Are the big things covered?

To love and to cherish until death … and after

As you begin a new year it’s a good idea to get your priorities in order – gain a little perspective on why it is you work, and what it is that you work for.

Gari Dombo, Managing Director, Alexander Forbes Insurance asks, “Why do we spend the bulk of our lives at work?”

The answer, he continues, must be, “Because working enables us to provide ourselves with those things that areessential to our survival.”

And this makes sense. Most people’s biggest investment is their home, followed by their car and, after that, their household contents.

But, asks Dombo, “Considering thatwe work the bulk of our lives for these possessions, do we really look after them as well as we should?"

In other spheres of our lives we go to great lengths to protect that which is important to us.For example, says Dombo, “We get jealous if someone tries to steal our wife. We protect our hildren and families from crime. We feed and clothe ourselves and loved ones to keep us healthy and happy. In short, we put things in place to carefor and protect the things we love.”

Similarly we need to protect the things that we work for andspend the bulk of our earnings on. The best way to protect your house, car and valuables is to take out insurance cover with a reputable institution.Insurance is a way of protecting what you spendyour life working for. As you cherish your wife and family, putting the means to protect and nurture them in place, so too should you cherish your possessions.

This is the essence of insurance, putting measures in place to make sure that in the event of loss you are made whole again - that is, put in the position that you were before the loss occurred.

Explains Dombo, “Insurance isnot a way of making money. It is a risk transfer mechanism. The idea being that the misfortune of the few are taken care of by the good fortune of the many.”

In short, insurance is a way of preventing you having to start from scratch again - after years of working for the things that really matter. Saving you from re-building a house you have already built, or having tore-buy a car you have already paid for.

Historically, the concept of insurance developed to help manage the risks associated with sea trade. If you were to invest in a trading venture involving 20 ships you did not invest all your money in just one of the ships. Instead you invested, along with many other people, in a small bit of each of the 20 ships. That way if one ship was lost at sea you wouldn’t lose your entire investment. Instead you lost one twentieth, or five percent, of your investment – making money on the remaining 95%.

In the modern age, our jobs are essential to our survival and happiness because of the income they provide. These days, therefore, advises Dombo, “You need to be sure that if something were to happen to prevent you from working you’d still receive and an income.”

“Temporary or partial disability, or permanent or total disability, not to mention death, would all keep you from your job”, adds Dombo.

In the event of any of these occurring, asks Dombo, “Do you have something in place that would guarantee an income so that you can continue to provide for your dependents?"

Certainly, if you are married with dependents, ensuring some sort of capital sum payout in the event of your death is both obvious and advisable. As such most people do have some sort of life insurance.

Most people, however, do not often imagine that they could be alive, with increased medical needs due to disability, andunable to earn an income.

Given, however, that this could easily become a reality, Dombo suggests that, “In addition to house, car and contents cover, people also view death and disability as essential cover.”

The answer, he continues, must be, “Because working enables us to provide ourselves with those things that areessential to our survival.”

And this makes sense. Most people’s biggest investment is their home, followed by their car and, after that, their household contents.

But, asks Dombo, “Considering thatwe work the bulk of our lives for these possessions, do we really look after them as well as we should?"

In other spheres of our lives we go to great lengths to protect that which is important to us.For example, says Dombo, “We get jealous if someone tries to steal our wife. We protect our hildren and families from crime. We feed and clothe ourselves and loved ones to keep us healthy and happy. In short, we put things in place to carefor and protect the things we love.”

Similarly we need to protect the things that we work for andspend the bulk of our earnings on. The best way to protect your house, car and valuables is to take out insurance cover with a reputable institution.Insurance is a way of protecting what you spendyour life working for. As you cherish your wife and family, putting the means to protect and nurture them in place, so too should you cherish your possessions.

This is the essence of insurance, putting measures in place to make sure that in the event of loss you are made whole again - that is, put in the position that you were before the loss occurred.

Explains Dombo, “Insurance isnot a way of making money. It is a risk transfer mechanism. The idea being that the misfortune of the few are taken care of by the good fortune of the many.”

