Family Life Money

Different types of insurance you need to have

July 19, 2016

You won’t necessarily need to have every insurance product on the market. However, there are insurance policies to invest in to make your life simpler. Choose insurance policies which cater to your budget and the needs of your loved ones.

Health insurance

The cost of medical bills have skyrocketed. A couple of visits to the doctor can cost you more than R2000 if you don’t have medical aid to cover the costs. This is enough reason to invest in health insurance, as well as dental insurance. Serious injuries which can lead to hospital stays cost as much as a one week stay at a resort. The cost of surgery is even more expensive and leaves behind a hefty hole in your finances. Some might see health insurance costs as a financial burden, but the cost of not being covered can cost more in the long run.

Car insurance

You’re not required to have vehicle insurance as it’s an insurance policy you can live without, however it can save you from a financial burden you may face in the future. If you are involved in an accident, and the other party’s property is damaged, you could be subjected to pay the total sum of the  costs. Accidents can happen in an instant and the results could leave you in a financial crisis. There are a number of car insurance policies to choose between that cover your specific needs.

Life insurance

Life insurance caters for your loved ones who are financially dependent on you. Life insurance financially secures your spouse, children or anyone else who would face financial hardships if you died. Out of all insurance policies, life insurance should be a priority on your list but only if you have dependents. Consider your annual salary, plus the number of years you are prepared to remain employed and select a policy that will replace your income in the event of your death. For many, death is not something that we wish to discuss. However, the cost of living for your family without your salary might place a burden on your loved ones.


Homeowners insurance

Replacing any damage to property is a costly aspect of any home. With the right homeowners insurance you can ensure the process of replacing home contents will be a much simpler one. Choose a policy which covers the replacement of the structure and the contents, as well as the cost of living somewhere else while your home is being repaired. You work hard for all that you own. It’s important to cover goods you have worked hard for.

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