When it comes to personal insurance, it can be difficult to know exactly what policy meets your needs and requirements. Whether you’re single, married or have a family, everyone’s circumstances and needs are different which means finding the right personal insurance policy can be a bit of a task. Let’s take a look at a breakdown of the different types of personal insurance policies you can opt for and how they can benefit the future of your health and finances.
Private Health Insurance
Starting with the most basic type of personal insurance and one of the most common policies to take out, private health insurance is something that more and more of us are choosing to rely on. Private health insurance is a flexible and affordable way of gaining and covering the cost of private health insurance treatment. When it comes to choosing personal insurance, it’s best to look at what exactly each policy covers. Private health insurance policies are designed to provide you with private treatment for acute conditions that start only after your policy begins. This type of personal insurance is popular due to the fact that private health insurance is available at a range of different levels of cover at various premium costs to be able to meet the needs of different individuals and their budgets.
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Life Insurance
Similarly to private health insurance, life insurance is another popular choice of personal insurance that many individuals opt for. Knowing where to start when it comes to understanding which life insurance policy will suit you can be difficult, especially as there are three different policy types available; such as Level Term Insurance, Increasing Term Insurance and Decreasing Term Insurance. If you’re looking for a personal insurance policy designed to meet the needs of someone with a family or dependents, life insurance is usually the best option, as it pays out a lump sum to your family if you were to pass away during the term of your policy.
As with a lot of personal insurance policies the type of life insurance and the cost of your policy will depend on a variety of factors. These can include things such as your age, health, occupation, whether you smoke, the length of the term and whether you choose any add-ons, such as critical illness cover.
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Income Protection Insurance
If you’re looking for personal insurance the focuses more on the future of your finances alongside the treatment you receive if you were to fall ill, an income protection policy may be the option for you and your loved ones. An income protection policy is an ideal way to give you and your family peace of mind; if you are unable to work due to illness or injury, this type of personal insurance will ensure you will still be able to pay your bills. There are two types of income protection insurance available, so it’s always best to seek professional, unbiased guidance and advice when weighing up your policy options.
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Critical Illness Cover
Another popular personal insurance choice is critical illness cover. Critical illness cover is a type of personal insurance that is similar to a combination of income protection and life insurance whereby you’ll receive a lump sum payment to help cover the costs of treatment or to help pay the bills if you’re not able to work while ill or recovering. Just like most personal insurance policies, each critical illness policy on the market varies, so it’s important to make sure that you know the ins and outs of what your policy covers and to what extent.
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Finding out more
Finding the right insurance for your needs can be tricky, especially with so many policies to choose from. With over 20 years of experience in the health insurance industry, at Protectus, we can help navigate the market to find you the policy that works for you and your loved ones. If you’re ever unsure about which personal insurance policy to opt for, you should seek the help of an experienced independent insurance adviser. Contact us to discover how you can take care of your health and financial future with the right personal insurance policy.
