Insurance
Nov 29, 2021 2021-11-29 10:10Insurance
Insurance
Requirements
- No Pre-Requisites
Course Description
we have given you. Now we look at what happens if you lose your job, what happens if you are in an accident or your house burns down? How can you protect your assets and also yourself from such an unexpected & costly event? Most of us feel confident about our future and our ability to tackle unseen circumstances and understand insurance to be an unnecessary spend.
Managing your risk requires an insurance policy. So what is this insurance all about? Insurance refers to transferring the risk of a financial loss you might experience due to life’s uncertainties to an insurance policy through a licensed insurer. There are different types of insurances but for this financial health guide, we will cover liability, medical and life insurances.
Types of Insurance
• Liabilities
This type of insurance is a short term one covering your assets such as home, car, phones, furniture other important assets. This type of insurance covers you against theft, fire or loss through monthly policy payments to insurers. The licensed insurer in turn financially compensates you if any of these events occur and are proven. Losing a valuable asset such as a TV can set one back as you would have to dig into your emergency fund to purchase a new one. But if you have a policy, insurers will replace your asset on receipt of a claim.
Another type of liability insurance is disability and loss of income covers. These cover one for an event of being disabled and as a result cannot perform any work & loss of income cover one for financial loss through retrenchments or death of a breadwinner.
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Medical
Medical insurance allows one to receive the best medical treatment when they fall sick without having to be attended at public hospitals where large numbers of people are treated by a limited number of medical resources. It is however not a huge risk if one can not afford to take medical insurance as the South African government provides for medical needs at public hospitals. It is an optional option for those wanting to ensure that they are treated at hospitals where resources are not limited such as private hospitals. The licensed insurance company settles all the expenses related to an illness for which you need treatment. Most medical insurances cover hospitalization, daycare, post, and pre-hospitalization.
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Life
Life insurances cover one against death, disability. The insurance policy is paid over a lengthy period of time and on death, disability or loss of a breadwinner, the insurer pays out a lump sum to the beneficiary of selected beneficiaries on death.
Taking an insurance policy gives one peace from any future financial risks. Do the right thing and research the best insurer to suit your pocket and needs. No one must ever lead a life without appropriate insurance cover.
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