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Why New South African Parents Should Consider Insurance

07 April 2019 | 0 comments | Posted by Che Kohler in Parental Guidance

Insurance for South African parents

So you are expecting your first little one, and I'm sure you're being inundated with information from friends and family members on how this parenting thing works. While there is no shortage of parenting books on the shelves of bookstores these days, there is still no ultimate guide book on how you should raise your child and the steps you should be taking emotionally, financially and physically. 

We don't often think of the financial implications of raising a child, but unfortunately, in this day and age in South Africa with the economic state, we're in, it's growing increasingly important to have to do so. New parents need to be frugal and prepared for the expenses they will incur when bringing a new life into the world and of course wanting to provide the best experience and opportunities for the child. 

Why should new parents consider insurance?

Insurance has always been seen as a grudge purchase and is normally the last thing on a new parents mind. You have other things to worry about like preparing the nursery, buying the baby clothes, finding the right doctor and more. 

The expenses are starting to rack up, and there is no end in sight, and well insurance seems like another monthly cost you don't want to have to deal with, I mean they debit you each month and hope they never hear from you.

As the cost of living continues to increase and salaries remain flat new parents cannot afford to live off just their necessary cash reserves and in many cases will tend to overextend themselves and savings aren't enough. 

If you don't have the luxury of bags of cash in the bank that can buy you financial freedom then forking out of your pocket is going to have an impact on your life and sacrifices will need to be made.

You know the term what to expect when you're expecting? Well, you need to be prepared for a whole lot of unexpected expenses. From vehicle insurance when someone drives into the back of you, and you have to pay for damages out of your pocket, to home insurance for when lightning strikes and you have to get a new TV or baby monitor, to health insurance (the cheaper alternative to medical aid with amazing maternity benefits). New parents should make sure they're covered should anything happen and allow their finances to recover and build up towards saving again.

Tip! If expenses are of concern and you're savings are a bit tight you may want to also look at taking out a credit card. I realise this may sound a bit daunting to some of you but it really can be a lifesaver if used sparingly and wisely. 

Health insurance

The actual costs of pregnancy and childbirth can be pretty steep - especially if you don’t have medical aid. Which is why medical aid offers an alternative with some great benefits. Make sure you shop around and ensure that your medical aid costs over a range of expenses and ensure you get the most for your monthly premium. 

Does it cover: 

  • Ultrasounds
  • Doctors fee
  • Which hospitals you can use
  • Natural birth vs epidural
  • Staying over in a hospital

By taking out a health insurance plan, this can assist in helping to cover the costs of prenatal care and delivery.

Car insurance

Car insurance is another type of insurance that should be on your radar As an expecting parent, you are probably going to be travelling a fair bit and spending some extra time on the road. The point is when you're not totally focused and your mind is split it can cause lapses in concentration and traffic collisions happen to everyone. That’s why you need car insurance.

The best thing to do is compare some car insurance companies to see who can get you the best quote. Not having car insurance can cost you big time having to fork out for repairs that could quickly run into the thousands and have you sitting without a vehicle for an extended period.

Household insurance

Now that you, your family and your transport covered its time to look at your home. There is nothing more devastating than a break in or a robbery where some of your most valuable possessions are stolen, and you don’t have the cash to replace them. Even a lightning strike hitting your home with the upcoming summer storms can damage electrical items.

Having to replace the things in your home all costs money. So having home insurance helps cover a considerable amount of costs that would otherwise have come out of your back pocket.

Peace of mind comes at a cost

As a new parent, you should focus on the most critical need right now, and that is the needs of your child. Insurance may seem like a bother but you can never be too careful and while those premiums might hurt coming off each month, they may save you a pretty penny in the long run. 

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Recommended reading

If you have time to spare and would like to dive deeper down the rabbit hole, then check out the following articles around parenting:

Tags: insurance , parenting

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