Within the UK every citizen is protected by the National Health Service, or NHS. This in need covers the costs of necessary medical help. The NHS is funded through the taxation process and provides coverage for many basic types of healthcare. “Why is there need to get a private health insurance?”, you might ask.
Firstly, while the healthcare system in the United Kingdom provides coverage for the most basic medical needs, it does not cover expensive or unusual treatments. It is not uncommon that a perfectly healthy person suddenly has to face a serious illness. In such cases the price of the treatment could be significantly higher than expected and there is no coverage provided by NHS. For this reason, it is advisable to be prepared and consult with an agency specialising in private health insurance. This option is an increasingly popular choice and not only of the elderly.
Another great advantage of a private insurance is the large scale of specialists available. If you are depending on the publicly funded health service, there is no other choice but to wait in a long line to get to a public doctor. Waiting in public hospitals for hours carries its own risks. Private health insurance agencies, on the other hand, offer their own specialists within private institutions. Most companies set a minimum amount of experience for their specialists, in order to provide the customers with experts of certain medical areas.
Private insurance companies sometimes provide support teams made of specialists, who are trying to answer any queries a customer might have. Support is usually available through phone. Such help lines can pride themselves with a high success rate.
In general, the public healthcare system in the UK is very advanced. Nevertheless, in many situations this system cannot function alone. Getting a private health insurance could offer you the feeling of higher security.
To many who may not understand the importance of life insurance, it may look like just as a wasteful expense. This is not the case; life insurance has many advantages both direct and indirect to the individual and the family at large. It is also of great importance to the insurance company as it can use these funds to invest in other areas of the economy and therefore boosting the economic growth. To the government, insurance companies are a great source of income through tax payment.
Let’s now look at it from the individual point of view. Life insurance releases you from unnecessary stresses. You do not have to keep on worrying what might happen to you children in case you pass on leaving them behind especially in their tender age. You rest assured and ready for any eventuality. If you pass on for example, you will at least not leave bills behind but will on how your insurance proceeds will be shared. This will be a kind of gift to your children in death.
Some other forms of life insurance like life endowment policy are more of a saving than insurance. These savings can be used at a later date in your life especially when you are financially strained. They can actually be used to cater for medical expenses in your old age. These proceeds can also be used for investment purposes. For example one can buy shares in a stock exchange market.
Life insurance still, can be used as a security in securing loans with financial institutions. This way an individual is able to access loan facilities and help him or her self advance in life. For the insurance companies, since claims do not come at the same time and therefore there is always bound to be some idle cash, they can invest in other portfolios and diversify their risks. On such area is building residential homes and rent to people. This way they will also be contributing to the economy.
Life insurance has many uses in our lives but one thing to remember is that no singular type of life insurance policy will meet all of your needs. Just like you need different size hammers depending on the type of nail to be driven, you need different types of life insurance to maximize the benefits to your family.
Financial security for your family with young children – loss of income in the event of the bread-winner’s death can be financially devastating for a family with young children. Term-life insurance best protects them by providing substantial coverage at an affordable price. A good 20 or 25 year term life policy is best in this situation if you purchase it when you’re young. As you get older the cost of buying a term-life insurance policy increases substantially.
Final expenses and estate or inheritance taxes – a person can build up a legacy to leave to their loved ones upon their death such as a family business, home or investment property, retirement or investment accounts. However, to protect those assets against taxation, a life insurance policy of sufficient value to cover any estate taxes without having to liquidate assets is vital. Whole or permanent life insurance is best in this scenario because the premium remains level. This type of policy is best to buy when in your late 30s or early 40s when the premiums are still relatively affordable. A personal won’t get as much coverage pound for pound with these policies but you will be able to carry it for life – unlike term life policies. A good policy will build up cash value on top of the base death benefit. Also, a good policy will allow to attach riders periodically if you are interested in socking away cash into the policy to grow tax-deferred.
Getting the right policy for each important phase of your life will give you the maximum benefits and financial protection.
Are you looking for the best possibly life insurance rate? Finding the one that seems right for you and others can be a tough decision. Here are the top Life Insurance rates that you may be interested in:
1.Term Life Insurance:
This is known to be both the cheapest and most popular life insurance. The policies are very simple to follow. They pay a redetermined death benefit amount if a person dies within the time stated before. Term Life Insurance is very easy to purchase and you can get help from a broker or a website. This is a great and simple choice if your looking for good Life Insurance rates.
2.Whole Life Insurance:
Unlike many other life insurance plans, this one has an added savings account. Although it is more expensive than the term life insurance, this one is permanent as long as you pay your premiums and builds actual cash value. If you have trouble saving money, this is a good choice for you. It forces you to put in money!
3.Universal Life Insurance:
Universal Life Insurance is another permanent life insurance that is very flexible and easy to work with. The great part about this life insurance is that the price stays consistent, and they can also add cash value.
4.Return of Premium:
If you live past certain terms with this insurance, you will get all of your money back. This one is also pretty affordable, and doesn’t have any confusing steps or policies so you can pick your own selection on the price.
When looking for Life Insurance Rates, you’ll find that each type has its pro’s and con’s. They also are made for certain types of people and plans. No matter what you pick, you can be assured great quality and standards with these top four Life Insurance Rates.