What to Remember About Insurance

One of the unavoidable realities of growing up (along with wrinkles, children, and a low metabolism) is that you end up thinking about things like insurance and how much it is affected by what is going on in the country you live in, South Africa. There are several dynamics at play in South Africa that are causing many people to reconsider their approach to insurance in general and to specific aspects as well. There are a multitude of factors that compound insurance issues in South Africa, but perhaps the three that affect the most people are the high crime rate, the hesitant if not faltering economy, and the lack of access to good, free or subsidized public health care. We all want to look after our families as best we can in trying times and in order to do that we have to spend money on insurance although few us enjoy spending our money on something that we may never use.

The possibility of our homes being burgled or our cars stolen or damaged is fairly high in South Africa and we all know that we need to protect ourselves again any possible losses in order to limit the economic damage we will suffer should it ever actually happen. The problem is that when we take out insurance for our homes not all of us know how to adequately insure our possessions often end up under insured. Of course you may never even realise this until the day you come home to a burgled home and start making lists of everything that is missing. Then you contact your insurance company, and there are many good and not so good ones in South Africa, and they tell you how much they will compensate you and it doesn’t even come close to the value of what you have lost. To avoid this you simply must update your household inventory list on a regular basis as many things lose value over time.

When it comes to medical care and insurance in South Africa one really has to get the best insurance you can afford. The only way to do this is to really understand the most critical needs of you and your family and to prioritize them. Only then should you start shopping around for the insurance company in South Africa that can give you the best possible deal. Do not be afraid to negotiate on this and compare quotes and even haggle with insurance companies. They want your business as much as you need their insurance and you should not settle for anything less than the best.

With the economy still reeling and unemployment growing, many people face the scary prospect of not being able to pay their insurance premiums. If you don’t pay your premium it will lapse and then you will really be in a mess if anything goes wrong. Many people in South make the mistake of thinking that insurance is a nice to have luxury and their insurance policies are the first things to go when they hit a rough patch. This is a serious mistake, as your insurance may the one thing that saves you when the unexpected happens.

No matter how tough times may get in South Africa, and certainly they may remain so for a while, insurance is an ever present reality from which we cannot shy away and we would all do well to review our status on at least a six monthly basis.

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