Understanding risk insurance is a challenge for most South Africans. Covering your personal financial risks can be confusing and unnerving. As a result, many consumers ignore their risk cover and believe that long-term insurance is nothing more than a grudge purchase.

Finding the right insurance risk cover that meets your specific needs can be a complex process. Insurance doesn't come packaged as a stock-standard product. This is because the type of cover you need must match your personal situation and should evolve as you move through the stages of your life. This is why it is so important to include insurance as part of your long-term financial plan to protect you and your family from unfortunate life-altering events.

Liberty offers comprehensive risk cover in the form of its Lifestyle Protector. This comprehensive product has been designed to cover four risk pillars that are relevant to South African income earners.

Lifestyle Protector by Liberty takes a modular approach to risk. It covers insuring factors that affect your ability to earn an income. This means that you can select the cover you need to cover the risks associated with your lifestyle at your specific life stage. It is important that you speak to an accredited Liberty financial adviser or your broker to understand these four pillars of risk.

Life protection

Dealing with death is difficult enough without having to manage the financial burden too. In the unfortunate event of your death, life protection helps your beneficiaries deal with the financial impact of your death.

Income protection

During an uncertain economic time like this, it is important to protect your income. Your income determines your lifestyle. If you lose it, you could jeopardise everything you've worked for. Income protection covers the risk of losing your salary due to retrenchment or a serious disability.

Lifestyle protection

Recovering from the treatment of a critical illness such as cancer is not only emotionally and physically draining, but it also inhibits your ability to earn an income. Lifestyle protection covers the financial risk and cost of recuperating from critical illness and trauma.

Policy protection

Losing your income and being unable to pay your long-term insurance premiums can result in your cover being cancelled. In the event of a claim, you could be left uninsured. Policy protection covers the risk of losing cover because you are unable to make your premium payments.

Lifestyle Protector makes comprehensive and flexible income protection an affordable option for income earners. Its benefits also make it possible for individuals to enjoy customised cover designed to assist them and their families during periods of financial difficulty as a result of any personal circumstances – not just disability.

To find out more about Lifestyle Protector by Liberty, speak to an accredited Liberty financial adviser or broker. Contact Liberty on 0860 456 789 or email info@liberty.co.za.

This article was paid for by Liberty.