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MOMENTUM CREATES SOLUTION FOR VIOLENT CRIME VICTIMS

Momentum is in the business of paying claims and we have therefore taken the recent criticism to heart.

We have created a solution that will pay an amount equal to the death benefit (limited to a maximum of R3 million) in the case of violent crime, regardless of previous medical history. This will apply to all existing as well as future life cover clients.

– This payout will be fully funded from Momentum’s profits and not from our clients’ premiums;
– The guarantee will pay out when the death was a direct result of violent crime, even when material
medical non-disclosure impacts the legitimacy of the contract;
– The payout is not in addition to the normal death benefit. It only applies in circumstances when the
death benefit will not be payable or has been reduced;
– Momentum reserves the right to reject any fraudulent claims.

The guarantee will apply immediately to all our life cover clients, and will be applied retrospectively. We are identifying clients who were impacted in this way and we will contact their families to arrange payment.

We care for our clients and always strive to solve for their needs. We hope that this solution illustrates that.

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All about you.

This is a sentence my wife loves. When I say it – not when she says it. It is all about you Honey. And you know what they say…happy wife, happy life! (There is a reason why nothing rhymes with happy husband…)

As I said previously, we had a long distance relationship, and moved in together 4 months before our wedding. Before we knew each other, and then while living apart, she had her own household insurance, life insurance, retirement annuities etc, and I had mine. But, things change. We became a family. And we needed different things to when we were single, care free individuals. We could no longer think only about ourselves.

Naturally, we set up our prenup, and from there, everything changed. EVERYTHING. We share our short-term insurance, medical aid, last will & testament, rent, electricity, food budget and the list goes on.

Change doesn’t stop there, as life happens. You evolve. You learn. You grow. Your family grows. And each change, mean a change in your financial needs.

Be sure to speak to your financial wellness advisor regularly, in order to keep your affairs up to date. If you don’t have one, let me know! I will take you for a cup of coffee, and we can discuss YOU.

You never know when it will be the last time you can say “It is all about you, Honey”.

 

Last Will and Testament

Will your Ex still get everything?

I didn’t marry my Highschool Sweetheart. It took me 33 years to find mine.

Yesterday, we would have been dating for 4 years, if she didn’t tell me she has planned our Honeymoon already and paid the deposits, so we had to get married. We lived in different provinces, only saw each other twice a month, and had to learn how to talk to each other. Strange concept, to talk, but I believe that will someday make all the difference! Today, we have been married for 2 years, 10 months and 29 days. Exactly. To the minute.

Don’t get me wrong, I love my wife. Sometimes I think I love her too much (if that is even possible). But it is tough. It is tough sharing your life, that you lived as you pleased for 33 years, with someone else. And I am sure it is the same for her. (She found me a bit sooner, but still…)

I plan to stay married to her. I really do not want to go through this process again. Being alone, finding someone who is not right, finding the next person, adjusting, falling in love, deciding, settling down AGAIN. But, one has to be realistic about these things.

Especially if you look at the latest findings on marriages and divorces in South Africa for 2016 released by Stats SA recently (http://bit.ly/2y1MxlA)

Your Estate Planning has to be updated after any major life event, to ensure your stuff is going where you want it to go. Especially if you have kids!

Remember to update your Last Will and Testament after any of the below events:

  • Marriage
  • Serious Relationship with a Domestic Partner
  • Divorce
  • A new Baby
  • Stepchildren
  • Death of a Spouse or Child
  • A change of heart about Heirs
  • Changing Guardians of your children

For more information, feel free to contact me on Michael.pfister@momentum.co.za or 072 4022 499

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Consumer confidence index

So, you’ve heard the murmurs about Consumer Confidence Indexes, but do not have any idea what it means?

The Consumer Confidence Index (CCI) is an indicator designed to measure consumer confidence, which is defined as the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending. (Wikipedia)

Currently, the CCI is measured at -9 (lowest -33, highest 23). Basically, this means consumers are spending less money.

On a positive note, the result of this will probably be a slower rise in food prices, and there is a high possibility that the Reserve Bank will lower interest rates (as we are technically in a recession).

The negative side of this coin sees a stagnant unemployment rate due to government trying to lower their wage bill, and nobody spending the money to pay new salaries. Loan applications of all kinds will be managed with an iron fist, and will in all likely hood be very hard to come by.

All in all, you will be left spending ONLY the money you earn, and not borrowed money, as there won’t be much of that going around…

(Originally published on 12 July 2017)

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Did you plan for the road ahead?

With 2018 around the corner, it is a good idea to take stock of where your finances are currently, and where you want to be in a years’ time. It is a great time to consider your bases, as well as if there are any shortfalls. ( https://www.linkedin.com/pulse/playing-catch-up-michael-pfister/ )

Here are a few points to consider:

  • Will:  Do you have one? If so, does your family and relatives know where you keep it? Did you update it after your marriage/divorce/having kids? Is the will enforceable?
  • Holiday plans: Will December 2018 be the same holiday as 2017? Will you make debt or save for it?
  • Children: Do you have a savings plan for them (or should I say to help you later…)?
  • Short term insurance: Do you have car and household insurance? When last did you update your values? Did you add your new camera, bicycle, Drone, Tag Heuer or any other item of value?
  • Long term Insurance: Do you have Income protection for when your unable to perform you job for longer than your chosen waiting period? If so, when last did you update your values? Do you have dependents, and did you make provision for them to live at the same standard as they do with you around, should you not be able to contribute due to a sudden demise? Will your family be able to give you a proper burial service or memorial?
  • Retirement: Do you have a plan? What does it consist of? What are your options?

We just tend to float by in life, year after year. Until we realize what we should have done….

Will 2018 be different? Or better?

Don’t regret the choices you make (or don’t make)!

Contact me should you need any assistance or advice Michael.Pfister@momentum.co.za

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(Originally published on 20 December 2017)