A well-known African proverb states that “If a man is educated, he educates an individual”, but “If a woman is educated, she educates a nation”. This is how women are viewed in our society. We recognize that women have special financial needs and we want to emphasize the importance of insurance in a holistic financial unique insurance plan.
Karen Naidoo is the Managing Director of Mutual & Federal Risk Financing. This subsidiary is owned by Old Mutual Insure. She says that while many women now realize the power and importance of protecting their assets, they still have a long way to go before financial independence.
Naidoo explains that unique insurance is essential to protect against unanticipated disasters and accidents that could lead to financial ruin.
Naidoo encourages women to make the positive steps to improve their financial situation, including reviewing their travel insurance policies, in light of August being Women’s Month in South Africa.
“Women tend to put off financial responsibility, but we all have different needs. Naidoo says that taking the time to learn about your commercial insurance needs and how to protect valuable assets can give you peace of mind.
Here are Naidoo’s top picks for women’s unique insurance needs?
1. Be safe on the roads
Roadside assistance is an home insurance benefit that was created with women in mind. Naidoo says that changing a tire is a difficult task. Many responsible dads will tell their daughters to take the time to learn the basics before they give the keys to the car. However, a good policy will cover roadside assistance so you can do the hard work.
2. Protect your handbag if you prefer flowers to a handbag
Billy Connelly, a comedian, said that “A woman’s mind can be as complicated as her handbag contents; even when it gets to the bottom, there is always something surprising you.” Many men are just as terrified to look into a woman’s bag. They are often valuable, and they can hold all of our personal belongings, including phones, house keys, bank cards, and cash. It can cause financial problems and inconvenience if they are lost or stolen.
Naidoo recommends that women choose handbag insurance if their insurer offers it. This will allow them to have the security of an agreed payout without having to list the contents of their handbags after a loss.
“Women are often too lazy to insure their handbags. But when they do, it is often too late. Naidoo says that jewellery should be insured for its replacement value.
3. Your best friend may be diamonds, but make sure you have the right coverage
Naidoo believes that there is nothing more devastating than having precious jewellery stolen and then finding out that it was not insured at the correct amount. Or worse, it wasn’t insured.
Naidoo says that women often underinsure items such as jewellery and expensive shoes. They mistakenly believe that everything can be lost.
She recommends that women determine their maximum exposure and insure accordingly. It is also important to determine which items need to be listed individually, such as your wedding band or unique diamond earrings.
Naidoo recommends listing expensive watches, brand-name shoes and designer sunglasses in the All Risk section. This will help avoid any problems if these items are stolen, damaged, lost, or stolen during Women’s Month, or any other time.
4. Your independence is your key, your wheels are the key unique insurance
Many women see their car as more than just a vehicle. It is a symbol of their independence and how hard they have worked to get there.
InsWeb, an online insurer comparison site, reports that women pay 9% less for car insurance than men.
It pays to be a woman driver, as women have a higher risk profile than men. This means that their premiums are often lower. This is because women are more likely to take on risk than men.
Unique Insurance for Women Understanding the basics
Naidoo states that you should do nothing this month if it is not to make sure you have at least the minimum coverage for Woman’s Month.
Coverage for household contents
- Personal all-risks insurance that covers items other than the home, worn by the individual
- Special insurance for jewellery, handbags, and other collectable items of intrinsically high worth;
- Identity theft coverage; adequate travel insurance coverage post-Covid-19, with special cover for pandemic-related medical expenses;
- Lastly, you can save your phone number to get roadside or home assistance coverage.
“The last thing you can do to learn more about insurance is to review your policy or call your broker to have a chat. Naidoo concludes that the schedule lists what’s covered, what each item’s replacement value is, and how much your insurance costs.