WEALTH CREATION: South Africans have too little life and disability insurance

The most recent study on life and disability cover by the Association for Savings and Investment South Africa (Asisa) indicates that the untimely death of a breadwinner, or an accident that leaves them disabled, will be a true disaster for most families in SA. The typical wage earner simply does not have enough life insurance and disability cover. Working with national statistics and the total amount of life and disability cover in force in the industry, Asisa calculated that the average worker in SA should have at least R1 million more life insurance than they have now, to avoid their household having to cut living expenses by 30% if the working spouse died or became disabled.