Father’s Day finance: Expert shares must-have money safety nets for dads
From life insurance to wills and disability cover, certified financial advisor Paul Roelofse shares life-saving money advice for dads.
Father and daughter saving money in piggy bank, financial education. Image: 123rf.com
702's Gugs Mhlungu spoke to resident certified financial advisor, Paul Roelofse.
Listen to their conversation in the audio clip below.
"What if there's a life-changing event that affects a father? It certainly will have an impact financially on the family."
- Paul Roelofse, certified financial advisor
From life insurance to wills and disability cover, Roelofse stresses that being a provider isn’t just about day-to-day support, but it’s also about long-term planning for life’s unexpected turns.
One of the key tools, he says, is life insurance that not only covers debts like home loans and car payments, but also ensures the family can maintain their lifestyle if the worst happens.
A valid, updated will is just as crucial, and family members must know where to find it and what to do with it.
Roelofse also emphasises the importance of income protection and disability insurance, especially for those with company pension funds.
Most importantly, he encourages dads to involve their families in financial planning and ensure they know their financial advisor.
"If dad passes, as an advisor, you don't want to meet the wife and the rest of the family for the first time in his demise. You'd want to actually engage with the family along the way..."
- Paul Roelofse, certified financial advisor
Scroll up to listen to the full conversation