USER GUIDE / PLAN

Insurance adequacy

Your needs are broken down into three main sections of insurance planning – Hospitalisation, Income Protection and Accident.

Your current insurance coverage is considered based on your current financial situation, after which the app presents any shortfalls.

Our recommended order is starting with Hospitalisation, then Income Protection, and then finally ending with Accident.

Begin by tapping on “Update status and get better coverage”, then “Calculate needs”. Complete the short questionnaire to get your hospitalisation needs assessment report.

If you have existing hospitalisation insurance policies, you can add them to the app. Tap “My policies” and either sync your insurance, or add the policies manually.

Based on your input, under “Update status and get better coverage” you will see:

  • Your existing coverage under “Current
  • Your recommended hospitalisation policies, picked for you based on the results of your questionnaire, under “Preferred

Begin by tapping on “Update status and get better coverage”, then “Calculate needs”. Complete the short questionnaire to get your income protection needs assessment report.

If you have existing income protection insurance policies, you can add them to the app. Tap “My policies” and either sync your insurance, or add the policies manually.

Based on your input, under “Update status and get better coverage” you will see:

  • Your existing coverage under “Current
  • Your recommended term and whole life policies, picked for you based on the results of your questionnaire, under “Preferred

Life
A sum to cover your annual household expenses for 10 years, or for the period you have indicated. If you have children, the education fund required is also added into this sum.
Existing savings and investments are taken into account.

Disability (Total permanent disability)
A sum to cover 10 years of annual household expenses in the event of disability.

Critical illness
A sum to cover 5 years of current annual income in the event of critical illness.

Early critical illness
A sum to cover 2 years of current annual income in the event of early stage critical illness.

Accident insurance covers mainly two parts. First, medical expenses incurred by injuries caused by accidents and second, provides a lump sum payout should there be an accidental disability or death.

As your hospitalisation insurance covers medical expenses resulting from accidents or illnesses, an accident policy would be useful only for minor injuries that do not require hospitalisation. If you have coverage from your workplace for GP and Specialist costs, it is highly unnecessary to get coverage for this as you cannot reimburse the same medical bills twice.

Lump sum payout for accident policies will also be paid out on top of your regular life insurance if the death or disability is a result of accidents.

Watch the video below for a visual guide on how to assess your insurance needs and review your current portfolio.

Other functions in the app

Budget
Bank
Insurance
Investment