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Types of personal insurance

Types of personal insurance

There are a number of personal insurance products designed to protect you and your family from unforeseeable and potentially serious accidents. With the right insurance, it is even possible to look after the long-term interests of your family.

It is not possible to anticipate all of life’s mishaps. However careful one is, accidents do happen, sometimes with serious consequences. Fortunately, there are insurance products created to provide policyholders with financial compensation in the event of a disabling accident, offering a degree of financial certainty in an uncertain world.

Disability insurance is both a way to protect your future wellbeing and to help ensure your family are taken care of when you can no longer provide for them to the same extent.

If you become disabled, your ability to work may be compromised. Disability cover is designed to protect you against the diminishment or loss of your earnings, so that you do not have to suffer a decline in life quality and will be able protected against the financially harmful consequences of a disabling injury.

The long-term value of life insurance

Life insurance is an excellent way to ensure that your family are provided with substantial financial resources when you are no longer able to provide for them directly.

A life insurance policy will pay out a cash sum upon the death of the insured. This can be used to settle any outstanding debts, and can also be invested for the future. By providing a substantial sum of money, life insurance can be a good way to contribute to your children’s education and other future needs.

Unlike many other insurance products, which are concerned mainly with protecting against unforeseen events, life insurance is a way of preparing for the inevitable. A life insurance policy that offers adequate cover is a guaranteed means by which you can provide for those who are partly or wholly financially dependent on you.

Life insurance is often an important part of long-term financial planning, but it is also an immediate source of reassurance. If you are unexpectedly killed, it is comforting to know that your family will be financially compensated.

Insurance to cover the cost of funerals

Funeral insurance is another example of a personal insurance product that many people consider an indispensible part of planning for the future.

Funerals are an important component of contemporary society, but are often unavoidably expensive. Taking out a funeral insurance policy is a simple and cost-effective way of preparing for this inevitable future expense.

Organising a funeral is a stressful experience, a condition that can only be exacerbated by inadequate funds. By ensuring that cash is available to pay for a funeral and related expenses, funeral insurance will both prevent excess anxiety relating to raising money and ensure that the dignity and quality of the funeral service need not be compromised.

By choosing personal insurance policies that suit your needs and your budget, it is possible to gain a great deal of comfort, secure in the knowledge that you and your loved ones are protected against significant life events.

Hollard is a leading provider of insurance in South Africa. Hollard provide a range of quality personal insurance products, including disability insurance and life insurance.