Protect your home
While you're not legally obligated to insure your home, your mortgage company will want to protect your investment with building insurance. However, you should also protect your own investments, so even after paying off your mortgage, you need to make sure you're financially protected.
Household contents and personal property insurance
According to the Money Observer, the average home has 44,000 pieces of furniture and replacing it without insurance would be impossible for most people. The average premium is around £150 per year and will cover up to £50,000. Most content policies provide additional personal liability and legal costs and although most people don't claim it, these costs, but they can be very useful if needed.
Personal property insurance is worth buying because it typically covers your belongings outside as well as inside your home and is often integrated with your inventory coverage. Personal property insurance is also commonly referred to as comprehensive coverage and provides coverage for lost or stolen property outside the home.
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Income Protection
Income Payment Protection Insurance is recommended by most insurance companies as the most appropriate way to protect your mortgage payments and any other monthly bills. Kevin Carr, Senior Technical Advisor at Life-search, believes it's a better option than simple payments protection, which includes Accidental Sickness Unemployment (ASU) and Payment Protection Insurance. mortgage (MPPI). In a recent statement, Carr revealed that banks and mortgage lenders are making huge profits from selling payment protection. For example, 17% of Lloyds TSB's profits come from it.
Debts you don't want to haunt you
In addition to protecting your income to help pay off debt, you can also consider personal finance products such as life insurance and critical illness insurance that, under certain conditions, provide money that can be used to pay off mortgage debt in difficult circumstances. The choice of life insurance or critical illness insurance will depend on individual factors. For example, if you are single and have no dependents, no one will benefit from you having a lot of insurance for your life. However, if you are diagnosed with a serious illness, a lump sum payment can be helpful to ensure you maintain a reasonable quality of life. An individual accident plan can be helpful if you think specific policy conditions would be right for you. Examples include insurers like Nationwide that will offer about 50,000 for the loss of a limb, 10,000 for a hip and 2,500 for a toe, compared to a premium of 4.95 months.
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Health insurance / private health insurance
There are different financial products to ensure your well-being and they vary depending on the stage of your life. Examples include critical illness insurance, as noted above, as well as long-term care insurance and health insurance, which may also be called private health insurance or simply insurance health. Wikipedia argues that health insurance is one of the most controversial forms of insurance due to the heated debate between insurers who can afford to pay, versus customers' need to actively protect their health.
One of the main problems insurance companies face is the problem of adverse selection, a term used to describe the increasing likelihood that patients will purchase health insurance. Health insurers argue that people seeking health insurance are often those with pre-existing medical conditions, who are more likely to have health insurance problems in the future, and who may apply risky behaviors such as drinking too much alcohol and smoking. Products like health insurance tend to spark heated debates about the ethical argument of health insurance costs and the question that if people paid for health insurance, would they be more likely to take risks knowing that they are insured or not.
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Travel insurance
Travel insurance isn't complicated, but there are a few considerations you should keep in mind. Travel insurance usually covers issues like cancellations, lost luggage and medical expenses. However, Money Observer offers better value by including baggage coverage in your personal property insurance rather than as part of your travel insurance policy. Consumer Finance Magazine also recommends expanding your car insurance to make sure your car is covered when driving abroad.
Money net, a consumer personal financial information website, makes it a good idea to buy travel insurance and avoid travel agents on the street. According to their insurance guidelines:
As of January 2005, it is especially important to avoid travel agents when purchasing travel insurance; From that date on, the insurance industry is regulated by the Financial Services Authority, which gives that agency the ability to investigate and act on behalf of consumers. However, tour operators and travel agents are not subject to this regulation, so if you have a claim about travel insurance purchased from a travel agent, the FSA and the Financial Ombudsman cannot intervene on your behalf.
In a recent press release, money net also criticized street travel agents for exorbitant coverage, saying that big street players such as Thomas Cook, Thomson and Travel care, account for about 70% of the premium market. Travel insurance is often twice as expensive as buying it online.
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Weddings guarantee your finances for better and for worse
Insurance may not be romantic, but it's important, and if your wedding doesn't go as planned, it can be very expensive. Wedding insurance will usually cover damage to the dress, loss of the ring, and re shoots if there's a problem with the photographer or the print.
Insurance doesn't always come with guarantees, but doing some research to make sure you get the best protection for yourself, your partner, and your family will give you peace of mind.
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Disclaimer:
We show you the path that you must follow on the path to enlightenment. All information is for general information only and should not be construed as advice under the Financial Services Act 1986. You should consult appropriate professional and legal advice before entering into any contract. any binding contract.
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