TYPES OF INSURANCE
South Africa’s insurance market offers a wide range of insurance options for consumers to choose from. From standard life insurance policies to PLIP coverage, you will be able to find the right policies with the right premiums to suit your particular needs. However, before you go out to buy your insurance policy, you should first take the time to learn more about what each type of insurance has to offer.
Sure, insurance companies can help you save a lot of money during accidents and contingencies, but only if you have the right policies in place, and this is why information is critical when shopping for an insurance plan. To help you learn more about this subject, here are four different insurance policies that every person should know about.
A. LIFE INSURANCE
Life Insurance is the type of insurance policy that people take as security against their death. Not only does this type of policy offer compensation to designated recipients in the event of the policy holder’s death, they are also used to cover such expenses as funeral costs, loss of monthly income and other related expenses.
It’s also worth mentioning that life Insurance is one of the most common types of insurance policies offered in South Africa and it offers good protection to friends, colleagues and family members of the deceased.
B. HOME INSURANCE
Many insurance companies offer various home insurance packages to their customers. Several good examples include comprehensive coverage plans, basic/named perils and no-frills coverage. The variety of home insurance offered is not a coincidence.
Insurance companies design different types of insurance plans for different types of damages to a person’s home. A few good examples of such damages include break-ins, vandalism, damage due to poor construction and even natural catastrophes. So if you are concerned about your property getting damaged then you will need to take out a home insurance policy.
C. CAR INSURANCE
Whether a particular car accident is your fault or the fault of another driver, a comprehensive car insurance policy can save you a lot of money in repair costs and medical expenses.
This is why car insurance plans are necessary for all vehicle owners.
You don’t really know when you’ll end up in a car accident, but when you do, your car insurance policy will cover both your vehicle repair costs as well as your medical bills. If, however, you are the one who is at fault in the accident then your policy will cover the medical and repair expenses of the other party, thus saving you from further expenses. So either way, you are protected.
D. HEALTH INSURANCE
Finally, we have health insurance policies, and they are the type of policies that can cover various types of accidents and illnesses. These types of insurance policies are designed to reduce their policy holder’s medical expenses, which basically means that they are necessary for practically all kinds of people.
Whenever you or anyone included in your plan suffers a serious illness, this policy can be tremendously helpful, particularly if you are short on available funds at that time.
E. BUSINESS INSURANCE
Business insurance is a comprehensive policy that includes a number of different types of coverage. In general, companies select the types and amounts of coverage they need with respect to their size, the nature of the operations and the products or services they offer. Definitely, you should consider getting such type of a policy.
F. FUNERAL COVER
There are two things in life we can be certain of, death and taxes’ Well if death is a surety then funeral cover would seem to be a very obvious. Funeral covers are designed to provide your family,relatives or beneficiaries with money to pay for your funeral arrangements when you die.
G. TRAVEL INSURANCE
Travel insurance is a type of insurance that covers unforeseen events while traveling. This can be an illness, accident, lost baggage and other expenses caused by unexpected delays. Traveling, especially long distance international can be fraught with problems.For instance, on reaching your destination you may sprain and brake your ankle.