Welcome to the Santam Insure Your Future Money Bootcamp with Maya Fisher-French and Mapalo Makhu. This series is designed to guide you through essential financial topics, helping you make informed decisions for a secure future.  Risk cover can feel like a grudge purchase, especially when budgets are tight, it is also not as exciting as investing, yet it is one of the most important aspects of your financial plan. Very few people understand the various risk products such as income protection and critical illness so in this episode, we are joined by Johann Steyn, a certified financial planner at Rainmaker BlueStar by Sanlam who provides outstanding insight into the cover you do need, and what you don’t need. Johann explains the necessity of a proper financial plan to determine the right amount of life cover, taking into account factors like debt, education costs, and income replacement. He also discusses the differences in insurance needs based on age and life stage, highlighting that younger individuals might prioritise income protection over life cover. The conversation covers various types of risk cover, including critical illness, disability cover, and income protection, and the importance of understanding employee benefits. Johann sheds light on the complexities of premium patterns and the significance of planning for long-term affordability. For those nearing retirement or facing high premiums, Johann offers strategies to manage costs, such as converting life cover policies or adjusting coverage based on changing needs. This episode is packed with valuable information to help you navigate the intricacies of life cover and ensure your financial plan is robust and comprehensive.