What insurance do you need as a young professional?

Financial responsibility is one of the biggest challenges that comes with being a young professional. As you navigate the dos and don’ts of managing your money, you’ll realise that life comes with so much uncertainty that planning for the unexpected is essential. 

Insurance is one of the necessities that you should invest in to give you peace of mind. Should something unfortunate happen, you’ll be able to take control of the situation, knowing that you’re covered.


Types of insurance cover to consider

Vehicle insurance

If you own your own vehicle, car insurance is just as important as fuel. It covers you in the event of damage or loss and can also include cover if you are liable for damages to someone else’s car.   Comprehensive car insurance will include theft, vehicle write-offs, and third-party cover. Nedbank Vehicle Insurance also provides extras tailored to fit your needs and budget, like car-hire options, roadside assistance, tyre-and-rim cover and extended warranties. 

Health insurance

Health insurance should always be non-negotiable. The last thing you want is to be left with a medical bill that hurts more than a broken bone. Trips to the doctor, treatment for injury or illness, X-rays, blood tests, physical or psychological therapy and hospitalisation all carry costs that you may struggle to cover on your own. Health insurance can be a literal lifesaver, with plans ranging from hospital cover to comprehensive packages that cover day-to-day benefits, hospitalisation and medication.

Income protection insurance

Income protection insurance can help protect you against retrenchment or disability. This cover ensures that you’ll still receive an income if you are unable to work due to a disability, illness or injury. It also provides a monthly income for an agreed length of time – usually 6 months – if you are retrenched by your employer. Having this type of insurance can keep you afloat until you can get back to work or provide ongoing monthly income if a disability forces you to retire early.


You can insure your house contents, buildings, vehicles and valuables in one bundled policy


Life insurance

Life insurance allows you to take care of those you leave behind when you die. If you have dependants, you can ensure that they have the financial security to maintain the same lifestyle after you’re gone.


Funeral cover

If you don’t have dependants, funeral cover might be more cost-effective for you than life insurance. A funeral policy will pay out a specific amount to cover the costs of a funeral so that your family does not have to take any financial strain while they’re grieving. Depending on the funeral cover you choose, you can also cover other family members, so that you aren’t faced with unexpected burial costs in the event of a death in the family.


Travel insurance

The world is your oyster, and you might want to explore as much of it as possible. Travel insurance allows you to focus on enjoying the moment without worrying about what will happen if you need medical assistance, if your luggage is delayed or lost, or if you miss travel connections. You will also automatically qualify for local and international travel insurance whenever you buy return travel tickets with your Nedbank credit or cheque card.

You’re working hard to create a better future, so protect it and yourself by ensuring that you are sufficiently insured. Did you know that you can insure your house contents, buildings, vehicles and valuables in one bundled policy with Nedbank MyCover, and save on your premiums?

Ask us to call you to discuss which insurance options will best suit your needs, or send an email to insurance@nedbank.co.za. Formore information on securing your financial future, check out the Nedbank Young Professionals Toolkit.