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 Car repossessed – don’t be taken for a ride
When the country is facing an economic downturn, chances are your finances will feel the pinch. This can lead you to make bad financial decisions such as skipping your vehicle payments. But every decision has consequences and if you don’t pay your instalment, the bank will repossess your car. But what can you do when this happens?
Someone got injured on my property – now what?
Life is unpredictable and no matter how careful we are, accidents happen. But what if someone has an accident while visiting your house? Your guest could fall off the stairs, slip on the floor or get bitten by your dog.
Can’t pay rent? This is what you should do
We all face challenging circumstances at times. For many of us, this may mean we’re unable to afford the basket of goods we usually purchase each month, and for others this may be as drastic as being unable to pay rent. So, what should you do if you find yourself in the latter category?
Travel insurance can rescue you when stranded in another country
Before travelling abroad, it’s always advisable that you purchase travel insurance. This insurance helps in case an unfortunate incident occurs. It covers not only your medical expenses when you get sick, but also the cost of transportation of your body if you pass away while you’re in another country. But what if you want to leave the foreign country but you’ve no means to make your way back home?