today's fast paced, technology driven and increasingly commercial
world we are expected to
'get with the program', as it were, and
become instantly familiar with all the new products available on the
market and the jargon that goes with it.
For some this is a simple matter, but for others it means sometimes
having to ask seemingly obvious and therefore embarrassing
questions. The same here can be said of understanding insurance,
and the various insurance packages and options available.
all have some kind of idea about the purposes of insurance, that is,
we understand that by ascribing to a particular insurance package we
can financially protect ourselves and our possessions, but not
everyone is fully aware of what this actually entails, what
insurance packages are ultimately available and where you can go to
the end of the day, though, understanding insurance is not as
difficult as it may initially seem, for all it really boils down to
is an understanding of your own needs, and assessing the risk
factors in your own life.
For instance, then, have you recently bought a new house, car,
computer or any other possession you believe to have value and now
have nightmares about it either being broken into, stolen, or
damaged? Have you started wondering what would happen to your
spouse and children if you had to suddenly be diagnosed with a
dreaded disease, become disabled through an accident or worse? Are
you planning a family or even a solo holiday around the country or
overseas and are afraid of what might happen in you were injured or
lost your luggage en route? Are you starting up your own business
and would like to secure financial support for you business assets?
you can answer yes to any of these questions, then you are well on
your way to understanding insurance and what it can do for you, for
these are the basic assessments you would need to make when deciding
on which insurance package is best suited to your current needs.
The next step in understanding insurance is to select the specific
insurance company with which you would like to insure, and the
specific package tailored to suit your own budget.
With this in mind
it is helpful to know that South African insurance companies usually
fall into two categories. Firstly, general insurance providers,
like OUTsurance and SANTAM among others, who offer coverage for a
wide range of insurance needs, including motor, household and
Secondly, there are the specific insurance providers, like 1st
for Women and Sanlam, again among others, who offer more specialised
insurance options, covering either one or two insurance market
areas, usually for a specific target market.
Ultimately, though, the key to understanding insurance lies in the
realisation you need not be afraid of doing research, of comparing
the various packages offered by South African companies and
assessing how much you can afford in the way of insurance premiums
before ultimately making a final decision.
Insurance allows you to practically prepare for those situations
where financial support is most needed, and so you need to be just
as adequately prepared to be able to make the best possible
Short Term Insurance
Definition of Insurance