Types of South African Insurance Companies: There are many types of insurance available to consumers in South Africa. For anything valuable that you own, there should be a type of insurance that will cover it. Here are the most common insurance types.
Types of South African Insurance Companies
Car Insurance
If you get into an accident or become a victim of car theft, car insurance will become quite handy. Cover your car for damage, theft and any injuries you may endure while driving. There are many brilliant car insurance companies in South Africa that are readily waiting to offer you the best deals.
Funeral Insurance
Funerals can be quite expensive, and they are not something anybody looks forward to having to deal with. Having funeral insurance that will payout when you pass away is an excellent way to lessen the emotional distress that your loved ones are bound to be experiencing.
Life Insurance
Life insurance is taken out in order for a person to provide for their loved ones when they pass away. Monthly premiums are paid to the insurance company, and in the eventuality that the insured person dies, money is paid to their beneficiaries.
This is especially important for those with children, and who are the breadwinners of their families, as the money paid out will allow those left behind to keep up with financial responsibilities.
Home Insurance
Insurance should be taken out on all expensive possessions inside your home. This ensures that in the event of something being stolen or damaged, the insurance company is there to assist you in replacing valuable items.
Make sure that with your home insurance, you are covered for both the building and its contents.
Business Insurance
For business owners, insurance is incredibly important. When you have a business, you are not only responsible for your livelihood and goods, but also those of your customers/clients and your staff. Potentially disastrous situations can be prevented with the right insurance cover.
Medical Insurance
Similar to medical aid, medical insurance covers you against medical emergencies. It covers situations such as accidents or sudden medical problems arising, like broken bones. It does not work quite like medical aid, in that it is slightly more limited, but is usually much more affordable.
For those who do not see doctors often and simply want a backup plan for unforeseen emergencies, this is a great option. Some medical insurance companies offer the usual day-to-day basics but these, too, are usually limited.
Conclusion
Whether you are looking to take out your first insurance policy, or are looking to change companies, hopefully, this article has helped to make things clearer. We suggest sitting down when you have a few moments to yourself, or with any other affected parties, and do research.
Use this guide to help you sift through all the confusing insurance jargon and exaggerated information that you find all over the internet.
The most important thing to remember is that even though having insurance can be expensive, it can be more costly when something happens and you don’t have insurance. Having the right plan means you can breathe easy, knowing that you are insured no matter what life brings.
