Here are some of the types of insurance cover available to you. It is a short list of insurances that can protect you from some of the worst of life’s misfortunes.

House and contents

When you get a mortgage all lenders make it compulsory for you to have at least the house insurance in place. This will cover the building itself but not the contents inside. If you are worried about a fire, theft or accidents inside the house then you will want to get a good contents insurance policy in place.

Mortgage repayment insurance

If you are taking a home loan, your mortgage repayment will be one of the bigger commitments of your cash flow. If your income is affected negatively through medical reasons or redundancy, the last thing you will need is pressure from a lender to catch up with payments or a threat of mortgagee sale.

Many people do keep some emergency savings on hand, however sometimes we need a little more to see us through the rough times. Some examples may include an illness which prevents you from working for more than six months or being unable to find work for many months after becoming made redundant.

This is where mortgage repayment insurance can help. With mortgage repayment cover you can get cash injections on a monthly basis after falling ill or being made redundant.

Medical trauma insurance

Trauma insurance can pay out a lump sum amount if you should suffer from a major medical illness. Most insurance companies can offer cover for up to forty types of medical conditions, although the majority of the claims under these policies are for cancer and heart disease. It is important to take this type of insurance while you would least likely think about taking them, while you are healthy. As once you have certain conditions these types of cover can be impossible to apply for or very expensive.

People usually use this type of insurance to cover expenses such as medical and household bills whilst you do not have an income. This type of cover can be invaluable for reducing your debt levels and to lower the ongoing commitments to them.

Total permanent disability
Total permanent disability insurance pays out a lump sum if you are unable to ever work again. It is possible to get cover for a specific industry for this cover as well, so if you are an accountant and unable to talk sense, you would not be expected to become a politician. The cost of this type of cover is much cheaper than trauma or mortgage repayment insurance.