Life and health insurance
Overview of the types of insurance cover for life and health.
There are different types of cover available for life and health.
Life insurance
Life insurance pays out either a lump sum or a regular income on the death of the person insured. Cover can often be obtained at a modest cost yet it provides a valuable benefit.
Critical illness cover
Critical illness cover is available alone or combined with life insurance. It provides cover against being diagnosed with a serious disease, such as cancer, even though the insured person might be able to work. Cover is more expensive than straightforward life insurance.
Income protection
Income protection policies pay a regular income to someone suffering a loss of income through being unable to work due to illness or injury. In certain cases or more manual occupations, it can occasionally be difficult to get cover.
Private medical insurance
Private medical insurance covers the cost of private medical treatment for acute conditions. It allows the insured person to receive treatment more quickly, or at a time of their choosing - so can minimise the disruption to a business. There are different sorts of policies, from low cost with limited cover to those offering wide-ranging cover and benefits. These can be tailored to the needs of the business.
All of these types of insurance can be bought for individuals, or groups of individuals, and can be used in a variety of ways to provide useful and often essential cover to meet many needs.
Appropriate use and application of life insurance products can be complicated, so seek advice from an independent financial adviser (IFA). .
If you choose to deal directly with an insurer, it's worthwhile checking that they are a member of the Association of British Insurers (ABI) - .