A pressing concern for many South Africans is whether or not the taxman gets a chunk of the money when the life insurance policy pays out. It’s a big stress factor to wonder how big the tax portion will be and how much will be left over for your family especially in a time when they need it the most. But here's some good news as of 2023: life insurance payouts usually don't get taxed. That means your loved ones get to keep the whole amount, giving everyone a bit of comfort.
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While it might seem like a morbid topic at first, understanding life insurance is pretty important to safeguarding your family's financial future. Life insurance is about more than just providing for your loved ones after you're no longer around, it is the cornerstone of financial stability during hard times like illness or disability as it protects your income. Think of it as a protective bubble that will ensure your family's financial well-being, no matter what life throws your way.
Delving into tax laws and understanding their impact on life insurance doesn’t have to be headache. At TaxTim, we're here to simplify the world of tax and ensure you stay informed about the key tax implications when it comes to your life insurance. Without diving into too much detail, let's get straight to the point and focus on what you really need to know about the tax implications on your life insurance premiums.
First off, it's essential to know that life insurance premiums ...
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By Debtline
Managing debt can be daunting, but it doesn't have to define or control your life. In South Africa, many individuals face the complex task of effectively handling their finances and debts.
Keep reading, and we’ll equip you with practical strategies and valuable insights to take control of your debt and financial future.
Let's delve into how you can regain control of your debt and finances and pave the way for a brighter future.
<...By Josh Kaplan - OneSpark
Life insurance: it sounds about as exciting as watching paint dry, right? However, just like that fresh coat of paint protects your walls from wear and tear, life insurance is all about protecting your loved ones from the financial burdens that could pop up in your absence.
If you've ever been out to dinner with friends and spent more time figuring out how to split the bill than actually enjoying your meal, then you'll understand why ...
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By Stella Pickard - Quickwill
“A society grows great when old men plant trees whose shade they know they shall never sit in.” - ANON
More than 70% of South Africans don’t have a valid will. The reason for this, we believe, is because people are not educated on why wills are so important and how you can use them to protect your family and save tax.
By drafting a will, you are planting a tree in which shade your f...
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By Rowan Burger from Momentum Investments
The benefits of saving your money are well known and encouraged by many financial institutions
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On 20 June 2019, President Cyril Ramaphosa delivered his first State of the Nation Address (SONA) of the sixth parliament, and for the first time in years, we witnessed an uninterrupted SONA. And that is not the only first. For the first time, the SONA cost almost R2m, a staggering 47% lower than the cost of SONA 2018 and the lowest in five years.
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