5 types of insurance you didn’t know you needed
If this year has taught us anything, it’s the importance of being prepared for the unexpected. Insurance can play such a vital role in offering you protection if something goes wrong. From the everyday moments to the once in a lifetime occurrences. You may be surprised to learn just how many kinds of insurance there are, and how they can help you.
Boiler
Did you know that boilers are usually not covered in house or content insurance policies? If your boiler ends up breaking down it could cost you a small fortune to get it fixed. Investing in boiler insurance can help you save money. It’s especially important to think about in the run-up to winter, as the last thing you’ll need is a broken boiler when it’s freezing outside.
Income Protection
This kind of insurance is designed to help protect your ability to meet financial commitments if you get made redundant or are forced to take a long period of time off work. Say for instance, if you’ve had an accident or were fired through no fault of your own. Income protection works by paying you a portion of your salary so you can keep paying your bills. You will not be eligible for it if you injure yourself on purpose.
Critical Illness
Critical illness is not the same as life insurance, but it is often sold alongside it. If you are diagnosed with an illness that means you can’t work for an extended period of time, this insurance plan can help you. You would be entitled to a lump-sum payment. It’s a good idea to sit down and figure out how much you would need in order to live comfortably if you were unable to work.
Wedding
Your wedding is one of the most important days of your life. You’ll have invested so much time, money, and energy into planning to make it perfect. However, there may be unforeseen circumstances that mean you have to cancel it. This could involve cancellation fees and make the whole event even more expensive. Wedding insurance could be worth buying to put your mind at ease.
Gap
Gap insurance can give you protection if you make a claim for a car and get less than the cars value when you bought it – you will receive the ‘gap’ amount of money so you don’t lose out. It tends to be associated with buying newer cars, as it’s well-known that new models go down in value very quickly. Investing in GAP insurance prevents worst-case scenarios from becoming reality.
Insurance policies are designed to give you peace of mind and help offer protection for you and your loved ones. What do you think is important when it comes to buying an insurance policy?
