In everyday life, people are faced with risks that they have little or no control over; that is where insurance comes in. Insurance can be dated as far back as 1347, where people made the first contracts in Genoa. This era was followed by increased patronage when merchants were sending their goods across the seas. Insurance serves as a cushion to protect you and provides some means of getting you back on your feet when you hit a roadblock. In today’s world, the need for insurance has grown massively across countries, with different types of insurance emerging to deal with a specific risk that you might be facing. There are many types of insurance coverage that have been tailored even for families. Let’s take a look at some significant insurance coverages that would be perfect for protecting and cushioning your family in times of uncertainty.
Life insurance
Life insurance is one of the most popular types of insurance coverage because every life is meaningful but short, and many families have suffered greatly when the breadwinner died. For example, life insurance seeks to cover the expenses incurred from organising a funeral of a spouse or parents after they passed away. The average cost of life insurance should be six to ten times your average annual income. Still, it usually depends on the insurance company. So if you earn about £50,000 a year, expect to pay between £320,000 to £500,000 as life insurance coverage. This total amount is not paid upfront but as a monthly instalment which your insurance company will give you.
Health insurance
The recent Covid-19 global pandemic has proved to the entire world that matters relating to our health should not be taken for granted. Quality healthcare can be quite expensive and it could run you into thousands and millions of dollars depending on your health condition. Health insurance serves to reduce the burden when it comes to taking care of your health. Families really need this insurance coverage, and it could be helpful in the future. The average cost of private health insurance in the UK is £1,435. Of course, it would differ depending on the plans and provider you choose. Take your time to choose the right healthcare plan at the correct price to keep your family safe.
Homeowners insurance
Every family needs a home, but houses are prone to disasters. Therefore, you should protect it from fire, flood, and burglary by getting insurance coverage. Usually, homeowners insurance covers private but not general residencies. Therefore, your insurance will be over the things you own in that home if your family lives in a rented house. In 2018, the average cost of a typical homeowners insurance policy is around £163. The total cost of the home could also influence this insurance cost. Hence, a cheaper residence comes at a lower price and vice versa.
Before you buy insurance, make sure it is from a reputable insurance company such as One Sure Insurance. They have all the types of insurance to get your family set for life.
