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Each and every one of us is exposed to a multitude of risks every day, from car accidents and burglaries to serious illness. As parents and breadwinners, how do we protect our families against these risks? The answer lies in insurance.
Insurance provides financial protection against risks and guarantees compensation for losses in return for periodic payments, or premiums. But does your family have the cover it needs? The following should be on your insurance check list:
Life insurance: A life insurance policy will pay out in the event of your death, a payout that can be put towards educations costs, unpaid debt, living expenses etc. Both you and your partner should be covered, even if one of you is a stay-at-home mom or dad. Remember to review your policy regularly to ensure you have enough cover. Life changes like the birth of a child or additional debt signal the need for additional cover.
Short-term insurance: This type of insurance insures your home and household contents as well as your cars, bicycles, quad bikes, boats etc. Don’t forget to insure your laptops and mobile phones as well. Review your policies regularly to make sure that you are not over or underinsured.
Disability cover: With disability cover you can insure your income against the day that you are disabled and medically unfit to work.
Dread disease cover: Serious illness is a reality for all of us. Dread disease cover will provide financial compensation if you fall victim to cancer, a stroke or heart attack etc.
Medical aid: Ensure that your family always has access to the best medical care available. A medical aid policy is a must for all family members.
Funeral insurance: Last but not least, take out funeral insurance for the whole family and you know that funeral costs are taken care of. Sometimes funeral cover is included in your life insurance policy but be sure to buy funeral insurance for those family members who do not have life insurance policies.
