Health insurances

[whatwhat]

What are the types of health insurances that one needs to be completed covered?

One has the medical aid, but then you also have the disability cover from work. What about dread disease and other such policies? Also, what should these policies be worth - 3 x annual income, etc. Also, if policies overlap - what happens. Does only one pay out and then it's just tough if you paid for the rest?

I've got a few policies but I am not risk if they are right, or if they are not needed. Have contacted the various people (Hollard, etc.) to ask them to explain it to me but their advisers that call back just say I have to keep paying the premium and that I need it.

I have tried to ask other advisors on what to do, but they don't want to say anything unless I sign their documents giving them full access to my portfolio. Surely to just review the things I print out for them should be good enough?

Help please.

 

[Muttley]

Yoh... tricky one- life insurance etc is tricky as F!

Can't really advise but would suggest you get gap cover (unless you already have it).

I would also look for an independent financial advisor that you'll pay a once off fee and he'll just give you advice. I;E someone who's not affiliated to any of the insurers. Not sure where you are in SA but if you're in Gauteng, you could try Warren Ingram from Galileo Capital.

 

[Hamster]

Medical aid
Gap cover
Dread disease
Disability
Income protection

Whether you need them all or not is another question. Could easily cost a 10th of your salary or more.

 

[Foxhound5366]

I recognised early on that there's more insurance options than money available in the world.

Once you make peace with that, it will help you focus on what you need.

Start with figuring out how much money you can afford for this. That will guide your product selection at any rate.

I'd personally recommend taking out a classical medical aid (like Discovery Classic Saver) and then a gap cover (I'm with Turnberry). I haven't had to use Turnberry OR Discovery's in-hospital cover yet so I can't comment on that, but the claim procedure for a day-hospital surgical procedure through Discovery worked like a charm (and because it was a network hospital there was 100% payment).

Life insurance is important if you've got somebody (like your family) depending on you for their financial support, and we could probably all use retrenchment cover with the lack of stability in our economy ... I don't have either of these things, however, but they're on my to-do list once my finances permit it. On a side-note, if anybody can recommend a good form of salary protection, I'd be interested in that!

 

[Hamster]

I'd recommend asking a financial advisor

 

[Muttley]

On a side note, I'd also make sure your will is up to date...