Things don’t always go according to plan but you can protect yourself financially by using insurance products. The Money Advice Service provides comparison tables to help you make an informed decision.
Building and Contents Insurance
If you have a mortgage your lender will probably insist that you have at least standard buildings insurance cover to protect your home if it was destroyed by fire or flood etc. If you rent your home your landlord may be able to provide you with insurance at a discounted rate.
About 1 in 4 people have no contents insurance. This means that they are not protected against theft or covered for any damage to possessions in the home, such as furniture, computer, television, carpets etc. As with all insurance products, make sure you shop around to get the best deal available.
Protecting Your Income
What would happen if you or your partner became seriously ill or disabled, or died suddenly? Could your family manage without your income? Life insurance is important if you have a family. The cost of life insurance depends on a range of factors including your sex, age and medical history. It is wise to shop around for the best rates.
Should you take out insurance?
The Money Advice Service has produced some useful action plans that can help you decide whether you need insurance or other financial products. There are also other ideas that can help you to prepare for the unexpected.
The State offers some benefits for long-term sickness but these aren’t generous and you will need to pass various tests to qualify. The Long Term Conditions & Macmillan Service can provide support and advice if you have a long term health condition such as chronic obstructive pulmonary disease (COPD), coronary heart disease, stroke, cancer or are a person living with cystic fibrosis.
Seeking Specialist Advice
If you would like to talk to someone about your financial matters, you can check whether a firm is authorised by checking the FSA register here or by calling the FSA Consumer Helpline number- 0845 606 1234.
If you want to find a local financial adviser click here and you will be given details of three local advisers.