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What type of insurance do I need?



Insurance is something most people don’t like talking about, and for fair reason. It usually kicks in if things aren’t going right! But it’s best to be prepared, and ensure you have a comprehensive insurance policy that covers you, should the worst happen.

So with so many different types of insurance, how do you know which is the right one for you? Let’s take a look:

Life Insurance: When one of the income earners in the house passes away, often the family’s ability to meet the financial commitments is compromised by the fact that the household income has now reduced substantially. Life insurance can provide an essential lump sum payment for your family and dependents to take care of the family commitments, debt repayments, or children’s inheritance.

Trauma Cover pays out a lump sum should you be diagnosed with a range of specific health issues. This money can fund medical treatment, replace lost income, or simply provide financial certainty for your family while you’re unable to work.

Income Protection Insurance protects your greatest asset – your ability to earn. If you are ill or injured and are unable to work, income protection insurance can provide you with a monthly income for the duration you are unable to work, safeguarding you and your dependents against ill-health. Without an income, debts and expenses can mount up quickly.

Mortgage Repayment Cover is a monthly payment that covers your mortgage repayments should you be unable to work due to sickness or injury. It’s recommended you take out this insurance when you take out your home loan.

Total & Permanent Disability Cover can pay you a lump sum in the event you are permanently unable to work in your area of expertise. This payment is often used to reduce home loan and used in conjunction with Income Protection Insurance.

Health Insurance gives you access to the best healthcare available. Having health insurance means you can receive advice and treatment when you need it, without the added pressure of paying expensive medical bills. There are a range of health insurance policies available which can cover you from day to day costs to operations and hospitalisations, as well as tests and scans to diagnose health issues. You can also add on extra coverage for everyday things such as dental work or optometrist visits. It is important that you understand what is covered before you take out a health insurance. When it comes to customising your level of insurance, we take into account your personal circumstances, budget, and life stage. Since life is always changing, we also regularly check in with you to ensure your level of cover is still correct. Give Samrita Sachdeva, our Insurance Advisor, a call today on 022 598 2457 and she can help determine a policy that will best fit your needs.

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