There are many different types of health insurance and generally the main ones which people choose are individual and family insurance.

Individual insurance is ideal if you live on your own or if your family members already have health insurance. Unfortunately if you are buying outside of a company, you will end up paying a higher insurance rate. Family insurance on the other hand is a little cheaper, though it is still quite expensive for some. It does allow coverage for the whole family though which can really be a huge weight off your shoulders. If you had to take individual health insurance out for each family member it would cost a fortune so specially designed family insurance is definitely worth paying for!

If you are self employed there is also a special health insurance plan for you too. However, once again it is generally quite expensive so not everybody finds that they can afford it. The thing that you really have to ask yourself though, is can you afford it if you had an accident? If the answer is no then health insurance is generally a good thing to have.

There are some good value plans out there; it is just a matter of finding them. If you have a chronic illness then health insurance may well be handy for you, though bear in mind that the insurance rates will be extremely high. This is because insurance companies want to ensure that they do not have to pay out loads of money to somebody who is paying low insurance rates. So, be prepared to pay that little bit extra if you do currently have health problems.

Overall there are many different types of health insurance plans to choose from. So whether you need to buy health insurance for just yourself or for the whole family, there should be something to suit you. Do not put off buying health insurance purely for the costs of it. After all, it will cost an awful lot more if you do end up having to stay in hospital and you will have to find the money straight away!

Life insurance is a big part of financial planning for the future in the event of your death. It pays for the funeral expenses and all other debt left by the deceased. It is important to remember that not only should the bread winner be covered, but the spouse should be covered too. How will the remaining spouse cope with the added expense of child care etc. Select the best policy that fits your need and your budget. Decide how much you need to cover mortgage, car loans, credit card debt and add three times your yearly wage to calculate your minimum life insurance needs.

Simply put, you pay premiums, usually monthly, and if you die during the term of the policy, the insurance company will pay the sum assured. There are many factors taken into the account when getting quoted for your life insurance. One is your age. Generally the younger you take out life insurance the cheaper it will be. Another is the state of your health. If, for example, you have a bad heart or any other physical problems, your premiums will reflect this. Another issue considered is if you smoke or not. Life insurance is very much a personalised thing and the cost can vary between companies, so it makes sense to shop around

Who needs life insurance? Mortgage lenders advise all borrowers to take out life insurance, to ensure that your dependents or next of kin are not left with the mortgage debt should you die. Another consideration is critical illness insurance to help cover your mortgage in the event of being diagnosed with a critical illness. However if you are single with no dependants, income protection may be an alternative to critical illness. Find out more about income protection here.

Where to get life insurance? The main rule for life insurance is to shop around. Different companies have different rules and rates. That’s why you are better to contact an independent financial adviser who can shop around for you. Make a life insurance cover enquiry here and one of our advisers will help source a competitive quote for you from the whole market, with no obligation. Another thing to consider is that if you have a partner, perhaps buying two separate policies, so in the event of divorce this is one less thing to worry about.

How much cover is needed? The first thing you need to do is cover your mortgage and some of your debts. Then you need to have enough to cover your income, realistically ten times of your gross income should be covered. For your life insurance cover you should aim to have a sum assured to cover your mortgage, other debts, and leave your family with something to live on. Your financial adviser can help with this. Alternatively it is important that you do not over-insure yourself, paying unnecessarily high premiums.