NEWS: The Types of Personal Protection You Should Consider

Posted September 7, 2021

When it comes to Personal Protection policies there are so many different options that are available. Here, we look at just four of the different types you may want to consider.

Life Insurance

Sometimes referred to as Life Cover, or Life Assurance this is a policy that will offer financial support for your loved ones in the event of your death. It is used to reduce the financial impact that a sudden death of someone who contributes financially to the household may have. The majority of this type of policy pay out a lump cash sum on death. The amount of cover, length of policy and whether it is single of joint life are chosen by the client.

Critical Illness Cover

Sometimes referred to as Critical Illness Insurance or a Dread Disease Policy this type of cover provides a lump sum payment in the event that the policy holder is diagnosed with a certain illness or disability. The types of illnesses that are covered by the policy will depend on the provider that is selected as some companies cover a wider range of diagnoses that others. The type of illnesses you might expect to find covered on a policy include things like a stroke, heart attack, the loss of a limb, certain types of cancer, Parkinson’s disease and multiple sclerosis. These are long term, serious conditions.

Private Health Insurance

Health Insurance is a policy that covers all of the costs of any private healthcare treatment that may be required, from diagnosis to treatment. It could include any types of rehabilitation that may be required. The individual who takes out the policy will pay a monthly subscription that will either cover all, or some, of the costs of the treatment that they may need for acute conditions. These must be conditions that developed following the start of the policy and not ones that already existed. Private Health Insurance offers quicker access to medical treatment and can be arranged with different levels of cover.

Buildings / Contents Insurance

This type of insurance is designed to cover your home, both the building itself and also its contents in the event of any damage that is caused to it by fire, water damage, extreme weather, or if any of the items in your home are damaged or stolen these are also covered. Many mortgage companies prefer you to have buildings insurance in place when you exchange contracts although this is not a legal requirement.

If you’re considering taking out personal protection cover, why not speak to us about your options. We’d be happy to help you get the peace of mind that you’re protected.



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