The Professional Edition 4 October 2021 | Page 11

Kholwa also bought R2 million worth of life cover on 1 January 2010 . Her policy premiums also increased every year . However , Kholwa decided to adjust her cover every year , to keep pace with her increased needs . That is regardless of the additional cost linked to this .
Now , after ten years , Kholwa ’ s cover amounts to R4 333 329 . Her cover kept pace with the growth in her salary , assets and responsibilities , and she knows that should anything happen to her , she and her loved ones are financially covered :
A major challenge of increasing one ’ s cover is that this could mean that new underwriting is required . Something might have happened during the year that would lead to an insurer being unwilling to automatically approve increased cover .
At PPS , we realise the importance of keeping up with inflation . It is for this reason that , every year , we automatically adjust the cover – or in other words , the benefits our members enjoy . And , because they are existing members – no matter what happened during the previous year – this adjustment is done without any additional underwriting .
Yes , when your sum assured increases you have more cover and this increased amount of cover will cost you a little more . And as much as it is tempting to , after a tough year , spoil yourself with your bonus and salary increase , always remind yourself why you have taken out insurance benefits to start with . To protect you and your family . You would not want inflation – and not planning for it – to eat away at your goal of being financially well .
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