What to share with an advisor to work out how much cover you need

Many people buy life or disability cover without ever sitting down to figure out what they actually need. They either grab what their employer offers without thinking, or they name a random figure when a broker asks "how much?". The real mistake isn't choosing the wrong amount—it's not knowing what information the advisor needs from you to work it out properly. You walk in unprepared, the advisor fills the blanks, and you end up with cover that doesn't match your real obligations.

An independent financial advisor can only size your cover correctly if you bring them a clear picture of your financial life. This isn't about memorising spreadsheets; it's about knowing what to talk through so the advisor can do their job. The difference between vague answers and concrete ones is the difference between generic cover and cover that actually protects what matters to you.

Your dependants and their living costs

Start with who depends on your income. If you have a spouse or partner, children, or aging parents relying on you, the advisor needs to know their names, ages, and whether they have any income of their own. Don't assume they'll ask—tell them upfront.

Then walk through what it costs to keep them. List monthly essentials: rent or bond repayment, utilities, school fees, groceries, transport, medical expenses. If a child has additional needs, mention it. If your partner could earn money but chooses to care for children now, factor that in. The advisor isn't judging your spending; they're building a baseline. If you die or become unable to work, how much per month do they need to live the way they do now? Add a buffer for inflation over the next 10, 15 or 20 years, depending on how long your dependants will need support.

Don't just guess. Open your bank statements for three months, add up what actually goes out, and bring that number. Advisors respect numbers over assumptions.

Debt and final costs

Write down every outstanding debt:

• Bond balance (and how long until it's paid off)
• Car loans or vehicle finance
• Personal loans or credit cards
• Any money you've lent to family that you'd want repaid from your estate
• Business debt if you're self-employed or a partner in a firm

Add funeral and estate administration costs—these aren't trivial in South Africa. Your advisor will have a sense of typical costs, but if you have specific wishes (cremation vs burial, religious requirements) mention them. A solicitor's fees to sort your estate take time and money too.

If you have a bond, ask the lender what happens to your debt if you pass away. Some bonds have linked life cover; some don't. Bring that detail to the conversation. The same goes for car finance—many have payment protection built in. Knowing what's already covered stops you paying for overlap.

Income replacement and work cessation

Tell your advisor exactly how much you earn per year, after tax. Include bonuses, commission, rental income or anything else regular. If you're self-employed, bring your last two years of tax returns or accountant's summaries—income can be lumpy, and the advisor needs to understand your true earning pattern.

Now think about what happens if you can't work for six months, two years, or for good. How would you pay the mortgage, school fees and daily costs? Do you have savings to live on? Could your spouse earn more? Is there a business that'd have to sell, or would it survive without you? Disability cover works differently from life cover because the point is to replace income while you're still here. Your advisor needs to know whether you're worried about temporary illness or permanent disability—or both.

Bring any existing cover documents: group cover through an employer, trauma cover, professional indemnity insurance if you have it. The advisor will cross-check so you're not over-covered in one area and under-covered in another.

The more honest and complete the picture you paint, the more precise the advisor can be. You're not trying to impress anyone; you're laying out reality so they can recommend cover that actually works for your life, not a fantasy version of it. When you're ready to move forward, finding a qualified independent advisor on Strove who specialises in life and disability cover means you'll get advice tailored to your situation, not a one-size-fits-all package.