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Life Cover

The financial responsibility of having children is huge. Until now your life cover requirements have been influenced by the claims that will arise against
your estate (creditors) and the support of your spouse after your death. In many cases for married coupled without children, your spouse might be quite
capable of supporting herself or himself as the case may be. Therefore as far as life cover is concerned, the need may not have been great at all.

The amount of group life cover provided by your employer might well have been sufficient. The arrival of children will change this significantly.

A young child may only become independent at the age of 23 or 24 after completing tertiary education. That means that for the next 24 years you will be
responsible for feeding, clothing, educating and entertaining your child. Depending on the standard of living you would like to offer your children and the
type of education you would like them to have, the amount required as a capital sum to cover these costs could be well in excess of R1m. This burden
increases if, as the husband, you are now also required to support your wife who may have given up work to raise the children. In many cases even if it
is not possible for a woman to give up work, her earning potential is affected by the added commitments required as a result of raising a family.

So instead of having to support only your child, you may also be required to support your wife as well. It is easy to see why a review of the life your cover
at this time is essential.

Disability Cover

The consequence of your disability is now also far more serious. If you are incapacitated and unable to work, the income you will now require is greater
as a result of the additional obligation of having a child. You cannot simply assume that the cover you enjoy from your employer will be adequate. You
should review your requirements immediately.