retirement funds to be more proactive in ensuring that members knew what their options were on joining, resigning or retiring, and requiring funds to offer “default” investment and preservation options, which would automatically apply unless the member actively chose a different option.
• The harmonisation of pension funds and provident funds. This would essentially wipe out the differences between the two: provident funds would become pension funds in their treatment of members’ contributions and withdrawals. Thus, contributions to provident funds were also made tax-deductible up to 27.5% of pre-tax income. However, on the second major change – the requirement that two-thirds of the benefits at retirement should be used to buy a pension (referred to in the industry as annuitisation) – the government came up against stiff opposition from the trade unions. It is this second change that comes into effect on March 1, after a few years’ delay in which some concessions were made to the unions.
Changes for provident fund members are:
1. Provident funds will have the same annuitisation rules as pension funds. This means that members will have to buy a pension (annuity) from a registered insurer with at least two-thirds of their retirement benefit, unless the total benefit is R247 500 or less.
2. Vested rights will apply. Retirement savings will be ring-fenced as follows:
• Any provident fund balance saved before March 1, plus the future growth on this until retirement, won’t be affected and can be taken in cash on retirement.
• Members who are 55 years or older on 1 March 2021 will not be affected by this change at all if they stay a member of the same provident fund until retirement. This means that the retirement benefit will be treated in the same way as it is currently being treated when these members retire. If these members transfer to another fund, they will still have vested rights, but contributions and growth on this to the new fund will require them to buy a pension with two-thirds of their retirement benefit,
How will this work for members under 55 years of age on March 1?
Say you are 50 years old and have been contributing to a provident fund for 30 years. On March 1 your accumulated savings is R4 million, which is ring-fenced. In 15 years you retire aged 65. Your total benefit at retirement is R9 million, of which R2 million is growth on the ring-fenced R4 million. The remaining R3 million is savings plus growth accumulated after the change.
As a lump sum you will be able to take R6 million (ring-fenced R4 million + R2 million growth) plus one third of the remaining R3 million, for a total of R7 million. The remaining R2 million will have to be used to buy a pension.

27/01/2021

What is income protection cover?
It provides an income if you’re unable to work due to illness, impairment or disability
Most people plan and dream based on the assumption that they’ll continue to earn an income until they retire. But what if something happens to you and you’re unable to work? Income certainty determines your quality of life and your family’s financial security.

Without an income you would be left struggling to pay for your financial expenses like school fees or bond repayments. Income protection cover will give you peace of mind that your financial expenses will be taken care of.

Income Protection Cover.
Income Protector Benefit ensures you can take care of your financial commitments, even if you’re unable to work due to illness, impairment or disability.

-Pays out a monthly income when you’re unable to work.
-Supports your lifestyle and your family’s financial security.
-Provides peace of mind that your financial expenses will be taken care of.

Let us support you to unlock your financial goals and dreams!

17/08/2020

Time is ticking don't let it runout before you could have made the necessary financial arrangements for your family.

Let us support you if unlocking your financial goals and dreams !

12/08/2020

11/08/2020

We don't call it LIFE insurance, we call it LOVE insurance. We buy it because we want to leave a legacy for those we love.

Contact us today so that we can support you in unlocking your dreams and goals!!

03/08/2020

7 Reasons to review your life insurance ✍️📃

1. Your income has changed
Perhaps you have just graduated and landed that great job, perhaps you got promoted or perhaps you have just lost your income.
Whether you got a new job or lost your job it’s a perfect time to review your life insurance policy.

2. Your health has changed
This is an important one, say you have been working out and eating healthy and as a result your blood pressure has come down.
Congratulations - this means better rates!

3. You have lost weight
This is related to health but makes quite a significant difference in your policy premium alone.

4. Your family status has changed
Should you be expecting a child - it will put enormous pressure on you to provide for little one. It is important to sit down and ask yourself difficult but important questions 
“what happens if I die and my partner is left with our kids? “
“who will provide for my kids should I pass away?”
Perhaps your kids are older now and you are concerned about educational savings fund?
It’s an important time to review your life insurance policy

5. Your housing status has changed
You just bought your first home - and now you have a liability that needs to be paid in the event of your passing or perhaps you have just paid off your home loan and you no longer need that much life insurance anymore.

6. Your marital status has changed
Congratulations you just got married - now it is time to review your life insurance - you have a spouse now who is dependent on you.
On the flip side you may have just got divorced and may not need that much life insurance anymore.

7. Your beneficiaries may have changed
This is very important. It is related to your marital status as well - you will want to make sure your spouse is listed as your beneficiary or that your ex-spouse is removed as your beneficiary.

It is important to review your beneficiaries regularly

Supporting you to unlock your financial goals and dreams!