Insurance protects you from the unexpected, such as damage, illness, or death. It serves as a form of risk management, where you either share or relinquish the responsibility of extraordinary events.
For example, you can share the risk of your house burning down or your car being damaged with an insurance company. For a monthly fee – known as a premium – an insurer will either cover the full cost of any damages or a reasonable portion thereof.
When you apply for insurance, the insurer will assess the extent of your risk and calculate your unique premium.
Since it’s impossible to predict whether you will be involved in an accident, it’s always best to be prepared. No matter how substantial your emergency fund may be, covering a sizeable medical bill can bankrupt anyone.
There are many kinds of insurance policies available, and each covering a specific asset or event. Here’s a breakdown of the most common types of cover:
A funeral plan ensures that the cost of your or your loved one's funeral is covered. This includes the burial fees, the costs associated with the wake, the undertaker fees, and the transportation of family members to the funeral venue and graveyard.
This allows you peace of mind during a trying time, and the confidence of a dignified send-off. However, don’t confuse funeral cover with life cover. Although the premiums are lower, funeral cover will not support family members who were dependent on a breadwinner who passed away.
Get funeral cover here.
Life insurance covers a chosen beneficiary in the event of your death and retrenchment. This beneficiary must be financially dependent on the policyholder – otherwise known as having insurable interest in the policyholder.
For example, a husband who relies on the income of his wife, or children who are dependent on the income of their father. In either situation, the beneficiaries will suffer a long-term financial loss on top of the loss of their loved one.
Depending on your unique life insurance premium and your policy's terms and conditions, your chosen beneficiary will be taken care of if something happened to you.
Get life insurance here.
Vehicle and home insurance
As your most considerable physical assets, it’s essential to make sure your car and home are protected – especially from accidents and unexpected events, like fender benders and home break-ins.
Each car insurance provider will offer a different package, and it’s your responsibility to make sure you’re sufficiently covered for your unique needs. Take note of the following components: comprehensive cover, liability cover, collision cover, and personal injury protection.
Home insurance, on the other hand, is divided into two categories. Homeowners insurance, which covers loss or damage to the actual building, and home contents insurance, which covers the items inside your home.
Get vehicle and home insurance here.
If you’re involved in a car accident, your vehicle insurance will make sure the costs of your vehicle are taken care of. But what if you’re disabled during that same accident? What does that mean for your financial future, and your job?
Disability cover protects you if you’re unable to work due to permanent illness or injury. If you’re involved in an accident causing a disability, a lump sum will be paid out to you. You can use part of this to pay for your rehabilitation and invest the rest towards a fund that will pay you a “salary”.
Get disability cover here.
Credit Life cover
This is the cover coupled with any credit, both secured and unsecured, that safeguards the consumer and the credit provider against loss of premiums.
This means that should you as the consumer end up in a position where you’re unable to afford your premiums due to retrenchment, dread disease, death, and disability, your premiums will be covered. Depending on the situation the cover will pay out for between six months to one year.
To allow yourself peace of mind should the worse happen, get credit life cover here.
Insurance through Justmoney
You can apply for any of the above insurances through a variety of investment and financial institutions. But nowadays non-banks are offering safe and simple insurance options at the click of a button.
Where does Justmoney fit in?
We act as a bridge between you and your ideal insurance provider to ensure the best offer for your financial needs.
Whether you’re looking for vehicle insurance, life insurance, funeral cover, insurance for your business or cover for those tricky home expenses, Justmoney has a solution for you. Make your selection below and get well on your way to covering your family and assets.
Ask our experts
Featured How to handle a tenant’s deposit
When you get a new tenant, you’re likely to put them through a thorough vetting process, and use the tenant’s deposit as insurance that your contract will be abided by. However, are you aware of the legal requirements regarding a deposit?
What will happen if you lie on your life insurance application?
If you're considered high risk, your insurer will likely charge you higher premiums. Therefore, it may be tempting to lie on your application. But this could have dire consequences. We got in touch with insurers and found out what these consequences are and what you need to do to ensure your claims are paid out.
Prevent your car from being stolen
December is one of the busiest months of the year. Unfortunately, it’s also the time when you must be alert and keep an eye on your possessions. Vehicle theft is one of the leading crimes in South Africa and it usually spikes during the festive season.
New homeowner? Be aware of these extra expenses
You’ve overcome all the hurdles of buying a home. You’ve managed to pay your deposit and your closing payments, and now you’re a proud title deed holder. However, there are other expenses waiting around the corner. Are you prepared?