Are you covered?

The aim of insurance is to shield you against the financial effects of a loss bigger than you can tolerate.

The bigger the effects of the potential loss, the greater the need for insurance. Acquiring short-term insurance is an investment that is significant enough to call for careful examination of the risks involved, to ensure that all the relevant considerations are taken into account.

An exact needs analysis should be undertaken in collaboration with a suitably qualified professional, to ensure that the cover you select is the most appropriate for your specific needs.

Suitable insurance cover affords you a safety net against unforeseen events that could have a devastating effect on your financial wellbeing. Ideally, your cover should ensure that your financial position is virtually unaffected by damage or loss. Choosing a reputable service provider is a vital part of ensuring that your investment pays off when you need it most.

Value-added services such as roadside assistance or assistance in case of home emergencies are important considerations when it comes to choosing short-term insurance, and additional benefits afford you the opportunity to customize the services offered to include those that will most suit you and your individual circumstances.

Discuss the terms and conditions of your policy with your financial adviser, and make sure that you understand exactly what is covered and what is not, as well as what your rights and obligations are.

Once you are satisfied that you have chosen the right cover, it is important to continuously ensure that your policies are up to date and that they are adjusted to include any changes that you may make that could impact your cover, such as changes to your assets or your circumstances. Also, bear in mind the effects of inflation.

Obtaining the correct advice from your financial adviser will ensure that you benefit from flexible, comprehensive cover at an affordable monthly or annual premium, with pricing based on your risk profile.

The information contained in this article is of a general nature and intended for information purposes only. It is neither to be construed as financial advice nor to be regarded as a definitive analysis of any financial, legal or other issue. Individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult your financial planner/adviser to take into account your particular investment objectives, financial situation and individual needs.