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This easy-to-follow checklist will help you review and update your insurance policies. Do it today, and you’ll have the peace of mind of knowing you and your family are properly covered for 2020.
Top tipCheck your contact details on ALL your policies. If your email or home address has changed, update this with your insurer.
Life insurance
What it covers
Pays a sum assured to beneficiaries if the life assured passes on. The beneficiaries can use this amount to pay for everyday expenses, pay off debts such as a home loan, or invest it to provide a regular income.
Check these two things
Beneficiaries: Check the names, including spelling, ID numbers and contact details of beneficiaries. Tell your insurer if you want to make any changes to beneficiaries, such as adding a spouse or child.
Sum assured: Check that the sum assured can give your loved ones financial security if you are no longer around. If you’ve had a salary increase, or your dependants have changed, you may need to change your sum assured.
Don’t have life cover? You’ll need it if:
You have dependants, family members and extended family who are dependent on your income, because life cover can provide an income if you are no longer around.
Funeral policies
What it covers
Pays a sum assured to the beneficiaries when a member passes on. This is used to pay for a funeral and burial service expenses.
Check these three things
Sum assured: Make sure this is enough to cover the funeral you want for you and your family members.
Members: Do you need to add any additional family members to your policy?
Beneficiaries: Names, IDs and contact details must be up to date for claims to be paid quickly.
Don’t have a funeral policy? You’ll need it if:
You don’t have funds for a funeral if you or a family member dies. Funerals cost anything from R4 000+.
Motor vehicle cover
What it covers
Pays for repairs or replacement costs if you have a car accident, your car is damaged or stolen. It includes third party cover that can pay the costs of another party involved in an accident.
Check these three things
Security features: Alarms, immobilisers, tracking devices – having these can reduce premiums. Consider adding them if you don’t have them and check regularly to make sure they work.
Sum insured: Check if you are insuring at market value or replacement value each year, and if this is enough cover.
Excess: Know how much you are liable for if something happens. You can adjust this, but a lower excess usually means a higher premium. Also be careful of having a very high excess that you can’t afford.
Don’t have motor vehicle insurance? You’ll need it if:
You would be financially stressed, or need to go into debt, to pay for car repairs, repairs to other vehicles in an accident or to replace your own vehicle. This can run to hundreds of thousands of Rands.
Household cover
What it covers
Damages or loss to your property including the property itself, household appliances, electronics and other items stored in the house.
Keep these details updated
Sum insured: Insure your contents at the right market value or replacement cost. Check this at least once a year and take photos or keep an inventory of your items.
Specified items: Certain items such as jewellery, laptops and tablets may need to be individually specified to be insured. Check your policy.
Maintenance requirements: You may need to clean your gutters, check your alarm system and have working fire extinguishers for your policy to be valid.
Don’t have household cover? You’ll need it if
There is a chance your house and the possessions and appliances inside could be destroyed or damaged by crime, fire or floods. Whether you are sentimental about possessions or not, many of us rely on household items for daily survival, so doing without them can be very difficult.
Insurance isn’t out of your reachInsurance doesn’t have to break your budget, but an unexpected event can. So, make sure your policies are updated and tell your insurer of any changes or if you want to change your policy.
