In today’s world, uncertainty is more prevalent than ever. From global financial instability to the rising cost of living, having the correct type and amount of insurance will keep you financially stable no matter what happens.
Global financial uncertainty
The recent economic downturn and general financial instability across the world have affected many facets of people’s lives. Times are tough, jobs are scarce and people are struggling to make ends meet. Although you may think that cutting down on monthly expenses like insurance will help you save money, it can do more harm than good.
Because jobs are harder to come by, you should ensure that your family will be well provided for if you pass away or are unable to work. That’s why you need comprehensive life insurance and disability cover, as well as a funeral plan that covers the cost of arranging your or a family member’s funeral.
The rising cost of living
Petrol, groceries, school fees…everyday costs seem to be increasing a lot faster than your salary. The rising cost of living means that you have less disposable income at the end of the month, which means that you’ll struggle to pay for unforeseen expenses such as repair work to your car or replacing a stolen cellphone.
Having adequate car or home insurance is one way of ensuring that if something unfortunate occurs (such as being involved in a car accident), you will be protected from having to fund all the repairs from your own pocket This will free up more of your hard-earned cash to spend on other equally important household expenses like groceries and school fees.
Unstable climate
Recent incidents such as the devastating fire that swept through St Francis Bay and the damaging hailstorms in Gauteng show you just how important insurance is in terms of protecting your valuable possessions.
Climate change is also affecting us on a global scale, and a natural disaster such as Hurricane Sandy is just one example... Besides endangering people’s lives, natural disasters can also ruin you financially if you don’t have insurance that covers your business or your home.
Even the travel industry has been affected - many people have lost money on flights and trips that have been cancelled due to severe weather. Having adequate travel insurance means you can cover the cost of replacing these flights without being out of pocket.
Many factors are contributing towards increasing the general instability of the world at the moment. Having adequate insurance that covers all aspects of your life, whether it’s home and car insurance, funeral cover or personal accident insurance, will mean that you and your family will be well provided for should disaster strike.
