Between auto insurance, medical insurance and pet insurance – there are insurance policies to cover almost anything imaginable. However, there are a variety of lesser-known coverage plans that are equally imperative. Here are four overlooked but important types of insurance:
Income Protection Insurance1
This coverage protects you and your family from monetary issues if you become ill or injured. If you have a family, could they survive on savings or sick pay? With income protection insurance, also known as permanent health insurance or long-term disability insurance, a percentage of your income will be replaced in regular payments.
Tenants Contents Insurance2
A home is burgled every 55 seconds in England and Wales. As a tenant, it is important to protect your property and belongings from burglary, accidents or damage. A contents insurance policy protects jewelry, furniture, family heirlooms and much more from a flood, fire or theft. As a landlord, it is not a legal requirement for tenants to have this coverage, but you can request it.
Nearly three quarters of the population in the UK have no life insurance. Although it is grim to ponder, it is extremely important to consider your loved ones in the event of an unforeseen circumstance. Life insurance, also known as life assurance or term assurance, is coverage designed to protect your family from financial stress in the event of your passing. Life insurance can be as low as £2.00 a month, depending on the policy you choose. If you are unsure about the levels of life that you may require, visit www.getliferight.co.uk.
Home-Based Business Insurance4 5
Nearly 70 percent of new businesses begin at home, and contribute £300 billion to the economy in the UK. In an effort to protect entrepreneurs and their businesses, the insurance industry created an in-home business policy. This coverage provides liability and business property coverage for your home-based business. If your business is shut down because of damage to your home, the insurance will cover your lost income and ongoing expenses like payroll. It also provides limited coverage for documents, accounts receivable, off-site business property and equipment.
1The Money Advice Service. (2014). Do you need income protection insurance? Retrieved November 13, 2014 from http://bit.ly/1wt6mF9
2Confused.com. (2014). Guide to tenants’ insurance. Retrieved November 13, 2014 from http://bit.ly/1xlb1yz
3King, M. (9 May 2013). Three quarters of the population do not have life insurance. Retrieved November 13, 2014 from http://bit.ly/1zmQZkT
4 Gov.uk. (2014). Backing for home-based business boom. Retrieved November 17, 2014 from http://bit.ly/1xeVWx7
5 Rmiia.com. (2014). Home-based business insurance. Retrieved November 17, 2014 from http://bit.ly/1qezi7n
The information in this article is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. The information in this article is not intended to be and does not constitute financial or any other advice. The information in this article is general in nature and is not specific to you the user or anyone else.