What are the Types of Insurance I may Need?

Insurance is a huge area of business that covers a wide range of things – it is important for many reasons and in many cases it is essential. Insurance companies are able to advise on the types of cover needed for different things, as it is something that should be tailored to the needs of the individual.

They will use specialist systems such as this Intelliflo software for IFAs and have a vast amount of knowledge in a different types of insurance needed. Here are a few of the types of insurance that you will need throughout life…

Home Insurance – There are two types of home insurance – building insurance and contents insurance. The former covers structural damage to your property – it generally is in place to cover the rebuilding of your property if you should need it. Contents insurance covers the cost of replacing your actual belongings inside your home, including furniture.

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Car Insurance – It is against the law in the UK to drive a car without insurance. There are different types of car insurance policies and an advisor will be able to help you decide which is best for you. They can cover accidents and break downs as well as for you to drive other vehicles, depending on which you decide on.

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Life Insurance – This is something that people will choose to have to protect their loved ones financially in the result of their death. Again, there are many varieties covering different things available, but they work by paying out a lump sum to family in the event of your death. This can be used to pay off a mortgage or for funeral costs.

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