Info

Information about insurance in South Africa.

What you need to know about Insurance South Africa.

What we at Insurance South Africa know is that there is one thing in life that we all need to pay every month and that is your personal insurance. Have you ever thought that you might be paying too much for yours? Most people are satisfied with their current insurance company in South Africa. You have to compare apples to apples in the insurance trade. Even if you can save just R200 a month on your insurance, you could consider moving to another insurance broker or company. R200 a month over 5 years = R12 000.

Yes, there are insurance companies in South Africa that will reimburse you with cash for using their services, (if you don’t claim for 5 years) but what if you compare their monthly installments with installments from other insurance brokers in South Africa and you can save more yourself if you take the difference and deposit the money into your own savings account and even get interest on it.
Prior to 1997 insurance in South Africa was pricier because people could not access the internet for better rates and had to rely on their local brokers. But the internet is here and we are here to help you save money. Apply for an insurance quote today!

Insurance South Africa

“A practice by which a company provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment…”

Intro

When building wealth and planning for the future aspects like saving, investing and retirement planning is very important. These are all key elements for insuring your financial health and will enable you to retire comfortably. Unfortunately most people underestimate the importance of the role Insurance can play in your overall long term financial planning. This is due to the fact that Insurance is seen as an expense adding no value to your financial status. The reality of it is that if an unforeseen event happens and there is no sufficient planning (Insurance) for it, it can leave you in financial ruins and you can lose everything you work so hard to accumulate.

There is a reason for the following saying: “You only value toilet paper when you really need it and there is none”

No one likes to think of the bad and unfortunate things that can happen. For this reason people neglect to spend the appropriate time to plan for these events. The purpose of this insurance website is to provide sufficient information to at least trigger the appropriate action to contact any of the companies as mentioned on the site.
When considering insurance quotes keep in mind the single most important factor in determining insurance premium is RISK. Therefor your risk profile will be different from other people and for this reason you have to make sure you are honest and precise when giving information to the insurance company. This will also protect you against non-payment of claims.
The most common types of insurance are the following, in principle you can insure just about anything if you are willing to pay the amount to cover the risk.

Types of Insurance:

Life
Life insurance policies are here for you to protect the beneficiaries of the policy against the loss of income that would result if the insured person passed away. In return for monthly premiums, the life insurance company administering the policy pays out a tax-free lump sum to the beneficiaries of the policy in the event of the death of the insured person.
A life cover pay-out is intended to replace the income provided by the deceased and can be put towards food, bond repayments, medical expenses and school fees.
You should update your policy regularly to ensure that you have sufficient cover. Marriage or the birth of a child, for example, could mean that you need more cover. To apply click here or to read more about our products click here.

Disability
They say that you have a greater chance of becoming disabled than there is that you will die. Could you imagine not being able to work and thus not being able to provide for your family and yourself, and then they have to care for you. Most disabilities are caused by illness and then you would have your family paying for your healthcare without you earning a salary. If you are having trouble to cope every month not being disabled, just imagine what it would be like without a salary.Speak to your employer, if they do not have a disability insurance policy, do some research and get yourself covered.

Accident
Auto – If the vehicle is financed this type of insurance is mandatory.

Health

Property – Its mandatory to have home owners insurance if you have a bond with a bank.

Further to the above you will classify Insurance as Personal or Business. Most insurance in South Africa companies will provide you with a complete package to cover all the above. This will also ensure lower premiums as opposed to single premiums for each type of insurance. Companies like Momentum and Discovery to name a few further enhance your complete package with reward programs to keep you loyal to their brands. Insurance is a very competitive market and there for make sure you shop around before accepting any quotes.

To apply for an insurance quote click here

Insurance Regulatory Body

The Financial Services Board or FSB for short is the governing body for all insurance in South Africa. It is a unique independent institution established by statute to oversee the South African Non-Banking Financial Services Industry in the public interest. The FSB is committed to promote and maintain a sound financial investment environment in South Africa.
For more information please refer to their website: www.fsb.co.za

Insurance Ombudsman

As a consumer you have certain rights. This relate to level of service, disclosure and fairness. If at any stage you feel you have been unfairly treated or received unsatisfying service you can contact the Ombudsman to make a ruling on the matter.
For long term insurance South Africa contact:
www.ombud.co.za
Mission statement:
“The mission of the Ombudsman is to receive and consider complaints against subscribing members and to resolve such complaints through mediation, conciliation, recommendation or determination”

For short term insurance contact:
www.osti.co.za
Mission statement:
“To resolve short-term insurance complaints fairly, efficiently and impartially”