If you are asking yourself ‘do I need insurance?’ then there are a number of things to consider. Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect your financial well-being. Being prepared, if you are diagnosed with a critical illness or if the worst were to happen will your loved ones have enough income or savings to cover your financial obligations, including mortgage or rent and the everyday necessities?
If not, then the answer to ‘do I need insurance?’ is probably yes and it can provide you with peace of mind knowing you are protected. To help you answer this question and to find out which insurance best suits your needs take a look at our insurance guide, providing answers from choosing the level of life cover to finding affordable health insurance.
Do I need life insurance?
Life insurance or term assurance pays out a lump sum to your loved ones should the worst happen. There are a variety of life insurance products designed for different needs basic level term insurance to family income benefit which pays out a montly income rather than a lump sum on claiming.
Do I need health insurance?
With rising NHS waiting lists, buying an affordable health insurance can ensure that you get quality treatment exactly when you need it from the private sector.
Do I need income protection insurance?
Income protection insurance or permanent health insurance pays a monthly benefit if you are unable to work for a prolonged period due to sickness or injury.
Do I need a critical illness insurance?
A critical illness policy pays out a lump sum should you be diagnosed with a critical illness providing much needed financial protection during difficult times.
Do I need mortgage protection insurance?
Mortgage protection insurance would pay out an amount equivalent to your monthly mortgage payment, good mortgage protection cover will start to pay out one month after your income stops because of accident, sickness or redundancy.
This should give you an idea of the range of personal insurances available to help protect you financially. There is plenty more information to peruse throughout the site to help you gain a better understanding of insurance but if you want a quick chat to discuss further please dont hesitate to call.
Other useful information including regulation of the insurance industry can be found at the Financial Services Authority.
