What Insurance Companies Offer

Car insurance, household insurance, life insurance… Yes, insurance is one of the most important aspects of our lives when it comes to financial planning. Finding out what insurance companies offer is important. You need to find the right broker amongst the variety of insurance companies in South Africa is important. So how do you make sense of all the options on the market?

What Insurance Companies OfferWhen you start thinking about your life and what insurance companies offer, consider whether your family’s future is at risk so that you can properly understand which policy is the best for your particular circumstances. Many people rely on the expertise of an insurance broker, advisor or even sales representative to guide them towards the right decision – whether for motor insurance, household insurance of life insurance. This is not a fool-proof approach, though. Some representatives may be biases towards a particular company or policy and there are those who may try to manipulate you into purchasing their product for their own benefit.

What Insurance Companies Offer

All you really need is a bit of guidance to assist in determining the best possible life insurance policy for your circumstance. Here are five quick tips to help you to plan so that you are not running blindly into purchasing a product that you aren’t completely sure of.

    • Understand your needs. You are the only person that can fully understand your financial situation. Do not let someone else tell you how much life insurance you will need. There is an easy way to determine your needs: add together your debt to your estimated funeral costs and six to 12 months of salary replacement. The sum of these will give you an idea of how much cover you ought to invest in.
    • Finding the perfect plan. Once you’ve arrived at an estimate of how much life cover you will need, consider the type of policy that would best suit your requirements. Today life insurance is available in a variety of options but there are a few main types: whole life; term; variable life and universal life insurance. The insurance companies should be able to clearly explain the difference between the policies.

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  • Understand that insurance is not for investment. Term insurance only provides protection without a savings element. Whole life and universal policies, though, do offer a savings component but they are a lot pricier. It often works out better to pay for term insurance and use your cost savings to invest as you wish.
  • It’s okay to ask questions. Be sure to understand a policy inside out before you invest in it. Find out if the product, or policy, is renewable and whether or not it can be cancelled. Enquire as to how long the premiums are guaranteed for and if there are any exclusions and what they are.
  • Compare products. When you are looking around for prices compare similar products in order to best determine the right policy for you and your family.


Next step: complete and submit the form to get a life insurance quote now!

 

All info was correct at time of publishing