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Under-Insurance, Over-Insurance and the Insurance Gap

Under-insurance is a more serious problem than over-insurance. Both need to be examined carefully along with the risk of any gaps in one’s insurance requirements.

Life Insurance

The long-term insurance industry is a major source of life and disability cover for households who need to close the income gap created by the death or disability of a breadwinner.

Government also provides some relief trough its disability income grants of R1200 per month.

Despite the insurance which may have been taken via an employer’s pension fund and/or personal insurance or the government’s disability grant – a South African study done in 2007 found that many families still do not have adequate cover to replace the income reduced or eliminated upon the death and disability of a breadwinner.

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