After the apartheid, South Africa saw a boom in foreign investment and economy. Trade and commerce have accelerated exponentially with the rise in investment and improved civic conditions. With increase in investments, the propping up of insurance companies was a must. Today there are dozens of insurance companies that cover commercial, domestic and other areas.
There are over a hundred types of insurance policies including Bancassurance, aviation insurance, crime insurance, crop insurance, home insurance and many others. All of these different types of policies can be categorized as short term and long term insurance coverage.
Long term insurance covers damage, destruction and death caused to those insured and their family members for a year or more. It includes various sub types such as long term health insurance and long term life insurance. It is mostly opted by those over 65 years of age because the package covers all health-related costs which significantly increase as old age approaches. Another example is that of long term disability insurance. In case the insured person becomes sick or incapable of working for some other reason, he is given a percentage of what he earned every month.
There many long term insurance companies in South Africa. Some of them are as follows.
Short term insurance usually covers belongings of the person buying the insurance cover such as his home, vehicle and other property. Short term insurance can be for less than a year and aims at covering losses caused by damage or destruction of your belongings. There are several short term insurance companies in South Africa. To subscribe to them you have to pay a monthly fee also known as premium, the amount of which is determined by the market value of the belonging(s) you wish to get insured. Instead of paying you the money required to replace a certain object, short term insurance companies in South Africa may directly give you the item you lost too.
Some of the subtypes of short term insurance include home insurance, vehicle insurance and personal accident. Following is a list that contains companies that sell short term insurance to customers in South Africa.
Given the huge number of insurance companies, deciding which one to opt for can become a hectic task. Ask peers around about their experiences with different companies and short list a few of them. Then take quotes from them to analyze the differences and make an informed decision.