Health and Medical Insurance
It is only when you need to make a claim that you realise how important medical insurance can be.
Private Medical Insurance
NHS waiting lists would appear to be quite long but Private Medical Insurance may provide access to quicker treatment in more comfortable surroundings.
Premiums are calculated based on age and the type of cover you require – there are a range of different insurances to choose from. The basic level will provide specialist treatment when the NHS cannot provide treatment within a specified period of time where as the luxury level will cover a whole range of medical services such as dentistry and eye care.
It is worth speaking to an adviser before you decide which type of plan is the best for you.
Critical Illness
The principle is straightforward; in the event of a qualifying illness being diagnosed, the insurance company will pay out a lump sum. Often Critical Illness cover is combined with other types of insurance like Term Assurance allowing the same sum assured lump sum to be paid out on death or critical illness whichever is the earlier.
Permanent Health Insurance (PHI)
Permanent Health Insurance or Income Protection is designed to pay a regular income if an individual is incapacitated and unable to work due to illness or injury.
The amount payable is based on a percentage of earnings and can be suitable for employed and self employed people.
The premium level is set based on the age, occupation and deferred period chosen by the policyholder. The deferred period is the period of time between when you are unable to work due to illness or injury and when the policy starts to pay out.
Many people have been very grateful that in the event of long term sickness they have not had to worry about lost income and how they are going to meet domestic bills and keep a roof over their head until they have fully recovered.