Families can be combustible and erratic entities; the grandmother and teenager; the introvert mum and the extrovert dad; and the baby and the 20-something employee may all play their part. As parents it’s up to you to make sure all of these parts are properly protected for them to work at their best, perhaps by consulting a company such as Howden Insurance: here are five insurance types that the busy family should consider.
Illness and injury
We tend to start thinking about our health in our mid-40s when pains and aches have crept in, and illnesses tend to stay for longer, while our recovery rates are slower. Perhaps those around us are not as sprightly as they were, and struggle with work as they’re in and out of hospital. We’ve known more people and lost many, including grandparents and perhaps even parents.
That’s when private health insurance starts to become more of an issue, even if we know that our healthcare system is among the best in the world. The NHS won’t pay for certain assessments and treatments and even if it does, private healthcare can speed up the process considerably. The cost of your premium will depend on your age, fitness and present health, and the level of cover you require – down to the hospital you want for any potential treatment.
You can never tell how the financial market will affect your family and their livelihood.
A downturn in the economy or a change in what trends people want or need could be enough to destroy a company – which leads to redundancies and job losses. That leads to mortgage payments stopping and disaster. Alternatively, ask yourself how you would pay your mortgage if you were injured or fell ill, and were unable to work for a long period?
Mortgage protection insurance covers you up to a set amount for a certain period of time – usually the minimum required by mortgage companies to prevent you falling into arrears. As an example, a company may pay £200 of a £500 mortgage per month for a year or two.
Payment Protection Insurance
You’ve probably been bothered by cold callers insisting they can get your PPI back for you “after it was sold to you incorrectly” – even if you’ve never had it in your life. Banks are still trying to ‘clean up’ the payments system several years on and a stigma remains, but in principle they can be a good way to look after loans/credit card payments if you are unable to work. Read the small print before agreeing!
Busy families tend to have gadgets, sporting equipment and other items of interest. Busy families can also have fast-moving hectic lifestyles (especially if young children are involved), and that can lead to accidents. If you use equipment away from the home – cycles/iPads/mobiles/cameras, etc – then make sure your policy covers this in its terms of usage.
No-one wants to think about a premature death, but it happens. Fatal road accidents or terminal illness can instantly change the entire family structure, and once the news sinks in the next question is simply ‘what now?’ Who pays for the funeral? Who pays the mortgage?
Planning ahead can be painful but comforting, as a good policy will protect certain aspects of life for those left behind, by paying for everything from the yearly joy of buying Christmas presents to university fees. The earlier you start paying and the more you pay, the better your cover is likely to be.