Many people see insurance as a grudge purchase but the reality is that insurance is an investment in the future and provides vital protection. The cost of not being insured far outweighs the short-term benefit of a few extra rands every month. "People are often reluctant to spend money on insurance, as it is intangible, and the benefits thereof are not immediately evident," says Roy Wright, head of Risk Solutions at wealth and financial advisory business GTC. Some people may believe they will never use insurance, but it is always better to be safe than sorry when tragedy strikes. "Lack of insurance can leave you with significant, unforeseen expenses to cover at any time," Wright says. Here is a summary of the top five must-have insurances: Income protection The first port of call should be income protection, says Ian Beere, managing director and wealth manager at Netto Invest. "Your ability to earn an income is probably one of the biggest assets in your lifetime. If you work out wha...

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