"When people join a company, there is a lot of information-sharing that takes place and it doesn't necessarily happen very often thereafter. We are so concerned about how much we are going to earn and take home, at that point in time, that we are not worried about what could happen. It's a difficult place to have to make all those decisions all at once."
"It is important to do this on a regular basis because life changes," says Magosha. "You start working, you get married, you have children, you buy a house."When buying a house, Magosha says that insurance plays an important part. This is due to the fact that you will have to be insured against the loan you took to buy the house, for the bank to approve a bond.
"The most important thing is to form a foundation."Income protection and a disability cover are the most important risk benefits. This pays an income to an individual when they become disabled. Income protection should form the basis of your insurance coverage foundation.
"You want to first replace an income and then make sure that everything else follows on top of that."Once that is in place you want to make sure that, should something happen to you or you pass away, there is something in place for your dependents. For example, life insurance.