In short, insurance is a way of preventing you having to start from scratch again - after years of working for the things that really matter. Saving you from re-building a house you have already built, or having tore-buy a car you have already paid for.

Historically, the concept of insurance developed to help manage the risks associated with sea trade. If you were to invest in a trading venture involving 20 ships you did not invest all your money in just one of the ships. Instead you invested, along with many other people, in a small bit of each of the 20 ships. That way if one ship was lost at sea you wouldn’t lose your entire investment. Instead you lost one twentieth, or five percent, of your investment – making money on the remaining 95%.

In the modern age, our jobs are essential to our survival and happiness because of the income they provide. These days, therefore, advises Dombo, “You need to be sure that if something were to happen to prevent you from working you’d still receive and an income.”

“Temporary or partial disability, or permanent or total disability, not to mention death, would all keep you from your job”, adds Dombo.

In the event of any of these occurring, asks Dombo, “Do you have something in place that would guarantee an income so that you can continue to provide for your dependents?"

Certainly, if you are married with dependents, ensuring some sort of capital sum payout in the event of your death is both obvious and advisable. As such most people do have some sort of life insurance.

Most people, however, do not often imagine that they could be alive, with increased medical needs due to disability, andunable to earn an income.

Given, however, that this could easily become a reality, Dombo suggests that, “In addition to house, car and contents cover, people also view death and disability as essential cover.”

 

The answer, he continues, must be, “Because working enables us to provide ourselves with those things that areessential to our survival.”

And this makes sense. Most people’s biggest investment is their home, followed by their car and, after that, their household contents.

But, asks Dombo, “Considering thatwe work the bulk of our lives for these possessions, do we really look after them as well as we should?"

In other spheres of our lives we go to great lengths to protect that which is important to us.For example, says Dombo, “We get jealous if someone tries to steal our wife. We protect our hildren and families from crime. We feed and clothe ourselves and loved ones to keep us healthy and happy. In short, we put things in place to carefor and protect the things we love.”

Similarly we need to protect the things that we work for andspend the bulk of our earnings on. The best way to protect your house, car and valuables is to take out insurance cover with a reputable institution.Insurance is a way of protecting what you spendyour life working for. As you cherish your wife and family, putting the means to protect and nurture them in place, so too should you cherish your possessions.

This is the essence of insurance, putting measures in place to make sure that in the event of loss you are made whole again - that is, put in the position that you were before the loss occurred.

Explains Dombo, “Insurance isnot a way of making money. It is a risk transfer mechanism. The idea being that the misfortune of the few are taken care of by the good fortune of the many.”

In short, insurance is a way of preventing you having to start from scratch again - after years of working for the things that really matter. Saving you from re-building a house you have already built, or having tore-buy a car you have already paid for.

Historically, the concept of insurance developed to help manage the risks associated with sea trade. If you were to invest in a trading venture involving 20 ships you did not invest all your money in just one of the ships. Instead you invested, along with many other people, in a small bit of each of the 20 ships. That way if one ship was lost at sea you wouldn’t lose your entire investment. Instead you lost one twentieth, or five percent, of your investment – making money on the remaining 95%.

In the modern age, our jobs are essential to our survival and happiness because of the income they provide. These days, therefore, advises Dombo, “You need to be sure that if something were to happen to prevent you from working you’d still receive and an income.”

“Temporary or partial disability, or permanent or total disability, not to mention death, would all keep you from your job”, adds Dombo.

In the event of any of these occurring, asks Dombo, “Do you have something in place that would guarantee an income so that you can continue to provide for your dependents?"

Certainly, if you are married with dependents, ensuring some sort of capital sum payout in the event of your death is both obvious and advisable. As such most people do have some sort of life insurance.

Most people, however, do not often imagine that they could be alive, with increased medical needs due to disability, andunable to earn an income.

Given, however, that this could easily become a reality, Dombo suggests that, “In addition to house, car and contents cover, people also view death and disability as essential cover.”