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Life Assurance
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The National Health Service is a unique institution that we should all be proud of as it ensures that everyone in the UK has access to health care. However, the NHS can only do so much, so many people turn to private health insurance to speed up their access to treatment or to meet certain expenses which are not covered by the NHS.
Life assurance (or life insurance) aims to protect your dependents from the financial consequences of your death by paying out a lump sum or by providing a fixed regular income. There are two basic types of life assurance: Term assurance. |
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If you fall ill or are seriously injured you may find that you are unable to work for a long period. If you are employed, your employer may give you your full pay for a few weeks, and as a minimum should pay you statutory sick pay for a few months. However, this will probably be less than your full earnings, and once the statutory sick pay period is over you may find yourself reliant on just state benefits.
Most of us at some point in our lives will be in debt, be it the small amount outstanding on our credit card, a larger loan to buy a car or the many thousands of pounds which might be involved in a mortgage. Normally, if we have planned our finances properly, we should be able to make the repayments on these debts from the income we earn. But what happens if we have an accident, are sick or become unemployed through no fault of our own. |
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Medical science has come a long way and is constantly improving, which means many ailments and diseases which would once have proven fatal are now thankfully treatable. However, if you do suffer a critical illness such as a heart attack, stroke, cancer etc, there can still be serious financial consequences for you and your dependants. You may not be able to work for a protracted period while you recover, you may find that you are unable to return to your old job and unfortunately some ailments can still prove fatal. |
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