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Insurance is divided into long-term and short-term insurance
Includes life insurance, funeral insurance and savings for events such as for retirement, in cases of a health event or disablement. It is insurance that you would usually expect to pay over a very long period of time – until you die or the policy matures (for example at a specified age). The benefits are in the form of predetermined or pre-determinable benefits mainly sums of money or services.
Click here for the different Types of Long-term insurance
Click here to read the Long-term insurance brochure
Is insurance that you take out on possessions such as your house, your car or your cellular phone or for a health or disability event – any insurance policy that you can cancel either when you dispose of the insured article or no longer wish to insure it. It can also cover you for legal liability to others. The purpose of short-term insurance is to indemnify you against losses that you have suffered as a result of predetermined events, such as accidents, crime and powers of nature (floods or fires). The benefit is intended to place you in the same position that you were in prior to the loss event.
In terms of the Long-term Insurance Act and the Short-term Insurance Act, all insurance companies must be registered with the Financial Services Board (FSB) and must comply with the provisions of the afore-mentioned Acts.
Click here for the different Types of Short-term insurance
Click here to read the Short-term insurance brochure
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