For many people insurance is something they know they ought to have, especially in South Africa where accidents and loss or damage to property are quite common.
If you are new to the world of insurance or would like to make sure that you and your family are adequately covered, this introduction to the various types of insurance may answer a few of your questions.
Remember to consult your financial advisor if you would like more information on the types of insurance on our checklist:
Most people are familiar with this type of insurance. Simply put, a life insurance policy pays a certain amount as a lump sum in the event of your death to a beneficiary or beneficiaries that you specify.
There are two types of life insurance: whole life term and fixed term. The whole life term option means that no matter how old you are, the insurance policy will pay out. If you opt for a fixed-term policy, you will be covered only for the term of the policy.
This type of insurance is a must in South Africa where car thefts are unfortunately quite common. In addition to insurance against theft, accident insurance is a must for every road user.
If you are a homeowner, you will be well aware of this insurance type. Home insurance is designed to protect your most valuable asset from fire, theft, flooding and freak accidents.
If you own a business as a sole proprietor or partner you should ensure that your company is well insured. From theft to employee errors, there are numerous losses your business could suffer unless you have comprehensive business insurance. Your financial advisor can help you to select a tailor-made package that suits your individual business.
If you’re prepared to insure your assets, you should be ready to insure your source of income – yourself. Health insurance, also known as medical aid, is an essential insurance type. If you fall ill or need surgery, the cost of private healthcare can be staggering. With health insurance you can rest easy in the knowledge that your medical bills will be paid