Most South Africans are vulnerable to unforeseen life-changing events due to a lack of life insurance.
This is understandable, particularly in the tough economic situation South Africa finds itself in.
However, the reality is that life insurance is an important consideration for any South African with dependents. “South Africans with low incomes prioritise immediate needs over long-term financial planning,” said Momentum. This is because if the breadwinner falls ill, becomes disabled, or passes away, life insurance represents a safety net and ensures they will still have enough money to survive.
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