How do you measure your worth? Is it through the things that you own or is it through how much you have sitting in your bank account? While we may use various ways to see what our value is according to our relevance to things or other people, there are statistics that show just how much a value of a life costs in South Africa.
The cost of you being involved in an accident
We may try to take necessary precautions to protect ourselves when we are on the roads, but accidents are bound to happen when we least expect them. What is the cost of you being involved in an accident?
Car accidents tend to peak during holiday seasons are one of the highest reasons for deaths in South Africa. According to the Council for Scientific and Industrial Research (CSIR) in South Africa, accidents cost the economy R142bn in 2015 alone. An additional R99.03bn was incurred in human casualty costs. The cost of you falling sick
Life is unpredictable. Even when you are at the peak of your health, it is still possible for you to fall ill. The coronavirus pandemic is just one example of how easily it is for you to fall ill despite taking care of your health. Your value matters when you fall sick. Each day you spend sick could cost a total of R302,989.
The question is are you financially prepared to take care of the costs? Having a medical aid plan in place is one of the ways in which you can protect your finances, but it is also useful to look into GAP cover and disability cover. If you have a life cover
in place, check to see if you are covered for terminal illnesses. Even in death your life still has value
Funeral costs vary depending on how the funeral costs. However, the average South African could be looking at anything between R23,500 up to R86,000. The total cost of a loss of a life in South Africa according to the CSIR data is R5.23m. The costs could be even greater if you do not have a funeral cover
So how much are you worth? The answer is priceless. While putting a price tag on someone’s life is tricky and may also come across as insensitive, knowing such numbers can help insurance companies and the government know how much is needed to ensure that you and your loved ones are adequately covered. Having a life cover
in place is the first step you can take to ensure that your loved ones are taken care of when you are no longer around to do so.
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