What is insurance?
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 totalled with an insurance company. For a monthly fee – known as a premium – they 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. You will then pay this indefinitely, and the insurer will assist you if anything goes wrong.
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, each covering a specific asset or event. Here’s a breakdown of the most common kinds 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.
This allows you peace of mind during a trying time, and the confidence of a dignified send-off. However, do not 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. This beneficiary must be financially dependent on the policy holder – otherwise known as having insurable interest in the policy holder.
For example, a husband who relies on the income of his wife, or children who rely 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.
Car and home insurance
As your largest physical assets, it’s important 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 car and home insurance here.
If you are involved in a car accident, your car insurance will make sure the costs of your vehicle are taken care of. But what if you are disabled during that same accident? What does that mean for your financial future? And, in particular, your job?
Disability cover protects you if you are unable to work due to permanent illness or injury. If you are involved in the abovementioned car accident, 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.
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.
So 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 car 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.
If you have any questions about insurance, refer to our handy insurance guide or get in touch with us on our Contact Us page.
Ask our experts
- Life Insurance
- Hospital Plan
- Home and Car Insurance
- Funeral Cover
- Disability Cover
- Medical Aid
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