Let’s face it: Adulthood comes with its fair share of responsibilities, and the 1 major aspect that’s often overlooked is understanding insurance. Whether you’re fresh out of school or navigating life after university, having solid insurance literacy is rather underrated. We believe that it’s the key to making informed decisions that protect your assets (and sanity).
So, grab your favourite snack as we break down why learning about insurance matters… And how young adults can build their knowledge base without feeling overwhelmed.
Why insurance literacy matters
First things first. Why should young adults care about insurance? Why should anyone care? Well, think about all those big milestones ahead. We’re talking about buying your first car, buying furniture and a TV for your home, buying your first home (eek), or even starting a family someday. Each step comes with its own set of risks, and having adequate cover is how you can make sure that you’re protected when life throws unexpected curveballs. Because the reality is that curveballs will be thrown. That’s just a given.
Understanding the necessity of protecting your financial investments, as well as the different types of policies available can empower you to make smart financial choices instead of avoiding any sort of cover or blindly signing up for whatever sounds good at first glance.
Where you should start
Now that we’ve established why understanding insurance is essential, let’s explore how you can build your knowledge without feeling lost in jargon-heavy articles or confusing brochures.
The key terms: Familiarise yourself with key terms like premiums , excess, and exclusions.
Ask questions: If you’re confused, ask us because asking questions helps clarify uncertainties while building confidence.
Go online: There are literally tons of websites dedicated specifically towards educating people about personal finance, including insurance literacy. Check out reputable blogs (like ours) which are aimed at breaking down complex insurance topics into bite-sized pieces.
Finance workshops: There are a number of online workshops that focus on financial literacy, including sessions dedicated to understanding what kind of insurance you need. Participating in 1 of these could very likely help you gain valuable insights so that you have the cover you need at the price you can afford.
Stay updated: The world changes rapidly, including regulations surrounding the world of insurance. A great example is a few years ago when many insurance companies in South Africa removed hail cover as a standard part of their comprehensive car insurance policies, making it an optional extra to be added for a small fee. Follow our blog and other relevant news channels online so that you stay informed regarding any changes affecting policies.
Imagine a little: Create hypothetical situations where various types insurances might apply, like a car accident that causes damages which you need to repair. This exercise can help you visualise practical applications, while reinforcing learning concepts discussed earlier.
The King Price connection
It’s our royal hope that by taking these steps towards building knowledge around insurances early on, you’ll set yourself up nicely when navigating future decisions concerning cover options later down road.
And remember, we’re here to protect your valuables from life’s unexpected twists. So, when you think, “Nah that would never happen to me,” think again. Because sometimes, the weirdest things do happen, and when it does, we’ve got your back.
Click here or WhatsApp us on 0860 50 50 50 for a commitment-free insurance quote.
________________________________________________________________________________
Psst… This blog provides general info only, and doesn’t count as financial or product advice from King Price or our legal and compliance experts. Remember, all our premiums are risk-profile-dependent, and T’s and C’s apply. Our most up-to-date KPPD (policy wording) can always be found here.
Our website T’s and C’s can be found here.
