In the current financial climate, life insurance has become a grudge purchase with a bad reputation in the financial services industry, warned Wilco Jonker, Harbourwealth manager.

“There is a huge lack of trust towards insurance companies as it appears as if they hide behind jargon and legalese, which is unfortunately true in some instances. As clients are cutting back on their expenses, there is fierce competition for business amongst insurance companies. This can only result in a “win-win” situation for clients as prices become more affordable.”

Due to the increasing pressures of social media, insurance companies are living by the policies surrounding “treating customers fairly” in their product offering which means that they are becoming more transparent, and client friendly.

Jonker said under the circumstances it is highly advisable to consult with a financial advisor who can assist you with understanding what life insurance actually is, the available benefits within a life insurance product and what each benefit covers. A financial advisor can explain what is available in the market, what your current needs should be, and together you can establish what is important for you.

Jonker added “Risk specialists can ensure that you are assisted with any claimable events from any insurance company to make sure that you are getting value for money. Life insurance should not be a ticked box, it should be an investment.”

Harbour Wealth is a registered financial services advisor, and in 2017 Euromoney SRP’s winner of the Best Financial Advisor Network, and in 2018 the Best Wealth Management Firm. For more information, visit Harbourwealth’s webpage: www.harbourwealth.co.za

*Content supplied by Harbourwealth