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A comprehensive guide to insurance products

Life is unpredictable, and it is important to make sure that you take the necessary steps to protect and invest in the things that matter to you. The past year has shown us how quickly things can change, whether it be the loss of a job, a loved one, property and assets, or business revenue.

Ensuring that you take out the right type of insurance cover for your specific needs is an essential part of financial planning. With so many product offerings in the market, it can be hard to figure out what you need, so here is a comprehensive look at the different types of insurance, why you need them and how Standard Bank can help keep you covered.

Let’s begin by looking at the types of insurance plans that exist for you to cover yourself and your loved ones:

  • Funeral insurance: When dealing with the loss of a loved one, the last thing you need is to worry about how you will pay for their funeral. Funeral insurance covers all the burial costs and gives you and your loved ones the peace of mind you need while mourning. We offer a range of flexible funeral plans that accommodate various needs, lifestyles and budgets. From as little as R42* per month, you can choose the benefits that you want and ensure that you are able to bury your loved ones with dignity.
  • Life Cover: Whether you are single or part of a big family, we all have financial responsibilities that make it essential to take out life insurance. This can help to make sure that your debt is covered, and your family has a source of income to help them with living expenses if you pass on. We provide simple, standalone Life Cover of up to R10 million*, depending on your risk profile.
  • Serious Illness Cover: If you are diagnosed with a serious illness such as cancer or have a heart attack or a stroke, Serious Illness Cover can provide up to R2 million* support to you and your family.
  • Disability Cover: You can take out up to R3 million* in Disability Cover in the event that you become permanently disabled, due to injury or illness, and are unable to work.
  • Accident insurance: This type of insurance provides you and your family with a lump sum pay-out if you suddenly find yourself unable to continue working due to injuries from an accident. With our personal accident plan, you can receive a pay-out of up to R1.5 million*.
  • Debt insurance: In the event of your death, your family will be left to deal with any debts you may have had, and this type of insurance provides them with the funds to do so. This type of insurance includes credit card protection plans, loan protection plans, car shortfall insurance and car and asset finance protection plans.
  • Salary Protection: The pandemic has had a dire impact on many industries, and in the event that you are disabled due to an injury or you become severely ill and unable to work, Salary Protection has you covered. This insurance provides you with a monthly payment, based on a percentage of your take-home salary, and will continue until you can work again, or you turn 65.
  • Travel insurance: If you’re planning an overseas trip, it’s a good idea to cover yourself against risks such as unexpected medical costs or lost or stolen luggage. If you are under the age of 76*, you qualify for Standard Bank basic automatic travel insurance when using your Standard Bank Master, Visa or Transactional Card to purchase your conveyance ticket.

Let’s take a look at the insurance products that help you protect your assets:

  • Home insurance: Home is where the heart is, and the right insurance plan can help you cover your most valuable assets in the event that they are damaged as well as cover any permanent fittings inside your house. We provide a range of different types of cover, with premiums that suit any budget. This type of insurance also includes home contents insurance, which provides cover from loss or damage caused by theft, fire or storms, and building insurance, which covers structural damage caused by fire, storms, burst geysers or theft.
  • Car insurance: Cars don’t come cheap, and car insurance protects you in case of car theft, accidents or fire. With over 150 years of experience, we are the go-to provider for your car insurance needs. We provide a range of product offerings including car warranty cover, dent and scratch insurance and service plan cover. You also have the option to combine your home and car insurance, and our team of qualified car and home insurance specialists simplify the process by providing you with a tailored quote that suits your specific risk profile.
  • Home loan protection plan: Say you lose your job and are no longer able to pay your bond? A home loan protection plan will ensure that your home and family remain protected.
  • Business insurance: In the current economic climate, you need to ensure that you take every step to protect your business. We have a range of solutions to provide your business with the insurance it needs. We also provide employee protection plans, commercial liability and cyber insurance as well as vehicle, equipment and other assets insurance.

Our financial advisers are available to assist should you have any further questions about the type of insurance product you need.

*Terms and conditions apply.