Emryn Wealth is an independent financial service provider that offers various services including life assurance, small business advice, tax, retirement, investments, bond finance & more.
Each week, Director at Emryn Wealth Financial Services, Ryan McCracken and guests chat to Koketso Sachane about useful financial tips and answer listeners' questions.
This week, Ryan McCracken and Koketso Sachane continue to unpack life cover.
Life cover isn't just an extension of a funeral cover or what will happen in the event of your or a loved one's death. A life cover is also crucial for example in the event of physical disability and income protection.
McCracken describes income protection as a way of insuring your income.
It is largely directed at your self employed and commission earner kind of guys.— Ryan McCracken, Director at Emryn Wealth
McCracken notes that income protection does extend further.
A lot of companies have what we call extended benefits on income protection that deal with the long term.— Ryan McCracken, Director at Emryn Wealth
Touching on dread diseases, McCracken says these cover against illnesses. He says there are four main dread diseases, namely cancer, strokes, heart attacks and coronary systems.
An individual needs to be employed permanently before a claim can be assessed, he explains.
Listen to the rest of the interview for Ryan McCracken's advice on claiming for dread disease insurance: