Personal Insurance
How Insurance Works
The products available from insurance companies are designed to cover all of these eventualities, and generally fall into 5 main categories:
Medical Insurance
This covers the costs of private medical consultations and treatment. This is so that you can get the best care without having to wait on the state system.
Income or Mortgage Protection
Provides a replacement income whilst you’re off work due to disability.
Trauma or Critical Illness Cover
Provides a lump sum if you’re diagnosed with a major illness such as cancer, heart problems or a stroke.
Total & Permanent Disability Cover
Provides a lump sum if your illness develops to the extent that you’ll never work again.
Life Cover
Provides a lump sum to your family if you die prematurely or get diagnosed with a terminal illness.