Different types of insurance

There are a vast array of insurance products on the market right now to protect us from a multitude of unforeseen events. Some are absolutely essential while others are optional.

Below you’ll find the most common types of insurance products on the market today:

• Home insurance: This is split into buildings insurance and contents insurance. If you own your own house, then buildings insurance is normally required by your mortgage lender. In any event, it is a pretty good idea to have this type of insurance as a homeowner. Tenants, on the other hand, usually only have to purchase contents insurance as the landlord is normally responsible for insuring the building.

• Life insurance: This covers the life of the policy holder in the event of untimely death. Usually a lump sum is paid to beneficiaries upon the death of the policy holder.

• Health insurance: This type of insurance enables us to seek private treatment for most types of illnesses and health problems. The benefits of having private treatment are having access to better facilities and also shorter waiting lists.

• Car insurance: A legal requirement for all drivers. Car insurance quotes can vary wildly and there are specialist insurers for certain categories of drivers and certain types of car.