Insurance is not required by law in South Africa. Given this fact, most South Africans choose to save a small bit of money and go without the insurance. In the long run, but, this has proven to be a very costly mistake.
We can learn a lot from financial institutions in regard to the importance of insurance.. Banks will very often require car insurance before approving your auto loan. Banks also require homeowners insurance and sometimes life insurance before approving a home loan. Doing so protects the bank from financial losses in the event your property is lost, stolen or hurt or in the event of your death. You are also protected since insurance cover will provide you the means to pay the bank under these circumstances.
Knowing this, doesnt it make sense to protect yourself without the bank requiring you to do it? If youve made the choice not to insure your property, or yourself, take a moment to review the most common types of insurance and their benefits.
For most of the South Africans life insurance is most underused tool. Many of us know that with life insurance is generally linked and done to pay off some specific debts such as home loans. But instead it has got a lot more than just paying off our ancient debt. With a excellent life insurance policy we can make sure that even in our absence our family dont need to compromise on its lifestyle. The right policy for your family ensures peace of mind to you and your loved ones.
South Africa is a leader in providing life insurance for people with HIV/AIDS. Thanks to the growing success of the treatment of this disease, South Africa is now one of two countries in the world where people with HIV/AIDS can buy insurance cover.
South Africa is one of the countries where a driver is not required to buy Car Insurance to drive. Approximately 65 percent of car owners in South Africa do not have any form of insurance coverage one way or another. Insurance cover should be necessitated by the looking hard at the risks involved when driving. The risks range from accidents, hijackings and thefts which are an everyday occurrence. If one cannot afford to pay for repair or replace hurt property, medical expenses, property hurt caused by fire or theft, then it is best recommended to have car insurance. A complete Comprehensive Cover policy should protect you in all these situations.
If you are a houseowner you most likely have homeowner’s insurance.But if you are a tenant,you should reckon about renter’s insurance to safeguard your property in the time of fire, theft or other disaster caused to your belongings.To lessen your premiums for these policies, you may add voluntary surplus money and add safeguard devices.for houseowners, should not add the value of the land your house is existing on when you calculate your house’s value.No matter what happens to your home, the place will be there.
You might reckon that insurance is an unnecessary expense. It may seem so, but what would you do if you had to pay to have your or another person’s car replaced following an accident? Just reckon about how hard it would be for your family to get by if you were to die suddenly. This type of thing happens to people every day, but you and your family don’t have to be among them. Don’t wait any longer, start looking for the insurance you and your family need to be safe.
Shouldn’t you do this to protect yourself, whether your bank says you have to or not? If you don’t carry insurance on yourself or your property, you should really take the time to look at these kinds of insurance, and why everyone else has them.
Tom Martens is the syndication coordinator Insurance-south-africa.co.za. South Aricas leading Insurance information portal.
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