How insurance influences your financial goals
Reaching your financial goals requires aligning and allocating your money in a way that helps you make the most of your resources and supports your goals. It also requires not spending unnecessarily on items you already have.
Insurance is a vital component of comprehensive financial planning as it considers your goals, lifestyle and how it needs to evolve with you.
Here’s what to consider to make short-term insurance work for you and your financial goals.
- Add newly acquired items to your insurance policy
From electronics to jewellery, eyewear and more, if it’s new and of a certain value, add it to your policy so that you’re covered should they get lost, damaged or stolen. Protecting your belongings saves you from the financial impact of having to replace lost or damaged items.
Items you often take out of your home, such as cellphones or jewellery, may need to be specified in your policy to be fully covered against damage or loss. - Secure against loadshedding woes
When installing solar power panels, inverters or generators, work with a certified service provider to ensure the work is done safely and correctly to protect your home from fire hazards and other costly malfunctions. The service provider should also provide you with a Certificate of Compliance, often referred to as COC, a requirement by insurers. You can visit www.looksee.co.za, our integrated solutions platform for homeowners, to access a list of accredited energy solution installers. - Stay insured
Budget management may prove difficult in tough economic times, but the devastation of losing valuable assets, such as your car, home and other personal belongings, can be a huge setback for your goals.
Instead of cancelling your insurance policy, contact your insurer to explore options that will help you remain covered. It’s also vital to be adequately covered so you can rest assured that you’ll be able to recover financially if something goes wrong. - Health is wealth
Adopting healthy goals can go a long way to saving you money on medical costs. Consider gap cover to protect your finances against medical cover shortfalls.
Make insurance work for your financial goals by getting the cover you need. Get a quick insurance quote for your car, home and lifestyle today.
Download the Standard Bank Insurance App today to easily get covered, manage your policies and make hassle-free claims, all in one place.