How Understanding Soccer Can improve Your Finances

Red Card

Red Card

Leaving the field.

At 17, I already had responsibility because I took care of my family, but in the football I was young; I wasn’t experienced or the captain – I was just in the teamPele

When you die (leaving the playing field) you need a funeral plan AND a will. Without a will, the distribution of your estate may not be exactly what you would have wished for.

Soccer Read Card


Death is not an issue we like to talk about but it is a reality that needs to be managed responsibly. I know that in some of our South African cultures, its taboo to discuss death – as if discussing it would bring it on. However, the effects of not discussing in on those we leave behind should be reason enough for us to make sure we do our best for them at a time when they would be emotionally incapable of dealing with our unresolved financial issues.

For me personally, this is a very emotional topic for one specific reason. There was a time, when I’d booked an appointment to see an associate to discuss a funeral plan. We were due to meet on the Thursday. He ended up having to work late, and postponed the meeting to Tuesday. We didn’t chat on the Monday, so by Tuesday morning I wanted to confirm our meeting for after work. He didn’t answer his phone and I got no response via email either.

So I called his office. His colleague answered his phone. I asked her why this guy seemed to be avoiding me. My question shocked her… hadn’t I heard…? He’d been in a car accident on the weekend and didn’t survive. I heard later that his family were financially devastated by his death, not only due to the cost of the funeral, but because he’d been supporting his mom as well as his siblings.

I vowed that I would honour his memory by making sure that when I discuss this with people, I will share his story, to help others make the decision that’s in the best interests of those they would leave behind.

There are many funeral plans available on the market and I will strongly advise that you read the fine print on them. Last year my domestic’s sister passed away, and she did have a funeral policy from one of the clothing shops. This policy paid R6000 at her death, BUT the fine print of the policy stated that the service provider had the right to choose the coffin to be used. The service provider chose a R4000 coffin!!! So only R2000 was available for the funeral. You can imagine how this upset the family on top of their grief at her passing.

 You also need a Will – The Legacy Protection Plan

Death is not an issue we want to talk about but it is something that needs to be managed properly. One aspect is having a Last Will and Testament. A Will is the tool that will speak for you when you are no longer here, and ensure your last wishes for your loved ones are honoured.

Dying without a Will under South African law means that your assets will be meted out according to Intestate Succession. This means that your estate will be meted out according to a standard plan that may conflict with what you intended upon your death. Having a valid Will is the key.

An almost always forgotten aspect is the legal costs related with a deceased estate. These can run into hundreds of thousands of Rands! They come in the form of executor, trustee and conveyance fees that bleed your loved ones’ inheritance.

The Legacy Protection Plan helps you take the edge off these issues, enabled by our novel approach and benefits.

What is the Legacy Protection Plan?

The Legacy Protection Plan has the following benefits:

Last Will and Testament

Your aide or our expert will draft your Will according to your wishes. They will use our software that simplifies the process and enables them to tailor your draft Will within a few minutes of your request. We reckon that a simple Will is an all-inclusive Will.

Upon your go-ahead, one of our team members will contact you and arrange a meeting to sign and witness your original Will. From there, you will keep one valid copy with you and we will keep another in safe custody on your behalf.

Then you will receive a membership card. This can be used by your loved ones in their time of need to contact us and start the process.

Deceased Estate Benefit

Capital Legacy’s main reason for existence is to reduce the cost of deceased estate administration for our clients.

The main costs of a deceased estate include the following

  • Executor fees
  • Trustee fees
  • Conveyance fees

Through the Legacy Protection Plan, you as the insured policyholder can fully recoup the cost of the above services when we are appointed as such in your Last Will and Testament. Your legacy is therefore protected, and not eaten by high legal fees in the event of your death. Or in other words, all your life cover and assets will be for the benefit of your family and not your trustees and executors.

Immediate Liquidity Benefit

After the death of a loved one, especially that of a breadwinner, a family may find themselves short of cash as bank accounts and access to credit are frozen. This is worst for couples married in community of property or where there is only one house-hold bank account.

To help take the edge off this cash-flow freeze, which includes the costs of burying or cremating, the Legacy Protection Plan has an Immediate Liquidity Benefit from which cash can be withdrawn within 48 hours of a claim, or anytime after that.

How does the Legacy Protection Plan work?

The Legacy Protection Plan has five plan types, namely Bronze, Silver, Gold, Platinum and Diamond. Each plan type has a gross estate value range, a maximum insured benefit and an Immediate Liquidity Benefit. Your monthly debit-order will be determined according to your age band.

Simply put, legal fees related to your deceased estate are recouped from the maximum insured benefit, after providing for the Immediate Liquidity Benefit payment. Therefore depending on your plan type and needs, you can ensure that 100% of such costs are covered in the event of death. Medical tests are not required for the Legacy Protection Plan and the Bronze and Silver plan types are completely non-underwritten.

Complete the form at this page to have a consultant contact you to draft your will and discuss the benefits of the Legacy Protection Plan.

Inheritance taxes are so high that the happiest mourner at a rich man’s funeral is usually Uncle SamOlin Miller

Originally posted 2016-10-11 13:18:50.