How women can protect their financial wellbeing

Financial independence is not only about earning an income; it’s about making informed decisions and implementing the right safeguards. With the right financial products and advice, women can protect their wellbeing, plan for the unexpected, and build long-term wealth.

Below, we explore some of the key financial tools available to women and how each contributes to a stronger, more secure financial future.

1. Medical aid: A foundation for health and finances

Medical costs can quickly become unmanageable, especially in the event of serious illness or hospitalisation. Having medical aid ensures you have access to quality healthcare without the stress of paying the entire cost out of pocket.

For example, an unexpected operation or a complicated childbirth can cost tens of thousands of rand, expenses which could otherwise derail savings or force you into debt. Medical aid provides a safety net that helps you focus on recovery rather than finances.

When selecting a medical aid, consider your current health, whether you have dependents, and the level of flexibility you desire in terms of doctors and hospitals.

2. Gap cover: Closing the shortfall

Even with medical aid, you may still face shortfalls between what your scheme pays and what specialists charge. Gap cover is designed to bridge that gap, covering the difference and protecting you from having to pay significant amounts out of pocket after hospital procedures.

Think of it as an affordable complement to your medical aid that shields you from unpleasant surprises. This is especially useful during major events like surgery or cancer treatment, where specialist fees can be much higher than medical aid rates.

3. Wealth management: Growing and preserving your money

Building wealth is not just for the wealthy. It’s for anyone who wants to achieve their goals, whether that’s buying a home, funding a child’s education, or retiring comfortably.

Wealth management typically involves investments, retirement planning, and strategic advice tailored to your circumstances. A professional advisor can help you identify your goals, assess your risk appetite, and create an investment portfolio that grows over time.

For instance, a woman who starts investing in her 20s, even with modest monthly contributions, can accumulate significantly more than someone who waits until her 40s, thanks to the power of compounding. Starting early and staying consistent makes a big difference.

4. Short-term personal insurance: Protecting what you own

Your car, home, and personal possessions represent significant investments. Short-term insurance protects these assets from loss or damage due to accidents, theft, fire, or natural disasters.

Imagine being involved in a car accident or coming home to find your house burgled. Without insurance, replacing or repairing your property could set you back financially. Personal insurance ensures you can recover from such setbacks without compromising your long-term plans.

When reviewing your policies, make sure your cover reflects the current replacement value of your belongings, as many people underestimate this and are underinsured as a result.

5. Trusts and estates: Planning for the future

Estate planning is not just for those with large estates. If you have dependents, own property, or want to ensure your assets are distributed according to your wishes, then trusts and estate planning are essential.

A well-drafted Will ensures your assets are passed on as intended and can help avoid disputes or delays. Trusts can be used to protect assets for minor children or vulnerable dependents and can provide tax efficiencies in certain situations.

Taking the time to put these arrangements in place provides peace of mind for you and security for those you care about.

6. Life insurance: Protecting your loved ones

Life insurance is about ensuring your loved ones are taken care of if you are no longer there to provide for them. Whether it’s paying off a home loan, covering children’s education costs, or simply helping your family maintain their standard of living, life insurance can make a profound difference at a difficult time.

Even if you don’t have dependents, certain policies can also help cover debts or funeral costs, ensuring you don’t leave financial burdens behind for your loved ones.

Empowering yourself through knowledge and action

Financial independence does not mean knowing everything or doing it all yourself. It means equipping yourself with knowledge, asking the right questions, and working with professionals who can guide you.

Taking small, thoughtful steps, like reviewing your medical aid annually, starting an investment account, or drafting a Will, adds up over time. These steps don’t just protect your finances; they empower you to make choices that align with your goals and values.

Take the next step

If you’d like to understand more about how these products can support your financial wellbeing, speak to an experienced advisor who can guide you through your options.

Visit the Securitas® Financial Group website to connect with one of our expert advisors and take control of your financial future today.

Found this article insightful? You may want to read The Importance of Medical Aid Amidst NHI Delays and Why You Need a Financial Advisor.