Bank Insurance

Type: article

When it comes to insurance, there is one that you may not have heard of before. If you have heard of it before, you probably think it has nothing to do with you and this is bank insurance. Well, just like any other security, this security is as important as all others. This is because it’s a security measure designed to protect the money that you deposit in banks. The Bank of England which is the central bank in the UK guarantees this coverage. The Bank of England has a special fund, Bank Insurance fund which ensures that you receive your savings in case the bank goes insolvent.

Home Insurance

Anyone who has acquired a home knows how precious it is and also how hard it is to acquire a home. In order to protect your home, you need home insurance. There are basically two types of home assurances in the UK, that is, open perils and named perils. Open perils entail that your home is protected from both things that are probable and things that are unforeseen. If you list an earthquake but your home is destroyed by a tornado, you rest assured that you are covered. However, this is not the case with named perils as you get assurance only for what is listed.

Car Insurance

Car also referred to as vehicle, auto or motor protection is protection aimed at your car or vehicle. This assurance takes many forms. The basics are that you get this when your car is involved in a traffic accident (eligible mostly if you weren’t the guilty party) causing bodily and physical damage to your vehicle. However, this coverage can also involve damage sustained by the car from natural disasters such as earthquakes. It on occasions can also encompass vehicle theft. The type of cover you receive when it comes to car protection in the UK depends on the issuing company you are working with.

Life Insurance

You can insure yourself. This type does relate to many possible unforeseen occurrences. The common type of this coverage in the UK is the life policy. Under this policy, you are ensuring that in the event of your death, you are paid a lump sum that will help in covering funeral expenses. Other types include policies, these policies ensure that you either receive a lump sum upon death or that you can claim a lump sum in the event that you are diagnosed with critical or terminal illness. In general, these policies do not come into play when you commit suicide or die on the war front.

Travel Insurance

This is as you would expect for unfortunate unforeseen occurrences during planned trips. Circumstances which may lead you to claim under this policy include need to cover medical expenses if you fall seek on your travels, flight accidents, if you lose luggage, repatriation of remains if you or other insured persons die during the trip, delayed baggage, hijacking of rental vehicle or any other expense incurred during travel.