Going on holiday? The TVC Financial Checklist before you head off

As South Africa’s school holidays kick off, it’s likely you’re planning a well-deserved holiday, especially in light of easing COVID-19 restrictions and international borders opening up. Whether you’re traveling abroad, going on a roadtrip or popping over to a sunnier province, it’s important to ensure your finances are in healthy order before you head off.

Unfortunately, when you’re away from home, there are a few things that could go awry, so make sure you get the stress free holiday you deserve by crossing your t’s and dotting your i’s. Whatever your plans for your vacation away, it’s a good idea to make sure all your paperwork is up to date and that you and your family are completely covered.

To make life easier, our TVC team has put together this financial checklist for you to follow:

Paperwork, Paperwork, Paperwork

From your will to your medical cover, make sure yourself and the family are protected

Sadly, any kind of travelling – whether it be driving or flying – puts you at increased risk. Not to mention hiking, or adventurous sports which some opt to pursue while on holiday! Getting ill on holiday is also not fun, especially when you’re not near your usual hospitals or doctors, so it’s a good idea to ensure your family is adequately covered against illnesses while traveling, since your medical cover might not include your holiday destination or may require you to inform them of your movements, for example.

Be careful not to assume that your existing cover will still apply when you’re on holiday, as it may be limited to your region, country or even differ according to COVID-19 rates in your destination. Fortunately, there are workarounds for everything, and it really does pay off to get all that paperwork in order before jetsetting off.

We recommend the following:

  • Double check if your current medical cover applies to travelling and your destination – if not, it’s best to take out additional travel insurance. Considering the times we are living in, this should also include Emergency Evacuation and COVID-19 protocols.
  • Review your Life and Disability Cover to make sure it provides for your dependents and custodians, such as your partner and children. This especially applies to those adventurous types! Or if you’re the main breadwinner in your unit, it’s best to have peace of mind by knowing that the fine print applies to your holiday too. It is also suggested that you check the policy for any exclusions, as some policies exclude riskier activities such as skydiving and paragliding. The Certified Financial Advisers® at TVC can review your policy and possibly recommend a solution more suitable to your lifestyle needs.
  • It’s a good idea to update your Will and Estate file, as well as your ‘wish list’ with the contact details of your executor and financial adviser. An updated will is imperative to ensure your assets are distributed as you would wish, in the unfortunate event of your passing away.


Home Alone

Make sure your home and it’s contents are protected while you’re away

We all know the age old adage of a burst geyser while on holiday! Definitely not something anyone would like to return to, but it’s a reality best to prepare for when you know you’re going to be away for a prolonged period of time. Your valued home items should be protected against more than water damage – there is also theft and natural disaster to consider, so double check that items like your TV, furniture and other household items are covered while you’re away on holiday. It’s also a good idea to unplug and pack away electronic equipment to further reduce risk (hello load shedding).

On The Go

Make sure your portable possessions, such as cellphones, are covered

It’s normal to travel with items such as tablets, sports gear (golf clubs, bicycles etc), or camera equipment. These items often cost a pretty penny, but can be easily misplaced, broken, or stolen during a trip. That’s why it’s a good idea to make sure these items are adequately covered while you’re on holiday. Consider updating your general and clothing cover and specifying items like your electronic devices, bicycles, jewelery, etc. Some of these items may not be covered if they are not specified. Our adviser can find these gaps in your insurance policies.

Finally, it’s imperative to travel with all your important documents on you, just in case of emergencies. This can include; identification copies (ID, passport, driver’s license and birth certificates); contact information of emergency contacts (e.g. family members); contact information of your financial advisor; and copies of all necessary policies that you may have. TVC has created a portal for their clients where they can login and access important documents on their vault.

To further put your mind at ease, consider reaching out to a financial advisor. Let’s get you that holiday you deserve!

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