Types Of Insurance
Comparing all Types of Insurance by Graham McKenzie
Insurance is a confusing business. Odd terminology, fine print and high pressure tactics may keep you from really researching and comparing your options. While quick insurance shopping may get you a policy, it probably wont get you the right insurance policy.
There are many types of insurance out there and countless policies offered for each insurance type. Educating yourself about how the insurance system works should be your first step before choosing a policy.
It may surprise you to know that 65% of South Africans have no auto insurance at all. When we take the incidents of accidents and road injuries, this shocks us.
Auto cover comes in three forms. Third party is the minimum coverage and protects you if you injure someone or damage someone elses property in an auto accident. Third Party Fire and Theft includes cover provided under Third Party and adds protection for damage caused by fire, theft or attempted theft. Comprehensive coverage adds to this by providing protection for your vehicle in an accident that is your fault.
To ensure that you aren’t paying too much for expensive auto insurance, be sure to compare prices and quotes. To reduce your costs, try negotiating with the Insurance Companies for a lower rate. Also, think about asking for higher excesses, as well as increasing security measures to further reduce your premiums.
Term life insurance is the least expensive option and provides cover for a specified amount of time or can be linked to specific debt obligations. Term life is beneficial for families that may have a large amount of debt that will be paid off by the end of the policys term.
Whole life insurance is permanent insurance that remains in effect as long as the premiums are up to date. The policy does not need to be renewed and the premiums remain the same throughout the life of the policy. It provides your beneficiaries a lump sum at your death regardless of when that occurs.
Universal life insurance cover is structured the same way as whole life in that it is permanent insurance with level premiums. In addition, it adds provides financial products such as a savings plan, investments and the ability to add a person to the policy. It is the most expensive life insurance option due to its flexibility.
Your life changes and it is always beneficial to check on the current status of your life insurance to make sure it is still meeting your needs.
Your options for homeowners insurance have expanded thanks to the National Credit Act. Previously, borrowers had to purchase their cover from the bank that financed their loan. Now, you can shop and choose the cover that fits your needs and budget. Youll be required to cede the policy to your lender so that your policy can pay your bank directly.
When shopping for insurance, remember the old adage that the cheapest policy isn’t always the best. For example, a bicycle costs less than a car but it will not serve the same transportation needs. Hence, you need to find an affordable insurance policy that meets your particular coverage concerns.
About the Author
Graham McKenzie is the content syndication coordinator for Carinsurancesa.co.za. South Arica’s leading car insurance portal.insurance
portal.
Andy Ross “The Pajama -Man” … all types of insurance.
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