{"id":7566,"date":"2025-01-10T10:57:19","date_gmt":"2025-01-10T10:57:19","guid":{"rendered":"https:\/\/turnberry.co.za\/?p=7566"},"modified":"2025-01-10T10:57:19","modified_gmt":"2025-01-10T10:57:19","slug":"why-financial-planners-shouldnt-overlook-gap-cover-in-clients-strategies","status":"publish","type":"post","link":"https:\/\/turnberry.co.za\/2027\/why-financial-planners-shouldnt-overlook-gap-cover-in-clients-strategies\/","title":{"rendered":"Why financial planners shouldn\u2019t overlook gap cover in clients\u2019 strategies"},"content":{"rendered":"<p><img decoding=\"async\" class=\"alignnone size-full wp-image-7567\" src=\"https:\/\/turnberry.co.za\/2027\/wp-content\/uploads\/2025\/01\/243604-Turnberry-September-graphics_protecting-clients-.png\" alt=\"\" width=\"629\" height=\"629\" srcset=\"https:\/\/turnberry.co.za\/2027\/wp-content\/uploads\/2025\/01\/243604-Turnberry-September-graphics_protecting-clients--66x66.png 66w, https:\/\/turnberry.co.za\/2027\/wp-content\/uploads\/2025\/01\/243604-Turnberry-September-graphics_protecting-clients--150x150.png 150w, https:\/\/turnberry.co.za\/2027\/wp-content\/uploads\/2025\/01\/243604-Turnberry-September-graphics_protecting-clients--200x200.png 200w, https:\/\/turnberry.co.za\/2027\/wp-content\/uploads\/2025\/01\/243604-Turnberry-September-graphics_protecting-clients--300x300.png 300w, https:\/\/turnberry.co.za\/2027\/wp-content\/uploads\/2025\/01\/243604-Turnberry-September-graphics_protecting-clients--400x400.png 400w, https:\/\/turnberry.co.za\/2027\/wp-content\/uploads\/2025\/01\/243604-Turnberry-September-graphics_protecting-clients--600x600.png 600w, https:\/\/turnberry.co.za\/2027\/wp-content\/uploads\/2025\/01\/243604-Turnberry-September-graphics_protecting-clients-.png 629w\" sizes=\"(max-width: 629px) 100vw, 629px\" \/><\/p>\n<div class=\"td_block_wrap tdb_single_content tdi_64 td-pb-border-top td_block_template_1 td-post-content tagdiv-type\" data-td-block-uid=\"tdi_64\">\n<div class=\"tdb-block-inner td-fix-index\">\n<p>Moonstone Monitor &#8211; 19th December 2024<\/p>\n<p>As a financial planner, you are a trusted adviser in helping your clients achieve their financial goals and safeguard their financial well-being. Having a structured plan in place for them covering investments, retirement planning, and risk management is vital, and medical scheme cover forms a critical part of this.<\/p>\n<p>However, medical scheme cover is no longer enough on its own to provide comprehensive protection against unanticipated out-of-pocket medical expenses.<\/p>\n<p>Medical expense shortfalls are becoming increasingly common, and they can be significant. Over the course of a lifetime, these events have the potential to derail financial plans and future security. Gap cover provides protection against these shortfalls, making it an essential component in an inclusive financial planning strategy.<\/p>\n<p>Unanticipated medical expenses can derail even the most meticulously structured financial plans, and shortfalls, co-payments, and sub-limits are increasingly common, even on comprehensive medical aid plan options. This can result in out-of-pocket medical expenses of potentially tens of thousands of rands for a single event, but these are rarely isolated incidents. Often, these single events can lead to a cascade of additional claims. Over a lifetime, these add up to significant amounts of money.<\/p>\n<p>At Turnberry, we have seen lifetime claims of more than half-a-million rand for a single client \u2013 R529\u00a0598.61 to be precise. We also have lifetime claims totals of R450\u00a0224.52, R437\u00a0464.33, R398\u00a0585.02, and R395\u00a0882.08, and these are only the top five.<\/p>\n<p>These are sums of money that could potentially force clients to make difficult, short-term financial decisions that can disrupt their overall strategy. Whether it\u2019s dipping into retirement savings, taking on debt, or even delaying important life goals such as education or homeownership, the ripple effects of medical expense shortfalls can be profound.<\/p>\n<p><strong>Safeguarding your clients\u2019 financial future<\/strong><\/p>\n<p>Financial advisers have a duty to ensure that their clients\u2019 financial health remains intact, regardless of the challenges they face. When crafting a financial plan, it is essential to consider both their current and future financial landscape. Medical scheme cover remains a crucial component, but it often falls short in covering the full spectrum of medical costs. This is where gap cover becomes an invaluable addition to a comprehensive financial plan.<\/p>\n<p>Gap cover is a cost-effective way for brokers to protect their clients\u2019 financial strategy, ensuring that they can access the healthcare they need without being guided by financial constraints and that they will not have to tap into their long-term savings or retirement funds to cover unexpected medical expenses.<\/p>\n<p>Incorporating gap cover into clients\u2019 financial plans not only helps to protect their finances but also to preserve their peace of mind and the integrity of the bigger picture.