All About Insurance

Aug 27, 2013 by

All About Insurance
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Life is full of uncertainty. You never know what happens next and you are never sure how one thing leads to another. Unfortunately, as there are good things that happen in life, there are bad things as well. This is just the way life goes and the only thing we can do is to prepare for the worst as much as we can.

Because of this, insurance has become a popular way of providing the peace of mind and security that whatever happens, you or your family will get support so you can avoid worse situations from becoming worst.

To find out the most you can get from insurance and which ones you need the most, let’s take a look at different kinds.

Life Insurance

Life insurance is a policy that takes care of your loved ones after you pass away by paying a lump sum benefit or paying off your mortgage. If you are single, life insurance is a good idea to put it place because it can take care of your debts when you die so your relatives will not have to deal with them anymore.

Unemployment Insurance

If you lose income because of involuntary unemployment, your mortgage will be protected since this type of insurance can take care of your monthly payments.

Private Medical Insurance

Private Medical Insurance pays for private medical care so you don’t have to wait for a long time at NHS centers for diagnosis or treatment. It covers short-term illnesses or injuries but not critical ones.

Critical Illness Insurance

If you get diagnosed with a life threatening condition, you can get a lump sum benefit from this type of insurance.

Income Protection Insurance

In case you are unable to work because of injury or illness, you can get monthly payment from your insurer with this policy. The amount depends on your policy but is up to 75% of your income most commonly.

Mortgage Payment Protection Insurance

This insurance pays for your mortgage in case of unemployment due to disability or being sick. The length of time you are entitled to the benefits depends on your policy. Some MPPI give extra amount to cover for other bills as well aside from your mortgage.

Long-term Care Insurance

Long-term care insurance takes care of you until you die in case you stop working early because of medical problems. Usually, old people take advantage of this benefit if there is no family to take care of them when they can no longer be on their own.

There are other types of insurance aside from the ones mentioned here and some insurances even work in conjunction with the other. For example, there is life insurance that offers medical assistance or mortgage payment protection insurance that is enough to take care of your needs so you don’t have to get income protection insurance anymore.

Considering that insurance may or may not be as comprehensive as you want it to be, it is always a good idea to shop around and compare different ones so you can find the best fit for you.

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