5 - Types Of Insurance Flashcards
What are 2 advantages of car insurance?
Meets legal requirements
Theft and damage protection
What are 2 disadvantages of car insurance?
High premiums
Very high excess
What are 2 advantages of home/contents insurance?
Protection against expensive damage
Inside and outside protection for contents
What are 2 disadvantages of home/contents insurance?
Premiums
Unique items can’t be replaced
What are 2 advantages of life assurance/insurance?
Provides peace of mind following bereavement
Low cover cost
What are 2 disadvantages of life assurance/insurance?
No pay out if you live past the time period
Whole life cover is much more expensive
What are 2 advantages of travel insurance?
Protection of personal items
Covers medical costs
What are 2 disadvantages of travel insurance?
An additional cost when travelling abroad
Likely to have to pay upfront and claim money back later
What are 2 advantages of pet insurance?
Avoid excessive fees
Eliminates affordability issues
What are 2 disadvantages of pet insurance?
Additional expense
May never need to be claimed if the pet is healthy
What are 2 advantages of health insurance?
Access to better healthcare
Some financial compensation provided when ill
What are 2 disadvantages of health insurance?
Expensive premiums
Further expense