Critical illness cover pays a tax-free lump sum if you’re diagnosed with a critical illness during the policy term. You decide on the length of the policy: many people choose to have coverage until their kids have flown the nest until the mortgage is paid or until they plan to retire. Think of critical illness cover like car insurance: you pay every month or year for it and hope you never need to use it, but you feel better knowing it is there, just in case. All critical illness covers include the major serious illnesses you might suffer from - coronary artery bypass, major heart attack, kidney failure, major organ transplant, multiple sclerosis, stroke and a defined set of specific cancers.

As long as you keep up with the payments on your premiums (this can be monthly or annually), then you will be covered if you are injured or diagnosed with an illness that is specified on your policy. Once you are diagnosed, you will normally receive a one-time, tax-free payment that you can use to either replace the income you have lost from being off work, pay for medical bills, or make necessary changes to your home.

Make sure you check your policy wording carefully, as there may be a deferred period, which means that you will not receive your payout immediately on the diagnosis. You may need to wait for an agreed period before you can make your claim. It is important to know that critical illness and terminal illness are classed differently by insurance providers. Terminal illnesses (defined as a life expectancy of fewer than 12 months) are excluded from critical illness cover, so you should consider taking out life insurance instead if that is important to you.

Please be careful to check exactly what you will be covered for when agreeing to your policy. 

Do I need critical cover?
Please check: 
1. Whether you already have some illness insurance combined with another insurance policy like a life insurance policy, or with your mortgage, which covers you for serious illness?
2. What benefits your employer pays out if you can not work because of ill-health or disability?
3. Whether you have savings you can use instead of insurance?
4. Is this the best type of illness insurance for me?

Check out all the different types of illness insurance to see which one would suit you best. For example, income protection insurance usually includes a greater range of illnesses and conditions than critical illness insurance. It may cover you for a more extended time if you can not work. However, it will probably cost you more than critical illness insurance.

Whether you are moving into a new home or renewing your buildings and contents insurance for your existing home, it is a good idea to shop around for your home insurance cover.

The best buildings and contents insurance is the one that suits your house or flat and the types of possessions you have inside. Depending on your living circumstances, you may only need buildings insurance cover or contents insurance cover for your home or combined buildings and contents cover. 

Buildings insurance covers the structure of your home (the fixtures and fittings in your home). This includes kitchens and bathroom units, as well as walls, doors, windows and roofs. It can also include sheds, garages, and other external features. These features are not always included as standard, so make sure you check with your insurer if you need extra cover. A standard policy will usually cover you for floods, subsidence, theft/vandalism, fire, lightning, and water damage. 

Contents insurance covers your belongings, the things that make a house a home, should they be damaged or destroyed. This means anything you can remove from your home, including furniture, carpets, curtains, light fittings, clothes, electronics, and personal items. Contents insurance will generally offer protection against the same perils as buildings insurance cover. 

If you are looking for both buildings and contents insurance for your home, then buying a combined policy is often cheaper than two separate ones.

Unlike car insurance, you are not breaking the law if you do not have building and contents insurance. However, most mortgage providers will insist that you have buildings insurance before they lend you any money, as your home is used as collateral if you can not keep up repayments. 

Home insurance will not insure you against: 
* Acts of terrorism. 
* Damage due to wear and tear. 
* Accidental damage (although you can sometimes pay more to cover this). 
* High-value items, unless you have specifically told the insurer about them. 
* Business-related accidents or damage, if you run a business from home. 

It is worth noting that the cover is invalid with many insurers if your house is unoccupied for more than 30 consecutive days during the year. 

Private medical insurance is an insurance policy designed to cover the cost of private healthcare. It will typically cover you for surgery associated with ‘acute conditions’, like a hip replacement or having a hernia removed. You can buy different types of policies that each offer various levels of cover at varying costs. This could include fast-track diagnostics for cancer or access to other cancer treatments not currently available on the NHS.

Like other insurance, you will pay monthly or annual premiums - then, should you need private medical treatment, your provider will pay out for some or all of the cost. Private medical insurance works as a helping hand when you need it most, from in-patient treatment to extra support for mental health, depending on your policy. You can take out private medical insurance for yourself, or a joint policy to cover you and your partner. 

Private medical insurance usually gives you:
* Quicker access to consultants, tests and treatment.
* Private hospitals often have facilities to make your stay more comfortable, like TVs and en-suite rooms.
* In some instances, access to treatment and drugs that are not widely available on the NHS.
* Greater control over which hospital you go to and when. 

The downside of private medical insurance is that it tends to be very expensive, and chronic illnesses are not usually covered. 

Getting the right private medical insurance for your needs is half the battle. Firstly, decide why you want it and whom you want it to cover.

Types of private medical insurance policies: 
1. Individual medical insurance
This can give you fast access to medical care if you become ill or injured, avoiding lengthy NHS waiting times. Before you start comparing policies, check if you might already have private medical insurance through your employer.
2. Joint medical insurance
This insurance policy covers the health of both you and your partner. It can be cheaper than taking out two separate policies, although this is not always the case.
3. Family medical insurance
Family medical insurance can cover your whole family under the same policy. This can sometimes work out cheaper than buying individual cover for each family member.
4. Child medical insurance
This insurance covers the cost of private healthcare for your child if they become ill. It reassures you that they will get immediate treatment in private hospitals and clinics. Currently, you can not compare standalone child health insurance through us.  

If you are worried about what might happen if you become ill or lose your job, income protection insurance could offer you and your family security. Income protection refers to a family of insurance products that ensure you can continue to meet your financial commitments if you are forced to take an extended break from work. Income Protection Insurance will provide you with financial support if you find yourself unable work, due to illness or accident or if you are made redundant. Income Protection Insurance will pay you a regular income, whether you are employed or self-employed. It pays an agreed portion of your lost earnings, which could help cover your monthly essential bills like your mortgage, rent and other outgoings such as utilities and food, enabling you to focus on your recovery. It can provide you with either a fixed monthly benefit amount or cover a percentage of your earnings following the deferred period. You can get short-term or long-term policies, depending on your needs. The benefit amount can be paid for each eligible claim for a set period from up to 12 months or until retirement.

You might have savings to fall back on, an adequate company redundancy package, or company sick pay that will cover illness in some circumstances but unemployment protection will help you to maintain your lifestyle and pay the bills if you can not rely on these, either in the short or long term. You can expect to receive about half to two-thirds of your earnings before tax from your regular job. This is because some money will be taken off for the state benefits you can claim, and also, the income you get from the policy is tax-free.

You can not claim income protection payments straight away if you fall ill or become disabled. You usually have to wait a minimum of four weeks, but payments can start up to two years after you stop work. This is because you may not need the money straight away as you may get sick pay from your employer, or you may be able to claim statutory sick pay for up to 28 weeks after you stop work.

Short-term income protection can cover you for accident, sickness and unemployment if you’re unable to work for a short period, for example, if you break your leg or are made redundant. Policies typically cover you from six to 12 months, although some policies will provide cover up to two years. Long-term income protection will cover you against accident and sickness if you become seriously ill or permanently disabled, and it will not cover unemployment. If you are unable to work again, long-term income protection could provide you with a regular monthly income until you retire or the end of the policy term – whichever is sooner. Check with your provider to see the exact terms.

When you apply for income protection, you specify your employment status, what you want your insurance to cover, your income, your mortgage or loan repayments. 

Income protection should not be confused with Payment Protection Insurance (PPI). PPI, notorious for being widely mis-sold in the past, only covers a specific debt if you’re unable to work because of injury, illness or unemployment. For example, it could cover your credit card, mortgage or loan repayments.