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Life Insurance - provides financial protection to your family in the event of your death. Life insurance is a must for anyone who is depended upon for financial support. A financial product aimed at providing a financial back up to the dependent members on the death of the family's breadwinner. Since most people rely on their income completely, it is advisable to buy protection that is the equivalent of anywhere between 5 and 8 times your annual income. Your exact requirement for cover will vary depending on your financial assets and liabilities.
The type of life insurance policy that you purchase depends on a host of different factors. The two most important levels of cover are Term insurance and Whole life insurance.
Term Life Insurance Policy - will provide life insurance for a fixed term. The amount that is assured is only payable should the person whose life is assured, dies during the fixed term. If the assured outlives the term, no benefit is payable.
Whole Life Insurance Policy - Whole life policies have premiums payable in order to provide for the payment of a lump sum on death at any time. How much that lump sum will be depends on the type of policy.
The most important difference between Term Insurance and Whole Life insurance is that, term insurance provides protection against death during a specified period and whole of life insurance provides protection against death at any time.
Private Health Insurance - designed to cover the costs of private medical treatment for what are commonly known as acute conditions. The cost is decided depending on the current health of the covered customer, with the help of a medical questionnaire or by referring to the person's medical history. The private health insurance company will provide the prospective customer with a free quotation.
Some of the types of private health insurance policies available -
Budget Private Health Insurance - This type of policy generally covers you for In-patient costs and day-patient treatment. Some companies may also include additions the budget cover such as NHS cash benefit or parent accommodation.
Intermediate Private Health Insurance - Intermediate cover would generally include In-patient and Out-patient treatment possibly including consultations with specialists and alternative therapies such as physiotherapy or acupuncture.
Comprehensive Private Medical Insurance - In-patient as well as Outpatient cover, Comprehensive cover may include the additional benefits of nursing at home, private ambulance transport and out of pocket expenses.
What it does not cover - Treatment for alcohol and drug abuse, dental treatment, GP services, HIV/AIDS related illnesses, infertility treatment, normal pregnancy, sterilisation, cosmetic surgery (to solely enhance appearance), routine tests etc. This list is not exhaustive and you should ask the insurer for details about your particular policy.
Find the best policies available on the market to suit your circumstances.
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