Protection & insurance

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Life insurance is a contract between an individual and an insurance company that provides financial protection to the individual's beneficiaries in the event of the insured person's death. 

The policyholder pays regular premiums to the insurance company, and in exchange, the insurance company pays a lump sum of money, known as the death benefit, to the designated beneficiaries upon the insured person's death. 

Life insurance can provide financial support to family members or other dependents who rely on the insured person's income, pay for final / funeral expenses, or leave a legacy for loved ones. 

There are different types of life insurance policies, such as term life insurance, whole life insurance, and universal life insurance, each with their own features and benefits.

Critical illness cover is a type of insurance policy that provides a lump sum payment to the policyholder in the event they are diagnosed with a serious illness or medical condition that is covered by the policy. 

Critical illnesses can include cancer, heart attack, stroke, and other life-threatening conditions specified in the policy. The lump sum payment received can help cover medical expenses, living costs or other financial needs, and can help alleviate the financial burden that can accompany a serious illness. 

The policy typically includes a list of covered conditions, and the policyholder must survive a minimum period, known as the survival period, after the diagnosis of the critical illness before the benefit is paid out. 

The cost of critical illness cover will depend on factors such as the policyholder's age, health, and lifestyle, as well as the level of coverage and the length of the policy term.

Permanent health insurance (PHI) also known as income protection is a type of insurance policy that pays out a regular income to the policyholder if they are unable to work due to an illness or injury. 

The policy can provide financial support to help cover living expenses, medical costs, and other financial obligations while the policyholder is unable to work. The exact amount of the income paid out will depend on the policy terms and conditions, including the level of coverage and the length of the policy term. 

The policyholder typically pays a premium to the insurance company, and the premium amount will depend on factors such as age, health, occupation, and other risk factors. 

PHI can provide peace of mind to individuals who rely on their income to meet their financial obligations in the event of an unexpected illness or injury that prevents them from working.

Also known as private medical insurance pays some or all of your medical bills if you are treated privately. It gives you choice in the level of cover you get, and how and when it is provided.

Benefits of this insurance: 

Specialist referrals. You can ask your GP to refer you to an expert or a specialist working privately to get a second opinion or specialist treatment.

Get the scans you want. If the NHS delays a scan, or won’t let you have one, you can use your cover to pay for it.

Reduce the waiting time. You can use your insurance to reduce the time you spend waiting for NHS treatment, if your wait time is more than six weeks.

Choose your surgeon and hospital. You can (in theory) choose a surgeon and hospital to suit your time and place, which isn’t possible on the NHS.

Get a private room. You’re more likely to get a private room, rather than stay in an open ward which might be mixed-sex.

Specialist drugs and treatments might be available. Some aren’t available on the NHS because they’re too expensive or not approved by the National Institute for Health and Clinical Excellence in England and Wales (NICE) or the Scottish Medicines Consortium (SMC).

Physiotherapy. You get quicker access to physiotherapy sessions if you have insurance than you likely would through NHS treatment.