Wealth and Legacy™ Group provides advice and intermediary services in respect of personal and business risk cover. We assess the financial consequences of death, disability, serious illness and loss of income, and recommend appropriate insurance solutions within the context of each client’s broader financial circumstances.

Appropriate risk cover should protect a financial plan against events that could otherwise prevent the client, their family or their business from achieving its objectives.

Personal risk solutions can include:

• Life cover – providing capital for dependants, liabilities, estate liquidity and other financial needs following death.
• Disability cover – providing financial protection where illness or injury results in temporary or permanent disability, depending on the benefit.
• Income protection – replacing a portion of income where illness or injury prevents the insured person from working.
• Critical illness or severe illness cover – providing a lump sum or other benefit following specified serious medical events.
• Other appropriate risk benefits – depending on the client’s needs, circumstances and existing arrangements.

Business assurance

The death, disability or serious illness of a business owner or key person can have significant financial consequences for the business and the individuals involved. Wealth and Legacy™ Group can assist with risk planning designed to support business continuity, ownership succession and financial stability.

Business assurance solutions can include:

• Buy-and-sell arrangements – providing funding for the surviving owners to acquire the interest of a deceased or disabled owner, while creating liquidity for that owner or their estate;
• Key person cover – protecting the business against the financial impact of losing an individual who is important to its continued operation or profitability;
• Business debt and contingent liability protection – providing funding where the death or disability of an owner or key person could affect the business’s ability to meet financial obligations; and
• Succession and continuity funding – supporting the orderly transfer or continuation of business interests following death or disability.

Where appropriate, business assurance should be considered together with the underlying ownership structure, shareholder or buy-and-sell agreements, estate planning and broader financial arrangements.

Estate planning and liquidity

Life cover can form an important part of estate planning. An estate may require liquidity to settle debt, taxes, administration expenses and other liabilities, while dependants may require ongoing financial support.

Wealth and Legacy™ Group considers these requirements as part of the broader planning process so that insurance cover can be aligned with the client’s Will, ownership structures, business interests and other estate planning arrangements.

How we determine appropriate cover

The appropriate level and type of cover depends on the circumstances of each client. Our advice process can consider factors including:

• Existing assets and liabilities;
• Financial needs of dependants;
• Income replacement requirements;
• Existing personal insurance;
• Employer or group benefits;
• Estate liquidity requirements;
• Business interests and ownership structures;
• Existing business assurance arrangements;
• Affordability and premium sustainability; and
• Tax and estate planning considerations where relevant.

The objective is not simply to increase insurance cover, but to identify genuine financial risks, address material shortfalls and avoid unnecessary duplication where appropriate.

Life & Risk Cover within the Wealth and Legacy Plan®

Risk protection forms an important part of the broader Wealth and Legacy Plan®. Investment, retirement and estate planning objectives can be undermined if adequate provision has not been made for death, disability, serious illness or the loss of income.

Where appropriate, we therefore consider insurance together with investments, Wills & Estate Planning, trusts, company ownership, business succession and other financial arrangements so that the client’s protection strategy supports the broader purpose of their wealth.

Insurers we work with

Wealth and Legacy™ Group can obtain and compare appropriate risk solutions from a panel of established insurers, including:

• BrightRock;
• Discovery Life;
• Liberty;
• Momentum;
• Old Mutual;
• PPS; and
• Sanlam.

The recommended solution is based on the client’s circumstances, needs and advice process rather than the promotion of a particular insurer.