You have been saving diligently since your first paycheque and have kept a perfect credit score to buy your own home. You are also proud that you don’t owe anything on your car, having bought it cash from an annual bonus one year. These two things are your biggest assets, right?
Unfortunately, statistics from the Association for Savings and Investments in South Africa show that the insurance gap in the country, including for products like income continuation benefits or income protection, keeps widening every year.Hennie de Villiers, deputy chair of the Asisa Life and Risk Board Committee, says in a statement released in March that the pandemic highlighted the importance of having risk cover and savings in place like no other event in the history of South Africa.
Kashmeera Kanji, head of market analytics and R&D at Discovery Life, believes the importance of being adequately insured as part of comprehensive financial planning cannot be emphasised enough. The study found that, on average, people under 30 only have 10% of the insurance cover they need – a total insurance gap of R6.134 trillion.
“If something happens to you as that 25-year-old with a lifelong potential income of R47 million, it is a lot of money to find to cater for their entire livelihood that has been lost,” she says. Another area of concern is that many small- to medium-sized businesses run by women still have no business assurance in place – less than a quarter of business assurance policies are held by women.
Discovery_SA I am super excited right now, I can now pay my bills and take good care of my family.. Thank you for bringing happiness to my home with just R10,000 i got R100,000 in 7days James_Alderson8
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