Advantages of insurance

Question 1

How does insurance help provide peace of mind?

Answer 1

As there is comfort in knowing measures of protection are in place for unforeseen circumstances

Question 2

What type of insurance protects assets such as homes and valuable items?

Answer 2

Property insurance

Question 3

How does property insurance protects assets such as homes and valuable items?

Answer 3

As compensation is paid out to repair or replace these if they are damaged, stolen or lost

Question 4

What type of insurance provides financial protection?

Answer 4

Life assurance

Question 5

How does life assurance provide financial protection?

Answer 5

As compensation is paid out to dependents on death which can prevent bereaved families falling into debt especially if the main earner of the family passes away

Question 6

What type of insurance provides physical protection?

Answer 6

Private health insurance

Question 7

How does private health insurance provide physical protection?

Answer 7

It ensured that individuals or families receive medical treatment quicker than if they were relying on the public health service, and covers their treatment costs

Question 8

What type of insurance provides financial support in the event of an illness/injury and loss of income?

Answer 8

Income protection insurance/permanent health insurance

Question 9

How does income protection insurance/payment health insurance provide financial support?

Answer 9

By ensuring an individual or families can meet their basic needs and avoid debt in the event of an illness/injury and loss of income

Question 10

List the advantages of insurance

Answer 10

Provides peace of mind
Property insurance - Protects assets
Life assurance - Provides financial protection
Private health insurance - Provides physical protection
Income protection insurance - Provides financial support