Insurance is not required by law in South Africa. Given this fact, most South Africans choose to save a little bit of money and go without the insurance. In the long run, however, this has proven to be a very costly mistake.
Financial institutions can teach us much in relation to the importance of insurance. Banks normally ask for motor vehicle insurance before they grant your car loan. They also demand homeowners insurance and at times even life insurance before approving a home loan. This shields the banks from incurring losses in case your property is lost, stolen, or destroyed or if you happen to die. You are also covered because your insurance will help to compensate the bank if you ever happen to be in the above named situations.
Armed with this knowledge, wouldn’t it then make sens to protect your assets, even if the bank doesn’t require you to? The decision to not obtain insurance coverage for your assets is a big one. Take a look at these common types of insurance and see if any of them would be of interest to you.
A good number of South Africans do not take advantage of all their insurance options, with life insurance being the leader. While many of us know that decreasing term life insurance is linked to things like home loans, it can provide more for you then paying off debt. Life insurance can maintain the standard of living for your family in the event of your passing by providing your beneficiary the payout of the policy. Obtaining the proper life insurance will ensure your family has security.
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 purchase insurance cover.
South Africa is one of the countries where a driver is not required to purchase 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 damaged property, medical expenses, property damage 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 think 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 think 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 think 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.
Related posts:
- Comparing Insurance
- SA Car Insurance
- Finding Short Term Car Insurance
- How To Get A Car Insurance Quote Online
- Can You Save Money by Comparing Insurance Quotes
