Insurance Policy Tips for You

Here is a comprehensive list of insurance policy tips for all South Africans.

An insurance policy is a contract signed between a person and an insurance company.
Its aim is to protect the person against a loss of any kind.
The policy benefits its owner by providing him/her with finance in case of an emergency.
In today’s world, an insurance policy can mean the difference between financial hardship and financial security.
There are many different options now available when it comes to insurance. Therefore it is hard to find someone who does not have cover in one way or the other.
These days you have to be insured to do almost anything and everything – from driving a vehicle to owning a pet.
You will also find that within the more general forms of insurance, such as medical insurance and life insurance (also known as life assurance), there are more specific types of insurance as well. This is all in an attempt to make insurance policies more suited to people’s needs.
Owning an insurance policy is a very important and beneficial thing. You should take this legal contract very seriously.

Research must go into the process if the owner of the policy is to benefit maximally. And the potential life policy owner should be ready to face a large amount of paper work and insurance jargon. They will eventually have to go through and understandit all before they can purchase a policy.
To avoid this, most people hire an insurance broker to take care of this part of the process for them. However brokers can’t always be trusted to put their clients’ needs before their own, even for life insurance. The more ignorant a client is of the policy acquisition process, the more likely their broker is of taking advantage of their ignorance. To make matters worse, some insurance companies can also take advantage of a client’s lack of knowledge by allowing them to buy policies that don’t necessarily favour their interests.
To make sure you buy the best insurance policy possibles, make sure you do your own in-depth research on insurance. You will find that it is much easier to understand than you imagined it to be. It also helps to talk to friends and family members who own insurance policies of their own. Even though you may not be interested in the same policies that they have, it will give you a rough idea of what you should expect.

The leading insurance companies in South Africa – such as Old Mutual, Discovery Life, Sanlam and Liberty Life – also offer advice from their own financial advisors – especially for the more complex insurance policies. They will go through the terms and conditions of your preferred insurance policy with you. And they will help you understand it better before you sign the contract. Through this process, you will be able to identify the insurance policy that best suits your needs; it could also help you avoid buying multiple policies and instead buy one that covers many different losses.
Going about this process in the right way could be the difference between making a wise decision that will benefit you for the rest of your life and a terrible decision that can make you regret ever getting insurance.

Last tip: Complete and submit the form on this page to get a life insurance quote

All info was correct at time of publishing