Take Charge of Your Money Brendan Dale

Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 7 - 2 May 2022

Sponsored by Naked - The new way to insure your stuff

Funeral policies are big business in South Africa. They play a vital role in helping us in a time of need, but, many people use them as a replacement for life cover. Or, they take multiple policies thinking that they can enrich themselves, which doesn't work out.

There is great value in Funeral Cover, but there are also many misconceptions! Todays guest is Gugu Sidaki (find here on Twitter @gugusidaki). Gugu is a Certified Financial Planner, co-founder of Wealth Creed, author, and speaker. 
Main topics discussed:
0:00 Podcast into and thanks to my sponsor
1:27 Gugu Sidaki, CFP
2:54 Why are funeral policies so popular?
3:52 How does funeral cover work?
5:07 Are funeral policies worthwhile?
8:48 Having multiple policies for the same person
11:08 Financial Advisors vs Financial Planners
13:50 Cancelling a policy
16:45 Reasons why a policy would not pay out
21:06 Closing thoughts
Notes
Funeral policies would usually pay out within 48 hours, giving you the financial cover you need to bury a loved one. It's not however meant to make you rich.There is a limit of R100k cover per individual - irrespective of how many policies you may have.It's worth discussing cover for family members as it does not make sense to all take out policies for each other.
Top tips from Guru Sidaki
Read your policy document!Ask questions!Don't take out policies as a replacement for life cover - it doesn't work like that!Articles on Funeral Cover
Do you need funeral cover?
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Over 20 curated articles to read in sequence to help you start your personal finance journey

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Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 6 - 18 April 2022

Sponsored by Naked - The new way to insure your stuff

Your ability to earn an income is possibly one of your most valuable assets. Whether you're self-employed or a full-time employee, you need to be able to work in order to earn money, to survive. Not being able to earn money will affect you and your family in a terrible way.

My guest in this episode is Monre Steyn, CFP and Risk & Investment Strategist. Monre is the founder of Quadrant Wealth, an independent wealth management firm.

Monre sheds some light on this rather complex kind of insurance, and as he mentions, it really is best to chat to a professional to understand what you need, and what the options are. Also, different insurers cover illnesses differently and even categorise things independently. Thus, comparing insurance providers, products, and options, is vital!
Main topics discussed:
0:00 Podcast into and thanks to my sponsor
1:21 Who is Monre Steyn
2:42 Disability & Ill-Health is not an easy topic
4:46 Dread disease and ill-health meaning
6:04 Types of cover
8:10 Income protection if you're full-time employed
9:14 How much cover do you need?
11:23 Disclosing family medical history
13:14 How often should we relook at our cover?
14:38 Reasons to change a policy, and concerns
17:55 It will never happen to me
20:54 Top tips from Monre
Top tips from Monre Steyn
Engage in this discussion with your financial planner.Be proactive rather than reactive.Give yourself peace of mind by putting mechanisms in place to protect your cash flow.Compare service providers and options. And ask lots and lots of questions!Articles on Income Protection and Ill-Health cover
Critical Illness cover
Income Protection
Putting a value on YOU
Learn about personal finance
Over 20 curated articles to read in sequence to help you start your personal finance journey

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PS - this episode was recorder using Riverside - check it out
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Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 5 - 11 April 2022

Sponsored by Naked - The new way to insure your stuff

My guest in this episode is Gavin Lewin, Financial Planner CFP, Business Coach, and mentor. A very knowledgeable guy with a passion to simplify and explain some of the more complex terms and concepts in the financial space.

He is known on Twitter as "Uncle G" and you can follow him here @GavinLewin

Book a free introductory chat with Gavin to see how he can help you.

Gavin takes us through how Life Assurance works, who needs, what it means to cede your policy, and some other interesting details.


Main topics discussed:
0:00 Podcast into and thanks to my sponsor
1:18 Introducing Gavin Lewin
3:21 What is Life Insurance? 
5:38 Who needs Life Cover?
8:54 What does it mean to cede a policy?
13:20 Auto increasing cover (and premiums)
19:47 Can I, or should I, have multiple policies?
23:12 Can I start a policy for someone else?
26:13 Can I get cash out if I cancel the policy?
27:42 What happens if I miss payments?
29:21 Top tips
Top tips from Gavin Lewin
Speak to a profession about what you need. You don't have to buy anything from them, they don't need to become your full-time financial advisor. You can find independent financial planners (such as Gavin) who can just advise you what you need. (Chat to Gavin)Ask lots and lots of questions! Don't simply sign the dotted line.Articles on Life Cover
Putting a value on YOU
Who needs Life Insurance?
Learn about personal finance
Over 20 curated articles to read in sequence to help you start your personal finance journey

