Where Should I start?
Finding The Right Insurance Products
So you’ve decided that you want to invest in insurance, which is great. You are thinking ahead and taking the necessary steps to ensure that you are prepared for the future and making certain that your loved ones will be financially secure should the worst happen.
However, there is more than just plain, old life insurance policies available on the market. You may (or may not) be aware that you can obtain insurance to cover you if you were to fall critically ill, private healthcare insurance and building and contents insurance, so you can essentially have everything covered and leave no stone unturned if that’s what you wanted.
But with there being so many different types of insurance coverage out there, it can be difficult to establish the most suitable insurance for you, especially if you don’t know where to start.
However, we are on hand to help you with every aspect of finding the perfect insurance cover, tailored to your needs. We understand that no two people’s circumstances are the same. That’s why we are able to provide, useful, beneficial advice in ways that are jargon-free to the people that need it the most.
Guides To the Types Of Insurance Products
Traipsing through hundreds of life insurance products on the market can be tiring. You can find yourself searching for hours on end, exploring all the various types and still not be any clearer on what insurance products are best for you. It can feel like you’re trying to find a needle in a haystack.
But don’t lose hope just yet, as we are here to break down the different types of insurance products so you can be more clear about what insurances are most suitable for you.
If you’re confused, you can contact us directly and we’ll provide you with the answers you are looking for. But here’s an overview of each one.
Who Needs To Be Protected?
Firstly we would always look at the main breadwinner. However, quite often a house person will be overlooked.
Their contribution to the family cannot be undervalued. Their loss through illness or death will have deep financial consequences as well as the emotional ones. Carrying out every day home tasks and bringing up children is a very valuable role. It would cost up to £31,6271 to replace a stay at home parent.
Children can get ill to. The majority of Critical Illness plans that we recommend will come with an element of children’s cover automatically included within the plan.
Who Needs To Be Protected?
This is a very difficult question to answer, and requires an in depth analysis of your current situation and to understand what your priorities are. It may be that you would like to ensure your mortgage is cleared upon death or diagnosis of a critical illness. It may be that your preference would be for your income to be replaced until your children are no longer dependent.
If you are the primary breadwinner in your household, you may have considered investing in life insurance. Even if you’re not, you still may have considered it. Life insurance is a type of insurance contract which pays out a lump sum to your dependants should you pass away during the term of the contract.
Life insurance is about making sure that the people you love most are taken care of financially, should the worst happen. The cost of a policy is determined by a number of factors including your age, health and lifestyle.
Life insurance can be set up in single or joint names and the sum assured is determined by you. Premiums are paid on a monthly basis by direct debit.
Critical Illness Cover
Would your family be able to cope financially if you were to become seriously ill and could no longer earn a living? It’s not a pleasing thought, however, it’s crucial to ask yourself these questions. If you believe that your loved ones would struggle to pay the mortgage or meet the costs of household bills, you should really consider critical illness cover.
Similar to life insurance cover, critical illness cover pays out on the diagnosis of a critical illness specified in the policy. It can help with things like care costs, medical bills and even travel abroad for treatment. It can cover your financial commitments in a major health crisis, so it’s worth having if you are worried about your future health and how your family would manage it that situation.
Private Health Insurance
Whether you work full-time, part-time or not at all, you will be eligible for private health insurance.
There’s no denying that the NHS is under a huge strain at the moment. NHS England treats more than 1.4 million patients, every 24 hours and the demand for its services is continuing to rise, putting additional pressure on frontline services. The figures do the talking for themselves…
Statistics show that performance against key standards is deteriorating, as in 2016/17 an average of 89% of people were seen within 4 hours at A&E, compared to the 95% standard.
If you think you are alone in thinking that the future of the NHS looks bleak, rest assured, you’re not. The public concern about the future of the NHS is at its highest since June 2002: 57% think that the NHS’s ability to deliver care and services has been getting worse and will continue to decline.
However, by taking out private health insurance you won’t have to worry about the potentially poor treatment that you will receive from the NHS if you should require its services. Private health insurance is specifically designed to give you access to specialist diagnosis and medical treatment on a private basis rather than having to wait extensively to been seen and treated by the NHS.
The speed of diagnosis and the waiting time before treatment can be a matter of life and death with many scenarios, as every second and minute is vitally important. Private health insurance gives you immediate access to specialist diagnosis and medical treatment and provides peace of mind that in the event that you require urgent medical care, it can be provided as and when you need it.
With this type of insurance, you have the option of choosing between various combinations of cancer cover, outpatient limits, excesses and hospital networks better suited to your budget. You can also include post-diagnostic treatments and physiotherapy within plans.
Buildings and Contents Insurance
How would you replace everything in your home if it was destroyed or stolen? It’s worth getting buildings and contents insurance just in case.
For your advantage, building and contents insurance simple to set up and can take only five minutes. However, the results of not investing in this type of insurance can be devastating.
Building and contents insurance protects the structure, the fixtures and fittings in your home; while contents insurance covers all your belongings. This cover can be hugely significant because if you have a mortgage, one of the conditions will be that you have this type of cover in place. The lender will not want there to be any instance where the property is not insured and their security isn’t protected.
Need Advice & Guidance?
You’re in the right place. At Regal Finance Group we source your product from a range of insurers to find insurance products most suitable for your needs. You can obtain guidance and a quote by speaking to one of our friendly, helpful advisors.
Get A Mortgage With Regal in 3 Easy Steps
Complete an enquiry form and an advisor will call you back.
Send us the documents we need.
Receive a Decision in Principle from one of our lending panel.