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Four types of insurance everyone needs

Whilst we can’t always prevent the unexpected from happening, it is important that we have some security for ourselves and the ones we love.

    Insurance is here to protect us in the unfortunate case that something should happen.

    There are numerous insurance options available, making it difficult to decide what cover you really need. Your individual situation will dictate the type and level of insurance you should get.

    Factors like children, age, lifestyle and employment benefits all play a part. However, some types of insurance are important for everyone to have.

    Here are four types of essential insurance we recommend you have:

    Life Insurance 

    One of the greatest benefits offered by life insurance is funeral expenses cover.  According to industry experts you should buy a policy that covers ten times your yearly income. The two basic types of life insurance are traditional whole life and term life. 

    Whole Life insurance is used as an income tool as well as an insurance instrument. Whole life covers you until the end of your life. 

    Term Life insurance is a policy that covers you for a set amount of time. You should factor in your age, occupation, and number of dependent children. 

    Household insurance

    One of your most valuable assets is your home. It houses all of your possessions, memories, and comforts. It’s only natural that making sure it’s completely secure is one of the most critical things you can do.

    However, we recognise that even with the finest security protection systems in place, the risk of theft and damage will never be completely eliminated. These items have the potential to negatively effect our lives and harm our houses in a variety of ways. You’ll need home insurance to protect your home if any of these problems arise.

    Travel Insurance

    Travel insurance can provide you with additional protection in the event that your getaway does not go as planned. Therefore, if you are considering a trip away, you should make sure you have travel insurance.

    If you are travelling alone, it is especially vital to have travel insurance since you may find yourself trapped with no way to return home and no one to assist you in resolving your holiday problem.

    Motor Insurance

    There were an estimated 24,530 casualties in 2021, according to Government National Statistics.** Therefore, it is important to be insured in the unfortunate event of a car accident. Our insurance will cover you against the cost of accidents and damage.

    The minimum type of insurance you need to drive in the UK is ‘third party’, which typically covers damage to another person’s property, such as injury to a passenger or driver of another car. ‘Fully comprehensive’ insurance offers drivers the most cover. It includes cover in the case of a third-party fire and/or theft. It can also protect you as a driver and offers compensation for damage to your car.

    To find out more about what insurance you need, contact our expert team today.

    *Investopedia (2020) – Study by LIMRA


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