Insurance companies are available in abundance in South Africa. They offer both long term and short term insurance covering various aspects at various time intervals. Long term insurance either covers you for a specified period of time or for your whole life which means it is valid until death or until relinquishment of the policy takes place. There are also options (long term), which include an investment aspect to it. Other forms of long term insurance include the retirement plans, or just making providing for retirement purposes, as well as insurance for disability.
On the other hand short term insurance is more about insuring current assets, material objects such as your house, car and belongings. The onus is on the individual to find out what the conditions are for having each of these items insured. If these conditions are not met, then when claims are made the insurance company may refuse to pay out. Also it is up to the individual to do research with regards to excess payments. There are two type of excess payments, and this will determine your monthly premium. For more information with regards to insurance please contact Riskfin.