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Protecting Yourself
The purpose of insurance is to protect yourself from the financial consequences of loss or damage.
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Insurance limits your risk and provides financial protection against losses in the future. To provide this protection, an insurance company charges you a premium.
If you are not sure about whether or not to pay for insurance, ask instead: 'How would I cope without insurance if something went wrong?'
Types of Insurance
There are different types of insurance. Depending on your personal circumstances, you may find some or all relevant.
If you are not sure about whether or not to pay for insurance, ask instead: 'How would I cope without insurance if something went wrong?'
Types of Insurance
There are different types of insurance. Depending on your personal circumstances, you may find some or all relevant.
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It is wise to insure your home (the building) against fire, flooding, and damage.
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Third party insurance is compulsory by law. It however does not cover any damage to your own car.
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In the UK you do not need to have health insurance. Everybody is entitled to treatment on the National Health Service (NHS).
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Vet bills, to treat unforeseen illness or accidental injury, are not cheap and pet insurance will cover at least some of these expenses.
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PPI is offered if you take out a mortgage or buy something on credit. This type of insurance offers protection if you are unable to make the necessary payments.
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Travel insurance protects you against unplanned costs which could arise while you are travelling.
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Life insurance is especially important if you have a family or dependants. The basic cover here is for a lump sum to be paid on your death.
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In debt and need help?
Call a CCCS counsellor on 0800 138 1111.
