Women’s medical expenses are usually very different compared to males. It is then vital to choose the medical option that will cover risks specific to women. Most times women think of pregnancy when wanting medical cover, but it is important to also remember that women are more susceptible to different chronic conditions. Reproductive health Women have many expenses related to their reproductive system. Woman may claim for pap smears, gynaecological check-ups, birth control and mammograms for detecting breast cancer are recommended for all women over the age of 40. The most common is claims during pregnancy, which may include antenatal scans, blood tests and gynaecological consultations, as well as child delivery. Pregnancy can also take a toll on long-term health after childbirth. For example, incontinence, a prolapsed bladder and lower back pain are often directly associated with carrying a child to term. As woman get older, they may also experience Hormonal changes which may make them vulnerable to various diseases, from cervical cancer and osteoporosis to hyperthyroidism and depression. Conditions that affect women more than men It is found that diseases like lupus, rheumatoid arthritis, multiple sclerosis, and type 1 diabetes are far more common in women than men. The other diseases that are common in woman then men are heart disease, chronic fatigue syndrome, irritable bowel syndrome and chronic obstructive pulmonary. Women usually live longer than men. So, it is important to follow preventative or early detection measures, these diseases are:
When shopping or reviewing your medical aid, it is important to choose cover that covers your needs as a woman. Most medical aids cover chronic illnesses, and it’s covered under PMBs (Prescribed Minimum Benefits). This will cover costs for diagnosis, treatment, and care. Some medical aid schemes offer screening and prevention benefits. Discovery Health, for example, covers the cost of one mammogram every two years and one pap smear every three years. It also covers a group of preventative tests, which Discovery refers to as the “Vitality Check.” Consultations are covered from day-to-day benefits. If you would like us to help you with comparison to fit, your medical needs contact Tammy in our Health Department email:[email protected] tel:(011)658-1333 It has been widely published that the representation of female-run funds, financial advisors and investment teams over the past decade has been relatively consistent in that women continue to be underrepresented. This is, of course, a serious issue that deserves attention and we need to work harder to continue to attract women to the financial industry. According to Morningstar’s research, only around 11% of South African fund managers are women. And in the UK, Morningstar data shows there are more funds run by men named Dave than there are female fund managers in total. Of 1,496 UK-listed open-ended funds, 108 are run by managers named David or Dave – equivalent to 7.2% of funds. Meanwhile, just 105 funds in total have a woman at the helm. It’s a stark reminder of the lack of diversity across the fund industry. Improving diversity will take time. We need to start paying more attention to the industry’s graduate recruitment, and the perception of the financial industry. Firms need to look at how they can support the recruitment and retention of more women. There is an industry perception that isn’t landing with young women, as the number of applications for junior roles remains low. Long-term investing is far from the macho image portrayed in movies, and firms should look at ways they can help to change this, starting with job descriptions and with females in the industry sharing their success stories. I spoke to a few of the female advisers that partner with Morningstar Investment Management South Africa to share their experience of the financial industry. The feedback received, painted a very interesting picture. The most prominent being, how rewarding it is for women to work in the financial industry. I’ve highlighted a few key takeaways below, of why more women should consider working in the financial industry - Financial planning and advice enable you to make a difference, whilst earning a living. Being a financial adviser enables you to make a meaningful impact on the lives of your clients. By helping your clients to understand how to work with their money and make their money work for them, you can truly have a positive impact on their lives. If you are someone that wants to pay the bills but do good at the same time, financial planning and advice is a great career option. The great part about finance is, the numbers don’t lie – when you see your client celebrating a savings goal that had been reached, it’s very rewarding to know you helped them reach that goal. “I joined the industry wanting to make a meaningful impact on people’s lives. Something that would enrich my soul whilst earning a living. I wanted to help people realise that through taking the time to understand their relationship with money, they could see money as their enabler, and thus something that they could control, rather than letting their money control them.” – Tessa Lefrère, Certified Financial Planner®, Resolute Wealth Management. It is both pencil skirts and sneakers Contrary to popular belief, working in finance can offer the flexibility of hours, being your own boss, owning your own business, managing your own time and engaging with people regularly. The world of finance isn’t only filled with women doing presentations in tight pencil