Life And Health Insurance
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What is Life and Health Insurance?
There are different types of life and health insurance, but in general policies are taken out to protect businesses from any financial loss due to the death, illness or injury of the person insured.
What types of Life and Health insurance are there?
Life Insurance
Life Insurance pays out on the death of the insured person. This can be paid out as a lump sum or a regular income and is usually quite reasonably priced.Critical Illness Cover
Critical Illness Cover pays out on the diagnosis of a serious disease, even if the insured person is still able to work. It is available alone or combined with life insurance, but is expensive and used less commonly than simple life insurance.Private Medical Insurance
Private Medical Insurance covers the cost of private medical care. This allows the insured person to receive treatment quickly and care can be tailored to individual business needs (there are many different scales of cover).Income Protection Policies
Income Protection Policies pay a regular income to the insured person when they are unable to work due to an injury or illness. This cover is also known as Personal Accident, Sickness or Permanent Health Insurance.Do I need Life and Health Insurance?
There are two main reasons why life and health insurance policies are important for businesses. Firstly, insurance can protect the business against any financial loss due to the insured person's death, illness or injury - this could be substantial if they are a key person in the business (see Key Man Insurance). Secondly, insurance can be an important benefit for employees, which may help with recruiting and retaining the right people.
The different types of insurance can be used in a combination of ways to provide appropriate cover for different business needs, and advice should be sought from a qualified independent financial adviser.
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