What is critical Illness cover
Covers serious Illness. tax free lump sum
What is income protection insurance
IPI pays you income when accident/ illness prevents you from working
Deferred period
A period of time after the illness passes and the benefit is paid.
What is accident, sickness and unemployment insurance
Similar to IPI, but used to cover mortgage payments. More short term and has restrictions. Paid for max of 2 years
Proposer
The policyholder
Private medical insurance
Used to cover the cost of private treatment.
What is long term care insurance
Provides the funds to meet the cost of care later in life.
Immediate needs annuity
A regular income which is paid for any care the policyholder already has
Deferred needs plan
An investment designed to build funds to later pay for any care which is needed
Contracts of Indemnity
To not benefit from the loss occurred. Regarding general insurance
Buildings insurance
Covers anything left when property is sold ie. Swimming pool, shed
Contents insurance
Covers anything you take with you when property is sold
What is all-risks cover
Indemnify policy holder for any loss, damage or theft for items taken away from home. 2 categories:
Unspecified items
Specified items
Travel insurance
Covers traveller from thing like cancellations, medical expenses, loss of possessions
Insurance premium tax
Tax paid on general insurance related to risk
What is payment protection insurance
PPI used to cover monthly loan payments is policyholders salary is reduced due to (ASU). Usually pay out for 1 year