skirts and high heels. The fantastic part is, that if you would like to do that, you most certainly can! But, if you would prefer to rather ditch the heels for a pair of sneakers, that’s perfectly fine as well. There is room for individualism and to do things your own way. “I also enjoy the fact that I have my own business, I’m my own boss and I manage my own diary. As a mother, this is priceless.” - Cilma Sorour, Certified Financial Planner®, Alchemy Financial Solutions If you are a people’s person – working in finance is a great career choice. Yes, having a keen interest in markets, the economy and investments is most certainly a massive plus. However, the female advisers I spoke with, said that working with people is one of the aspects of the industry they enjoy the most. In addition, being invested and caring about their clients is their most valuable and differentiating quality as an adviser. “I work hard at making sure my clients feel that they have been heard but most of all building a lifelong relationship and friendship that is also professional.” – Stephanie Bakhuis, Certified Financial Planner®, Chartered Wealth “Over the years I kept choosing to work with people more than portfolios and hence I’m now in the financial partnership role with our clients. However, I also love the complexity and the challenges of the investment environment.” – Sunél Veldtman CFA®, CFP®, CEO of Foundation Family Wealth Females in finance support each other It might be known for being male dominant, but the women in the financial industry are proud to support each other, empower one another and there are several “Women in finance” groups that aim to facilitate growth, partnership and collaboration between women in the industry. "Apart from helping my clients, I spend a large part of my time teaching and sharing this knowledge with other financial planners so that they too are upskilled to help their clients with their money relationship. I view this as a value-add to clients in the financial planning industry." - Kim Potgieter, Marketing and Life Planning Director, Certified Financial Planner®, Chartered Wealth Whatever you decide to do in life – let it be to save first! When we asked our female financial advisers, what advice they would give their 20 year old self, the standout answer was to save, save and save some more. "Choose to understand your money; make friends with it, rather than fear it. By empowering yourself in your 20’s, you cannot begin to imagine the life you’re setting up for yourself to live on your terms, in your time." – Tessa Lefrère, Certified Financial Planner®, Resolute Wealth Management. In closing At Morningstar Investment Management South Africa we strive for a diverse team. When it comes to gender, our team in South Africa is made up of more than 50% women. The advantages of greater institutional diversity are well researched and documented, and the local investment community should be doing more to attract young women into the industry. “I love being part of such a diverse team of individuals. Everyone brings something unique to the table, which is really inspiring.” – Abigail Wilson, Customer Success Manager, Morningstar Investment Management South Africa A growing body of research suggests that the presence of women on corporate boards and in the C-suite is linked to superior financial performance – for example, Credit Suisse’s CS Gender 3000 report. We also need to think more broadly about diversity and as such especially the diversity of thought. We often view diversity through a gender or race lens, but true diversity is an expression of different cultures, thoughts, energy and ideas. If the COVID-19 pandemic has shown us anything, it’s that what we thought was ‘normal’ and ‘unchangeable’ is, in fact, hugely open to change, in the most positive way. At Morningstar, we will continue to highlight trends in the fund manager industry to spark conversation and dialogue, especially as it relates to matters of diversity. Source: Morningstar Written by: Victoria Reuvers In celebrations of Women’s month we focus on women-specific risk cover against unfortunate events. All Risk Cover Many women we never leave the house without their handbag, it is an extension of us in many ways. It safeguards your cell phone, bank cards, ID, and driver’s license and jewellery. Your handbag ensures you are prepared no matter what your day holds. If you lost your handbag or it was stolen, it would be devastating and a great loss. That is where All Risk Cover steps in. What is All Risk Cover? All risk cover is worldwide cover for personal effect you normally take with you outside. Risk Insurance is another name for Portable possession Insurance. * All Risk Cover can only be included if you have Home Contents or building Cover What items can be insured under All Risk Cover? All risk cover can be taken for any portable possessions you carry with you on a day-to-day basis. Which includes cell phones, cameras, smartwatches, jewellery, laptops, tablets and much more. Any portable electronic devise will not be covered unless you have specified it on your all risk policy, based on their correct value. Recently woman are also able to insure their hair weaves because of the increase in weave theft. A hair weave can cost anything from R2 000 – R10 000 and this can be added in some policies. What are the All Risk Cover sections? 