If you have a family, be it a spouse, children, or ageing parents with medical or other needs, life insurance will ensure they are taken care of should anything happen to you, and you are not around to care for them financially. It will pay out a lump sum which can then be used by you or your loved ones to cover any financial obligations - from funeral costs to outstanding home loans. As someone once said, “You don’t buy life insurance because you are going to die, but because those you love are going to live.”

“Experience taught me that working families are often just one paycheck away from economic disaster,” said a US politician. Add today’s extremely high medical costs and bankruptcy can easily follow an illness or accidental injury in the absence of medical cover.

The situation in South Africa is no different. Having medical aid through membership in a medical scheme, which covers you for general medical and hospital expenses, or medical insurance, which ensures you receive a payout if you are hospitalised and cannot work or earn a living, is essential.

You should also include gap cover, for when, as is almost guaranteed given the often-astronomical fees charged by specialists, your medical scheme option either does not cover, or cover the full costs of your procedure or hospital illness. 

Dread disease is an illness which is critical and severe, such as cancer, heart disease, organ failure and neurological or gastroenterological conditions. Of these, cancer poses the highest risk, with CANSA reporting that one in four South Africans is affected by cancer either through a family member, friend, colleague, or self.

Treatment for cancer or any other critical illness is long and expensive and impacts a person’s ability to work, leaving many families in a financial crisis. Dread disease cover protects your family from unnecessary strain, leaving you free to focus only on getting better. To quote Winston Churchill, “Let our advance worrying become advance thinking and planning.” 

Always plan ahead. It was not raining when Noah built the Ark.” (Richard Cushing). No one wants to imagine that their home could be destroyed or damaged by events such as fire, water or storms, underground movement that affects its foundations, or even malicious harm. And yet if you own a house, which is the biggest expense you will ever make, if the unimaginable happens it could easily impoverish you overnight. Building insurance will help you sleep at night, knowing your biggest asset is protected.

Along with that, you should also insure your home contents – or at least, particular items which would be very costly to replace if lost. It is advisable to use the services of a professional valuator to ensure you do not underestimate what it will cost to replace everything in your home in the event of a fire, flood, or structural collapse.

In a country like South Africa where public transport is a nightmare, your car is one of your most valuable assets. Whether to drive to work or for shopping or leisure, your car gives you the freedom to independently access everything you need outside your home.

But accidents happen. Hijacks and vehicle theft also happen, more frequently than in most other countries, and when they do, your life can come to a screeching halt. In this environment, you cannot afford not to have car insurance if you want to get back on the road quickly. Rather “prepare the umbrella before it rains” and insure your car to protect yourself financially if you are involved in a car accident or suffer a loss through fire, theft, vandalism, or an act of nature.

If you are unsure whether you are adequately covered by these five most important categories of insurance, please book a consult with one of our team, who will give you proper, independent advice and provide you with a quote that is a perfect fit for your needs.