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Don't become one of the rising number of South Africans turning their backs on insurance, it's a vital part of your financial planning…

by , 26 January 2016

Statistics just out show that the number of South Africans cutting back on their insurance policies is rising.

When cash is tight, you look to cut costs. But whatever you do, don't let insurance be one of the things you sacrifice.

There are several benefits to having insurance…

The number of South Africans without insurance is on the rise

The most recent consumer survey by FinScope South Africa has found that insurance cover in South Africa is falling, Hanna Barry in MoneyWeb explains. Shockingly, now 50% of South African adults don’t have any kind of insurance covering their risk. This is up from the 40% reported last year.

With consumers under financial pressures, it’s understandable why more people are cutting their costs. But by forgoing insurance cover, they increase the risks of being in a worse financial position if something unexpected happens.

Insurance is an essential aspect of financial planning. It’s there in the event something goes wrong. You should view it as necessary.

The benefits of insurance

The most common forms of insurance include cover for your car, house and contents, life, medical and funeral.

Whilst forking out every month to pay these premiums may seem a waste at times, you never know when you may need it.

For instance, you have a car and rely on it to get you to work and back every day. If you cancel your insurance and your car is involved in an accident, you bear the costs of replacing or fixing your car. And you have lost your mode of transport.

Or take your home insurance. If a horrific storm hits and causes widespread damage to your property, if you don’t have insurance, you’ll have to fork out for repairs.

Ignoring the benefits of insurance can only be for those with substantial sums in their bank accounts to cover the unexpected.

By not having adequate cover, you take the real risk of having to take out loans to cover any expenses that could become a reality by not having insurance.

Don’t make this mistake, the financial repercussions could be huge.

If you feel your premiums are too hefty, shop around. You’ll no doubt find cost savings by changing providers.

So there you have it. Why you shouldn’t turn your back on insurance.

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Don't become one of the rising number of South Africans turning their backs on insurance, it's a vital part of your financial planning…
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