Young advisers play a vital role in raising awareness about gap cover

Financial stability has become a key priority for today’s young professionals. This goal is being driven by a climate of economic uncertainty as well as a growing trend toward being savvier with money. At Turnberry Management Risk Solutions, we believe advisers and brokers are evolving to play a key role in this journey, but one area that is often overlooked is the rising cost of private healthcare and the financial strain caused by shortfalls in medical aid coverage.

Gap cover is designed to protect people from exactly this, and in South Africa, it is now a critical element of a comprehensive financial plan. For people who are young and healthy and on an entry-level salary, it is easy to overlook the importance of gap cover as unnecessary or unaffordable, but this is a misconception that could end up costing them dearly. It is up to young brokers to raise awareness of the necessity for gap cover to help their peers ensure they achieve the financial stability they desire by taking a holistic approach to financial and physical wellness.

Why gap cover matters at every age

While young professionals may not necessarily need gap cover for chronic illness, this does not mean they are immune to life’s ups and downs. Anyone can land up in hospital, whether it’s from a sporting injury, a car accident, or even an unfortunate fall off a ladder. There are real risks for people regardless of their age, which could leave them with thousands of Rands in medical expense shortfalls, even with medical aid cover.

Gap cover may have previously been seen as something for older people or families, but that perception is shifting, and younger financial advisors can play a unique role in changing the conversation around gap cover. The reality is that young people do not need a top-of-the-range policy from day one. Entry-level gap cover options are now available at more accessible price points, making it easier for young people to get started with basic protection that offers greater financial security than relying on medical aid alone.

On the same page

Young advisers entering the healthcare space are uniquely positioned to connect with their generation. The peer-to-peer connection builds trust, especially when the advice is grounded in real-life needs and not just a sales pitch. For advisers, it is also important to view financial planning holistically. When advising someone on their full portfolio, including investments, life insurance, and medical aid, gap cover needs to be part of that conversation. This also helps advisers to become a consistent and trusted presence in their clients’ lives, providing ongoing support and ensuring that cover and planning changes as their needs and circumstances evolve.

Younger brokers also have the advantage of digital literacy and the ability to talk to younger clients in a language they understand. With traditional media reaching fewer and fewer young people, social platforms and online education tools are becoming essential in spreading awareness. Younger audiences are consuming information on Instagram, TikTok, and YouTube, and in order to reach them, brokers need to be there too. It is also essential to make content digestible, in the form of bite-sized videos, infographics, FAQs and so on, to make information easy to absorb and share.

Laying the foundation for long-term trust

For young brokers and financial advisers, gap cover can become more than just a product to add to a client’s portfolio – it can become a gateway for deeper conversations about financial resilience. Advocating for gap cover early on and ensuring that client portfolios continue to evolve alongside their lives helps advisers position themselves as trusted partners for financial wellbeing over a lifetime. In a profession often associated with sales targets and commission structures, an education-led approach offers a powerful alternative that builds both financial literacy and long-term client loyalty.