Personal Insurance is a general term used to define various types of insurances. While some of these insurances are optional, many are required by law.
Explaining personal insurance
Personal insurance is your safety net when things go wrong, including the death of the insured individual, serious accident, or injuries that may leave the person disabled and unable to work.
These situations can affect one’s ability to provide financially. It can cause difficulties in one’s financial commitments. Personal Insurance can help to pay the debts, the daily expenses, and other medical bills you can claim.
There are four types of personal insurance that you can consider.
Life insurance is a pay-out to the insured or the beneficiary when then holder dies or is diagnosed with a terminal illness. Life insurance is helpful to provide financial security for your family or beneficiaries in case you will no longer be there to support them.
Total and permanent disability insurance
This type pays you a lump sum in the event that you become totally and permanently disabled due to accident, injury, or illness. The financial burden is lifted with this kind of safety net. The insurance can pay for the wages that the injured party will no longer earn as well as medical expenses such as rehabilitation.
The disability doesn’t only affect the person but the entire family that is involved.
Income protection insurance
Income protection can provide up to 75% of one’s regular income if the insured is unable to work due to an illness or injury. The money can be used to pay medical expenses, daily living expenses, and other financial commitments. It will help you while you’re still recovering or looking for a new job.
Trauma insurance pays out a lump sum to help the insured recover financially after a traumatic event such as cancer, stroke, or heart attack. This insurance is different from private health insurance since the latter doesn’t give a lump sum. Health insurance helps in paying out medical bills and rehabilitation exercises but no payment is given.
Manage your insurance policy
It is important that you check your insurance policy status every one in a while. Your agent will check it for you but knowing the stats of your policy makes everything sure and clear. Review your coverage when major events in your life happen such as getting a child, paying off the mortgage, or retiring.
You also have to see if your policy increases due to inflation. This happens for automatic insurance, so check that out with your agent.
London Insurance Agency aims to protect you and your family from unexpected events. Our professional agents are excellent at finding the right insurance coverage for you. We can tailor the policy to cater to your needs.
The financial safety of both of you and your family are our top priorities. Getting personal insurance is imperative to lift off the financial burden from your loved ones when you pass away or suffer injuries or terminal illness.