| As one of life's essential financial products | | | | the umbrella of investment-type life |
| for consumers, insurance - whether it's home | | | | insurance. |
| insurance, travel insurance or life insurance | | | | |
| - can be overwhelming. After all, in today's | | | | Home insurance is another crucial part of |
| diverse financial market there is a vast | | | | making sure your life is adequately |
| variety of insurance products for consumers | | | | protected. Whether you choose to take out |
| to choose from. However, before you make your | | | | buildings insurance, contents insurance or |
| choice, it's vital to be aware of the options | | | | both, home insurance can make a vital |
| that face you and to shop around for the | | | | difference to your peace of mind. Over the |
| insurance that best suits you. | | | | winter months in particular, home insurance |
| | | | is especially important. For example, only |
| Perhaps the two most essential types of | | | | last month, Halifax Home Insurance suggested |
| insurance are life insurance and home | | | | that homeowners might be threatened by the |
| insurance. Choosing life insurance can be a | | | | possibility of burst pipes during the recent |
| particularly overwhelming experience, so it's | | | | cold snap experiences across Britain. |
| important to equip yourself with the | | | | |
| available knowledge before making a decision. | | | | According to Vicky Emmott, a spokesperson for |
| For instance, you need to choose whether | | | | Halifax Home insurance: "Water from a burst |
| you're going to invest in "protection-only" | | | | pipe within a loft space can very quickly |
| life insurance or "investment-type" life | | | | cause damage to plaster ceilings, wall |
| insurance. | | | | plaster, kitchen units, electrical wiring and |
| | | | decoration..." |
| Protection-only life insurance will cover you | | | | |
| over a specified amount of time; however, if | | | | With many home insurance companies and high |
| your death occurs after this designated | | | | street banks, including Barclays, offering a |
| period has passed, then your family won't | | | | 24-hour claims helpline and add-ons, such as |
| receive any payment. | | | | legal expenses and home emergency cover, |
| | | | there's no reason for consumers not to take |
| Conversely, investment-type life insurance - | | | | out home insurance to cover any possible |
| also known as whole of life policies or | | | | damage to their home or home contents. |
| endowment policies - will not only pay out in | | | | |
| the event of your death, but will also | | | | But whatever type of insurance you're hoping |
| accumulate in value during your lifetime. | | | | to buy, make sure you consider all your |
| Hence, the younger you are when you choose to | | | | options carefully before making your final |
| take out investment-type life insurance, the | | | | decision. This way, you'll be sure that your |
| greater the value it will accrue during your | | | | insurance covers aspects of your life that |
| life. Many personal pension schemes, | | | | need the most attention, and your long-term |
| including stakeholder schemes, may come under | | | | benefit will be maximised. |