There are several different personal insurance products. Each is designed to protect you and your family from unforeseeable and potentially serious accidents. With the right personal insurance cover, you can make sure that the long-term interests of your family are taken care of. Accordingly, it is extremely valuable to learn more about personal insurance.
Disability insurance
It’s impossible to anticipate all of life’s mishaps. It doesn’t matter how careful you are, 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 one of the most popular types of personal insurance. It offers both a way to protect your future well-being and to help ensure your family is taken care of when you can no longer provide for them.
Disability cover is designed to protect you against the diminishment or loss of your earnings so that you will be able to avoid the financially harmful consequences of a disabling injury.
Life insurance
No piece about personal insurance products would be complete without a discussion of life insurance. Life insurance is a way to ensure that your family is 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.
Funeral insurance
The final personal insurance cover type that needs to be discussed is funeral insurance. Funeral insurance is another example of a personal insurance product that is an indispensable part of planning for the future.
Many attach great significance to giving lost loved ones a proper funeral. Funerals are, however, 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 – an experience that is only exacerbated by inadequate funds. By ensuring that cash is available to pay for a funeral and related expenses, funeral insurance both prevents unneeded anxiety and ensures that the dignity and quality of the funeral service need not be compromised.
The importance of personal insurance cover
By looking at the various types of personal insurance and choosing the products that best suit your needs and your budget, it is possible to gain a great deal of comfort. Personal insurance cover leaves you 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 provides a range of quality personal insurance products, including accident insurance and life insurance.