<\/p>\n<p>It is important to remember that medical scheme plans change every year, and the offerings from gap providers change in tandem to align and deliver effective cover. It is crucial to stay informed about these changes to provide the best possible advice to your clients and to understand the importance of gap cover in comprehensive financial planning.<\/p>\n<p>Gap cover is more than just an add-on to medical scheme cover; it is a strategic safeguard that protects your clients from the financial fallout of unanticipated medical expenses.<\/p>\n<p>Gap cover serves as a vital piece of risk management, offering a buffer against the uncertainties of medical expenses and ensuring that your clients\u2019 financial plans remain on track.<\/p>\n<p><em>Tony Singleton, CEO at Turnberry Management Risk Solutions<\/em><\/p>\n<\/div>\n<p><a href=\"https:\/\/www.moonstone.co.za\/why-financial-planners-shouldnt-overlook-gap-cover-in-clients-strategies\/\">Why financial planners shouldn\u2019t overlook gap cover in clients\u2019 strategies \u2013 Moonstone Information Refinery<\/a><\/p>\n<\/div>\n<p><a href=\"https:\/\/getcovered.turnberry.co.za\/app\/1\">https:\/\/getcovered.turnberry.co.za\/app\/1<\/a><\/p>\n<p><strong>What is Gap Cover?<\/strong><\/p>\n<p>&nbsp;<\/p>\n<div style=\"width: 1170px;\" class=\"wp-video\"><video class=\"wp-video-shortcode\" id=\"video-7566-1\" width=\"1170\" height=\"658\" preload=\"metadata\" controls=\"controls\"><source type=\"video\/mp4\" src=\"https:\/\/turnberry.co.za\/2027\/wp-content\/uploads\/2024\/11\/Standard.mp4?_=1\" \/><a href=\"https:\/\/turnberry.co.za\/2027\/wp-content\/uploads\/2024\/11\/Standard.mp4\">https:\/\/turnberry.co.za\/2027\/wp-content\/uploads\/2024\/11\/Standard.mp4<\/a><\/video><\/div>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/getcovered.turnberry.co.za\/app\/1\">https:\/\/getcovered.turnberry.co.za\/app\/1<\/a><\/p>\n<p><strong>Client Testimonials<\/strong><\/p>\n<p>I first learnt about Turnberry when my 1<sup>st<\/sup>\u00a0born needed to get his own medical, and because medical schemes are so expensive, I had to take a plan which we could afford.\u00a0 I took out a Turnberry policy for him and when he was in a serious accident, we could not afford the cost of the helicopter which needed to fly him to Pretoria but Turnberry paid the expenses.\u00a0 That was when I decided to take out a Turnberry policy for myself as well.\u00a0 Because of your excellent services I have already promoted your product to all my friends and lot of them have also signed up with Turnberry.\u00a0\u00a0 Thank you for your excellent service.\u00a0\u00a0 I do not think that anyone with any medical scheme can be without your product.\u00a0 \u00a0 \u00a0 \u00a0\u00a0<strong>Lena Ras\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>If it wasn\u2019t for gap cover I would have had enormous medical expenses.\u00a0 I have had to claim twice in one year. \u00a0Don\u2019t think about it just do it!\u00a0 It\u2019s the right thing to do.\u00a0 One never knows when you might need the gap cover.\u00a0 I broke my foot just before lockdown due to a brick that was left on a pavement after someone had a motor vehicle accident and they kept the robot upright with the bricks.\u00a0 Whomever did that left some of the bricks on the pavement and at 5h00 in the morning I didn\u2019t see the bricks\u2026 Needless to say I ran into the brick and that\u2019s how I broke my foot.\u00a0 Unexpected medical disbursements which I did not budget for and already had to undergo two operations.\u00a0 I have had many expenses and I can truly recommend gap cover. I would recommend Turnberry Gap Cover and have already done so amongst my colleagues at the office.\u00a0\u00a0 I rate their services as \u2013 Excellent!\u00a0 \u00a0 \u00a0\u00a0<strong>Louna van Tonder<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Turnberry Gap Cover insurance has helped me financially after my accident with claims that I could never afford if I never got Turnberry GAP Cover.\u00a0 I have indeed told my family about Turnberry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Moonstone Monitor &#8211; 19th December 2024 As a financial planner, you are a trusted adviser in helping your clients achieve their financial goals and safeguard their financial well-being. Having a structured plan in place for them covering investments,<\/p>\n","protected":false},"author":12,"featured_media":7567,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-7566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why financial planners shouldn\u2019t overlook gap cover in clients\u2019 strategies - Turnberry<\/title>\n<meta name=\"description\" content=\"Why financial planners shouldn\u2019t overlook gap cover in clients\u2019 strategies\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/turnberry.co.za\/why-financial-planners-shouldnt-overlook-gap-cover-in-clients-strategies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why financial planners shouldn\u2019t overlook gap cover in clients\u2019 strategies - 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