All types of insurance are available in South Africa, from personal life cover to general household and travel insurance. Which policy or policies you choose will depend on your own situation, and you are strongly advised to shop around and get sound advice before making your selection. There are a number of insurance companies in South Africa, and sometimes the major banks also offer insurance. Some more information is given below on the various types of insurance available in South Africa.
Medical Aid (Medical Insurance)
In South Africa, medical insurance is called “medical aid”. There are several medical aid schemes, and they tend to be similar in terms of what they offer and the monthly premiums that they charge. South African medical aid schemes make use of a medical savings account system, which not all policies have, so make sure that you know exactly what you are paying for before you sign yourself into anything. It is not uncommon for a job’s remuneration package to include some form of medical aid.
Personal Insurance/Life Assurance
There are several life assurers in South Africa. Premiums may vary, but the idea is essentially the same. Once again, if you are interested in this type of insurance you should consult with as many providers as possible before making a final decision.
The regulatory bodies in certain industries in South Africa require that you have this type of insurance for your business. Contact the relevant body in your industry to find out if you need insurance cover on your business, and if so, what level of cover.
There are different kinds of vehicle insurance in South Africa. However, the majority of motorists in the country do not have so-called “third-party insurance” (or even any insurance), which means that in the case of an accident they are not covered for damage, and may not be able to pay you for your damage either. The best type of vehicle insurance is comprehensive cover, which includes third-party cover.
Money Transfers to and from South Africa - here's how:
- Foreign exchange regulations in South Africa 03-01-2011
- Essential money transfer advice for all transactions 02-01-2011
- Exchange control relaxed in South Africa 28-10-2010