1. Clothing and personal effects - the clothes you wear, as well as the personal items you carry with you, including personal sporting equipment (Limited to a certain amount per item); and 2. Specified items – items that need to be specified for cover, based on their correct value. This includes keys, locks, remote control units, certain collections, bicycles, laptops, tablets, and cell phones. What is included and excluded on all risk cover? With All-risk policy everything is included except if it is explicitly excluded by the insurance company. A great example of a general exclusion will be theft from any vehicle which is left unattended and where the items were not in the locked luggage compartment or locked interior of the vehicle. This will not be covered by the insurance company as it is a specific exclusion. If you would like us do a new or comparative quote, please contact Marizka in our Short-term department email: [email protected] tel: (011) 658-1333 As we celebrate Women's Month, in partnership with Morningstar, we share with our female readers five key steps for women to improve their retirement readiness. Studies show that 85% of women manage everyday expenses, yet only 23% take the lead when it comes to long-term financial planning. It is our mission to help women to retire successfully. Last month we talked about setting up an emergency fund. Now let's talk about Step 7 - Money is a means to an end. Money itself has no meaning. Wealth has no meaning if it is not used for the good of people. People have the natural desire to grow, to help, to have a good life, to look after our family, to help our friends, to be happy. Money should be used to enable, to realise all these good things. A miser is a person who is reluctant to spend, sometimes to the point of forgoing even basic comforts and some necessities, in order to hoard money or other possessions. Don't be a miser. Many years ago I learnt from Kim Potgieter, a well-known financial planner in South Africa, six money questions. Since then I have incorporated these in my first meeting with new financial planning clients. These questions probe people's relations with money. You may want to go through them, to reveal your relationship with money. 1. What is the money for? 2. What lessons about money did you learn while growing up? 3. Who are the people in your life that are affected by the financial decisions you make? 4. What past experiences with your advisers stand out in your mind and how had these experiences impacted how you work with your advisers now? 5. If you had all the money that you would ever need, what would you do differently with your life? 6. What does money truly represent to you? Answer these questions truthfully. Then reflect on your answers. Is there anything you would like to change on how you relate to money? How can money make you more secure or happier? There are no right or wrong answers. Every individual is unique. What is right for someone else is not necessarily right for you. The first question is to understand what the money is for. For some, it's about to provide for oneself, or her loved ones. For others, it's about acquiring material things, such as providing food on the table, renting an apartment, buying furniture, a house or a car. Yes for some, it's about achieving certain goals, for example an overseas holiday, to complete tertiary education. Question 2 is about your life lessons about money. It speaks about your upbringing, and the people and things around you that have shaped your ideas about money. Typically people are influenced by adults that raised them: Parents, guardians, grandparents. You cannot choose your parents, but you can learn from the lessons and ideas they shared with you, whether good or bad. Question 3 is about your responsibility. Most of us care for at least one person, in South Africa where unemployment and poverty is rife, you may provide for many people. Your financial decisions will have an impact on those that depend on you for support. Question 4 is about your experience and expectations of a financial advisor. Many people need a financial advisor to guide them through their financial journey. Poor past experience may influence how you want to work with a financial advisor. It is also important to find a financial advisor with the right fit, a person you can trust and relate to, apart from his/her qualifications and experience. Question 5 is a million-dollar question. Maybe you are lucky to win the lotto, and your life is completely changed financially (and you will need a good financial advisor more than ever!). This question also reveals your character, personality and your priorities. Question 6 is such a deep, philosophical question. Answers I have heard from clients include: to have; flexibility; to afford; options; comfort; to make things happen. Once we understand that money is just a medium of transaction, that money is a means to an end (objective), then we will not accumulate money for the sake of it. "Wealth gained hastily will dwindle, but whoever gathers little by little will increase it." - Proverbs 13:11 In partnership with Morningstar: The Bucket Approach” for post-retirement-portfolio planning has gained a lot of traction over the past several years, and for good reason. It is an easy to understand and easy to follow method and it provides cushioning in volatile periods. To learn more about the bucket approach: www.morningstar.com/articles/330323/the-bucket-approach-for-retirement-income
If you as a retiree or someone approaching retirement would like to review your investment strategy, email [email protected], or schedule a meeting with Kevin the Financial Advisor here https://calendly.com/daberistic |
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