Want a hedge against the volatile effects of the rand ?
Why not include some US$ in your arsenal should you die, become disabled or suffer a critical illness event? This is a fully underwritten life policy, payable monthly in South African Rands and converted to US.
You can also get a fixed rate for three years on this plan.
You pay a premium from your local bank account (in rands). The premium you pay would depend on things like your age, your health, the type of cover you are looking for, as well as the amount of cover.
For example, suppose you set up a pure life insurance offshore policy and have nominated your two children as beneficiaries. When you pass away, the insurer can assist in setting up an offshore bank account for the beneficiaries in order to ensure the proceeds from the life insurance payout are kept offshore, in hard currency. It can also be returned to SA at the prevailing exchange rate at the time.
Offshore diversification is very important, for instance , children wish to study overseas but the cost can be prohibitive, especially if the funds are paid from SA. Medical treatment for some critical illnesses may not be readily available in SA, there is a lifeline in UD$ for treatment anywhere in the world.