Insurance South Africa is pleased to announce that they are targeting their service to meet the short term insurance needs of consumers. Virtually any type of insurance can be underwritten as a short term coverage. This is similar in nature to term life insurance coverage that pays off at the face value from day one if the insured dies during the term of coverage.
Homeowners’ coverage and household insurance are two other types of coverage that can be written for a specified term. The rates are generally lower for such policies than whole life policies that stay in place year after year after year. Short term insurance may require multiple deductibles be paid for a single event if several types of damage are experienced.
The short term insurance industry is continuing to grow at a rapid pace. More people are purchasing such coverage while fewer people are making claims.
Source : US News Source
