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The importance of having insurance

24-Nov-2017

Ensure you are protected if anything bad happens.


Author: www.standardbank.co.za

Things like car accidents, property damage, illness and death can happen to anybody, and if you don’t have insurance, you could end up with real money worries.

Insurance protects you against risk

Every day, you and your family are exposed to risks that could cause you to suffer financially. These include:

  • The risk of dying and the financial impact this will have on your surviving family.
  • The risk of losing your car or home due to loss or damage from accidents, fire or theft.
  • The risk of having an accident or serious illness that could stop you from being able to earn a living.
  • The risk of not being able to pay off your debt if something happens to you.
Having insurance will help you to deal with these risks without putting a strain on your finances. That’s because when you buy insurance, you transfer the cost of a potential loss to the insurer in exchange for a fee, known as the premium. Insurers then invest this money in order to pay you out if you have a claim.

Types of insurance

Most banks offer different types of insurance to protect you against risk, including:

Life insurance

To make sure your family has money after your death. (If your bank does not offer life insurance, you should get a quote from a reliable insurance company).

Home and car insurance

To protect your house, its contents and your car against loss or damage from accidents, fire or theft.

Funeral insurance

To cover funeral expenses after the death of a loved on.

Loan insurance

To pay off your debt if anything happens to you.

Accident and Health insurance

To protect you against the cost of serious illness and accidents.

It pays to shop around!

Make sure you get at least three quotes from different insurers before you buy any type of insurance policy. Getting quotes before you buy can help you get a better deal!

Read the original article at www.standardbank.co.za

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