However, for the vast majority of people, there is little need for such extravagant insurance cover, but even so there are still many types of insurance cover available, making it difficult to know what is necessary and what is not.
When trying to work out which insurance policies you need, it's probably a good idea to start with those that are required by law. For the general public, only motor insurance is a legal requirement for drivers in the UK; so if you have plans to take to the open road, or indeed are already on it, then motor insurance isn't just a choice but a necessity. You can expect to face heavy fines, and even imprisonment if you are caught driving without car insurance. Furthermore, car insurance is required when it comes to taxing your vehicle.
While home insurance isn't a legal requirement, many mortgage lenders will insist that you have buildings insurance before they will consider any home loan. But, just because it isn't a legal requirement doesn't mean it's unnecessary. Home insurance is available as two separate products - buildings insurance and contents insurance and each can be bought separately, although most insurers now offer discounts when both are bought together. As the name implies, buildings insurance protects the structural elements of your home, while contents insurance protects your possessions.
If you travel regularly, then perhaps travel insurance may be a consideration. Again, while not a legal requirement, it can cover any expense incurred while you are travelling, especially outside the UK where you would be expected to pay for any treatment you receive in the event of an accident. Furthermore, travel insurance can help alleviate the loss of your luggage, flight delays or should you lose your currency or credit cards. There are many travel insurance packages available, from family cover on a single trip to annual policies covering unlimited journeys, while specialist policies are also available for things not covered within normal agreements, such as ski equipment.
How would your family cope should you ever be involved in an accident that stops you from working, or even worse, kills you? A life insurance policy can provide for those eventualities by paying out a lump sum, which can help stave off any financial hardship. Life insurance is often linked to a mortgage as this is normally the main expense that a family will have to deal with, and although singletons and couples without children might not need life insurance, it should be considered by families with children.
When trying to work out which insurance policies you need, it's probably a good idea to start with those that are required by law. For the general public, only motor insurance is a legal requirement for drivers in the UK; so if you have plans to take to the open road, or indeed are already on it, then motor insurance isn't just a choice but a necessity. You can expect to face heavy fines, and even imprisonment if you are caught driving without car insurance. Furthermore, car insurance is required when it comes to taxing your vehicle.
While home insurance isn't a legal requirement, many mortgage lenders will insist that you have buildings insurance before they will consider any home loan. But, just because it isn't a legal requirement doesn't mean it's unnecessary. Home insurance is available as two separate products - buildings insurance and contents insurance and each can be bought separately, although most insurers now offer discounts when both are bought together. As the name implies, buildings insurance protects the structural elements of your home, while contents insurance protects your possessions.
If you travel regularly, then perhaps travel insurance may be a consideration. Again, while not a legal requirement, it can cover any expense incurred while you are travelling, especially outside the UK where you would be expected to pay for any treatment you receive in the event of an accident. Furthermore, travel insurance can help alleviate the loss of your luggage, flight delays or should you lose your currency or credit cards. There are many travel insurance packages available, from family cover on a single trip to annual policies covering unlimited journeys, while specialist policies are also available for things not covered within normal agreements, such as ski equipment.
How would your family cope should you ever be involved in an accident that stops you from working, or even worse, kills you? A life insurance policy can provide for those eventualities by paying out a lump sum, which can help stave off any financial hardship. Life insurance is often linked to a mortgage as this is normally the main expense that a family will have to deal with, and although singletons and couples without children might not need life insurance, it should be considered by families with children.
