Money Heroes
In this episode, we’re shining a spotlight on how best to keep your family successfully covered and protected with life insurance. With the unpredictability of life, ensuring the financial security of your family is a necessity. Join us as we share tips from industry experts on how you can secure your family’s financial future today.
Trevor Dickinson, CEO and founder of consulting company Family Legacies, speaks about how to build a business that will thrive as it’s passed down through generations. Followed by Johannita Eksteen, the owner and founder of Funky Ouma a gourmet spice and kitchen essentials brand, who shares how she and her mother found their structural harmony in their nine-year business.
First up, Momentum’s Stanley Gabriel takes us through seven life milestones that impact the life insurance cover that you need.
The 7 influences on life insurance
“When you’re no longer there, you don’t want money to add to your family’s struggles,” explains Stanley Gabriel, CEO of Momentum Investo. He explains that while this is an emotional and overwhelming discussion to have, it’s an important one.
Gabriel goes on to unpack the seven key milestones that affect and impact your life insurance and how you go about choosing your cover, these include:
1. Marriage
2. Divorce
3. Starting a family
4. Buying a home or accruing debt
5. A new job
6. Starting a business
7. Retirement
To ensure that you’re on track to finding the most appropriate cover that fits your journey, Gabriel recommends seeking assistance from a financial adviser. Momentum has a list of reputable financial advisers on their website that you can browse through to find an adviser who will help you find the ideal cover for your whole family.
Watch the full video to hear Gabriel unpack these seven life milestones further and what you should consider when choosing an adviser and life cover plan that works for you.
The 7 influences on life insurance
“When you’re no longer there, you don’t want money to add to your family’s struggles,” explains Stanley Gabriel, CEO of Momentum Investo. He explains that while this is an emotional and overwhelming discussion to have, it’s an important one.
Gabriel goes on to unpack the seven key milestones that affect and impact your life insurance and how you go about choosing your cover, these include:
1. Marriage
2. Divorce
3. Starting a family
4. Buying a home or accruing debt
5. A new job
6. Starting a business
7. Retirement
To ensure that you’re on track to finding the most appropriate cover that fits your journey, Gabriel recommends seeking assistance from a financial adviser. Momentum has a list of reputable financial advisers on their website that you can browse through to find an adviser who will help you find the ideal cover for your whole family.
Watch the full video to hear Gabriel unpack these seven life milestones further and what you should consider when choosing an adviser and life cover plan that works for you.
Covering your dependants
CEO of Galileo Capital, Theo Vorster, shares his insight on the responsibility of breadwinners and the impact their presence or absence has on their dependants.
"Any person that’s financially generating an income that has people depending on that income," Vorster explains. “Look carefully as to what will happen to those people if you are not there,” he adds.
To get a sense of how best to support your dependants, Vorster recommends two things:
Put yourself in your dependants’ shoes
Consider your family members, employees and clients while you’re still around as the breadwinner. Vorster suggests finding a way to balance your dependants’ position to survive without you alongside what you can afford while you’re around.
Consult a professional specialist
For disability or life insurance, Vorster recommends consulting a specialist to find the best way to cover your dependants' needs and a plan on how this gets paid out and when.
Watch the video to hear Vorster’s full advice and his insight on navigating the world of insurance while you’re still around.
Covering your dependants
CEO of Galileo Capital, Theo Vorster, shares his insight on the responsibility of breadwinners and the impact their presence or absence has on their dependants.
"Any person that’s financially generating an income that has people depending on that income," Vorster explains. “Look carefully as to what will happen to those people if you are not there,” he adds.
To get a sense of how best to support your dependants, Vorster recommends two things:
Put yourself in your dependants’ shoes
Consider your family members, employees and clients while you’re still around as the breadwinner. Vorster suggests finding a way to balance your dependants’ position to survive without you alongside what you can afford while you’re around.
Consult a professional specialist
For disability or life insurance, Vorster recommends consulting a specialist to find the best way to cover your dependants' needs and a plan on how this gets paid out and when.
Watch the video to hear Vorster’s full advice and his insight on navigating the world of insurance while you’re still around.
Success Stories: Trevor Dickinson
Family businesses are an ideal example of how people ensure there’s financial security for their families after they’re gone. These businesses often get passed down from generation to generation and offer a financial safety net for their families as well as their employees.
Trevor Dickinson, CEO and founder of consulting company Family Legacies, speaks about his own experience of managing a family-owned business.
“We experienced conflict in the succession planning stages of our business and fortunately we managed to transition the business to a fourth-generation-owned business,” Dickinson explains.
Dickinson recommends these three important aspects on how to plan a smooth succession:
- Establish a shared vision or mission
- Set a standard of good governance and a formal structure to document how the interactions between family members
- Upskill and educate your family
Watch the full video to hear more from Dickinson on how to successfully plan a multi-generational family business structure.
Success Stories: Johannita Eksteen
Smaller and younger family-owned businesses similarly face the juggling act of establishing a business structure.
Owner and founder of Funky Ouma a gourmet spice and kitchen essentials brand, Johannita Eksteen, shares her family story.
Eksteen’s main nuggets of advice include:
- Establish a designated structure
- Use your individual strengths and skills to decide these designated roles
- Enlist professional financial and business help
- Get your documents and contracts in place for protection
Watch the video to see how Eksteen go into more detail about how she and her mother found their professional groove.
Financial success is as unique as a fingerprint. That’s the beauty of defining your own aspirations and ambitions. Getting to where you dream of takes grit, determination and most importantly, honesty.
With two tough years of living through the pandemic and an increasing cost of living, it will take great introspection to be honest about where we find ourselves and seek help when we need it, especially from an expert.
The right advice can propel you forward. Our financial advisers have a vested interest in you: what do you value? What are your goals? This deep discovery sets the foundation for a relationship that will bear fruits of success.
Ready to begin your journey?
Financial success is as unique as a fingerprint. That’s the beauty of defining your own aspirations and ambitions. With two tough years of living through the pandemic and an increasing cost of living, it will take great introspection to be honest about where we find ourselves and seek help when we need it, especially from an expert.
The right advice can propel you forward.
Ready to begin your journey?
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