Shireen Sheik | Living covered and secured as women in SA

Insurance has evolved over the years and the type of insurance cover offered to women has protected them from the worst – just think about having roadside assistance as a woman in South Africa when your car brakes down in a remote area. Understanding the importance of having essential insurance cover can secure you and your family, from covering the expensive items in your handbag, and even your handbag itself, to having a Will in place to ensure that your children are covered when you are no longer there.

Shireen Sheik, iMas Insurance Brokers Team Leader share insights on how women can make wise decisions about insurance.

1. What, in your opinion, are insurance policies that all women should have in place?

I think it is imperative for a women to have an insurance policy in place to cover valuable possessions, such as jewelry, electronic devices and cars. Also  consider Life Insurance, Dread Disease cover and Disability should the unforeseen happen to you, then you know your family will be taken care of.

2. Are there any products that cater specifically for women?

Handbags and the items in them can be very expensive. Having your handbag stolen can be a massive financial and personal loss. As such, handbag insurance specifically for women covers their designer handbags and expensive personal possessions.

3. How does someone ensure that they have adequate insurance in place and can still cover their daily expenses with continuous rising of living costs?

Thinking that by canceling your insurance policies will save you money, is a big mistake that many people make. Paying a fixed premium every month is much better than having to find money somewhere to recover damaged, lost or stolen items. My advice is not to cancel your insurance, even when times are tough. As an insurance broker, we have partnerships with various insurers which means that we can source the most affordable insurance for our clients. Also, you can contact your broker and find out if they can assist you with a more affordable insurance policy.

4. As a woman, what should you keep in mind when taking out insurance?

It is very important to check cover amount limits, and make sure your policy provides sufficient cover for your needs. Make sure you know what excess you will be paying, since an excess is the amount you will need to pay out of your own pocket when you have a claim. You can also find out from your insurer if they offer excess waiver cover. Make sure you understand any exclusions of the policy since some insurance policies exclude cover for certain types of losses.

5. What is the difference between specified and unspecified items in your insurance policy?

Specified All Risk is generally for valuable items that you specifically insure, it is valued and named on the policy, for example a very expensive art piece. Unspecified All Risk however, are general items that you wear or carry around with you every day when leaving your home, for example, your clothing and personal belongings.

6. How can you protect your family when you are no longer there or can no longer work due to a disability or illness?

An insurance broker will be able to advise you about the best and most affordable cover that you would need to provide for your family if you can no longer work or should pass away. Make sure that your broker explains exactly what you will be covered for.

7. How often should someone review their insurance policies and why is this important?

At least once a year – reason being that your circumstances change as well as your possessions. For example, you might have bought new furniture or appliances during the course of the year, so the value will be different from the home items you originally included in your policy.

8. What is a life file and why should everyone have it?

It is very important to have a Life File – it is a physical and/or electronic file containing all your important information such copy of your ID, banking details, your Will, insurance policies, proof of assets, passwords etc. So, all the documents that your family needs when you are no longer there so that they can sort out your affairs.