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PS - this episode was recorder using Riverside - check it out
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Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 4 - 4 April 2022

Sponsored by Naked - The new way to insure your stuff

Almo Lubowski (find him on Twitter @almolubowski) is a qualified lawyer, certified financial planner, and very good at simplifying some complex products. He talks to me about Medical Aid and Gap Cover. What they are and how the two products work together.
Main topics discussed:
0:00 Podcast into and thanks to my sponsor
1:00 My guest, Almo Lubowski
2:48 What is Medical Aid?
5:05 So many options!
6:37 Prescribed minimum benefits
7:47 Advantages of a savings account
12:35 Specialists charge more than what medical aids pay
18:21 What Gap Cover will pay
20:21 Is it easy to change providers or options?
22:28 Closing thoughts
Top tips from Almo Lubowski
Negotiate the costs upfront with specialists to ensure that you will not be out of pocket.Discuss your medical cover needs with a professional medical aid broker who can advise on a few providers and products.Almo ended off by explaining the difference between a broker, a financial advisor, and a financial planner. If you want a financial planner, I'd recommend these chaps.Articles on Gap Cover
A simplified explanation of Gap Cover
How Gap Cover works
How to choose the best gap cover
Learn about personal finance
Over 20 curated articles to read in sequence to help you start your personal finance journey

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PS - this episode was recorder using Riverside - check it out
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Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 3 - 28 March 2022

Sponsored by Naked - The new way to insure your stuff

Sumarie Greybe, a co-founder of Naked, speaks to me about household insurance. How it works and how you're meant to calculate your contents cover that you need.

Starting off is the all important fact that you need to insure yourself for the full value of all your contents. Even old items that you don't really care about. Not doing this will affect the claims payout as you'll only receive a percentage of the value of lost items. Sumarie explains this well and here is also an article I wrote on household insurance.
Main topics discussed:
0:00 Podcast into and thanks to my sponsor
1:00 Welcome to Sumarie
3:21 How does household insurance work? 
6:57 How to value your stuff
8:48 Proof of ownership
10:37 Specified items
12:00 Comparing policies 
15:41 Are my guests belongings covered?
16:55 Students in digs who need insurance
18:47 Top tips for insurance
Top tips from Sumarie Greybe
Make sure that you are properly insured for all your items, and reassess this now if needed.Reassess your cover at least once a year, especially if you have bought items during the year. Read your policy wording and understand what you are covered for.More on insurance
I have a ton of articles on my blog about insurance. Go to the Insurance topic from the menu and scroll through the articles.
All my insurance articles

Learn about personal finance
Over 20 curated articles to read in sequence to help you start your personal finance journey

Get an instant insurance quote from Naked

Get a weekly update from me

PS - this episode was recorder using Riverside - check it out
Support the show

Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 2 - 21 March 2022

Sponsored by Naked - The new way to insure your stuff

A great chat with Ernest North who is one of the co-founders of naked. Ernest has over 16 years of experience in the short-term insurance industry and has spent many years doing technical pricing for car insurance. As in, how premiums are calculated for individuals based on a variety of factors.

Ernest goes into great detail about what insurance is, why we need it, how excess works, why you're possibly over-paying, etc.
Main topics discussed:
0:00 Podcast into and thanks to my sponsor
1:09 Guest intro, Ernest North
2:29 The risks in owning a car 
6:12 Why don't people have car insurance?
8:39 Fully comprehensive vs 3rd Party 
9:48 How premiums are calculated
14:18 Are we being overcharged?
18:15 Why we pay excess
22:44 Our responsibilities towards the insurance company
26:35 Things to do after an accident
29:01 Closing thoughts
Why do we need car insurance?
We need car insurance to cover us for the financial risk of loss or damage to our vehicles, as well as the legal liability against us should someone sue us for damaging their property (while driving).

The questions to ask yourself are, if my R200,000 car is written off, do I have the money to buy a new one?

And, if I drive into a R5 million rand Porsche and the owner sues me for damages, can I afford to take that risk?
More on insurance
I have a ton of articles on my blog about insurance. Go to the Insurance topic from the menu and scroll through the articles.
All my insurance articles

All you need to know about car insurance - blog post from Naked

Learn about personal finance
Over 20 curated articles to read in sequence to help you start your personal finance journey

Get an instant insurance quote from Naked

Get a weekly update from me
Support the show