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Whenever anyone hears the word insurance, they are either terrified by it or exhilarated by it. It is renowned throughout the world so there is no reason why South Africa should be any different. The real question is: does anyone even understand it? There is so much curiosity surrounding the subject of insurance that most people would rather just ignore it and get on with their lives - however, as society and life changes so quickly, we cannot really afford not to think about it.

Insurance seems to come up in conversation no matter what your plans are. For instance, if you are buying a new car, taking a holiday or buying a new home, even your own life needs to be insured. The key question is why: why is insurance such a huge necessity to have?

Everyone knows that life is ever-changing and that anything can happen at any given time and without any form of notice. As annoying as this fact is, it is important to evaluate the course of action that can be taken to ensure that you and your family are protected. Of course, there is the option of just dealing with a disaster as it comes, but there is no guarantee that you will be fully prepared. This is why having insurance can be vitally important, as it can ensure that you are protected for those unpredictable and unexplainable events.

Getting insurance is all about financial security and finding the best way for you to gain that security. This is why insurance companies such as Optivest, Liberty Life and exist. The definition of insurance is an agreement to compensate against loss, damage or injury. Of course, you have to make some sort of contribution if you are going to be compensated. The biggest problem that most people have is finding the best insurance policy to suit their individual needs and it is not as difficult as it sounds. The key is to research!

So - use the Internet, check out newspaper advertisements and ask around in your local area, but the most important thing to do is compare different insurance companies. Some are for general use and can even combine your home, life and car insurance into one policy, but there are a few that deal with specific policies. For example, as there is an ongoing debate on the South African health system at the moment, some people may find it more beneficial to go with an insurance company that specialises in health insurance.

Now, all of this is fantastic and ridiculously easy, but what are the negative aspects of getting insurance? Just like everything else, there are always going to be some risks. Many people sometimes find that insurance companies try to ‘rip you off’, and unfortunately, it can be a possibility. At the end of the day, these companies are trying to make a profit too.

There is also the concern of how much money it will cost you and whether the insurance company pays out or not. What if nothing ever happens and you never actually need the insurance, are you then just expected to waste your money? And above all of that, shouldn’t it just be down to personal choice?

Of course it is a personal choice! The world is nothing without free will. Everything must be carefully considered when financial stability is brought into question. It is whether you are willing to take those risks and use your individual situation to your own advantage. There are thousands of stories relating to bad things happening to people without insurance, but if you look more vigilantly you will find just as many stories about bad things happening to people with insurance too. That is why it is so important to do your research and decide what is best for you as an individual.


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