Home Insurance can be broken down to two parts the Buildings & the Contents.
Building Insurance will cover you for any damage to the structure of the home, such as the roof, walls, ceilings, floors & the foundations, along with a long list of other issues, burst pipes etc.
You can even get the cost of accommodation returned to you if you had to find alternative property to live while any work is being carried out.
Contents cover will provide insurance for any item you have purchased such as TV, Sofa, Table, LapTop, PC, Phone, Bike, DVD, Jewellery etc, the list is endless of what can be covered.
You will also be able to add at a small additional cost cover for outside the property & even if you are on holiday, this is normally called personal possessions cover and will insure the items you take out the home on a daily basis up to a limit of either £1500 to £2000 per item depending on the insurer.
Anything above this amount will need to be specified.
Life insurance is highly important as this will pay out a lump sum in the event of your death & this will go to your family or someone of your choice.
Life insurance on its own without critical illness is a less expensive way of making sure you have some cover in place for a sum of money you feel will be sufficient to cover any outstanding debts you may have, such as a mortgage or just to provide your family with additional money to take away any financial burden they may have at such a difficult time.
Most life insurance policies will have a terminal illness payout as part of the plan.
Terminal Illness means you will have been diagnosed by a doctor as having a maximum of 12 months to live & as such the life policy you have in place will pay out.
These policies can be put in place from just £6 per month depending on the amount required.
Critical Illness cover will provide you with the peace of mind that you have cover in place if you are diagnosed with a specified critical illness such as: Cancer, Heart Attack, Multiple Sclerosis, Stroke, Parkinson's Disease or one of the many other illness that impact people throughout their life.
We would never want to be diagnosed with any type of critical illness in our life but if this was to happen, due to advancements in science and medicine it no longer means we will die, many people now diagnosed make a full recovery after treatment and go on to life a long & healthy life but due to having a critical illness cover in place they received a payout which takes away any financial worries.
The lump sum payouts can be used to clear your mortgage, debts, pay for medical bills or a luxury holiday, how you use any lump sum payout is up to you.