Types of Health Insurance

This article lists some of the different types of health insurance available in the UK.

Health insurance a financial product that insures against the risk of incurring medical expenses. There are other different types of health insurance, which we will cover in this article.

Life Insurance

Life insurance is a policy that will pay out when the policy holder passes away. There are several benefits to this type of policy. Firstly, it can help pay for funeral costs. As well as this, it can also help close relatives out financially when you have passed away. Of course, this is not a policy that everyone is a fan of.

Private Medical Insurance (PMI)

Private medical insurance is a policy that could help you if you find yourself in a situation where private medical care is a must, but you may not be able to afford it. These policies are becoming increasingly popular as of late. There are several benefits, particularly for those who tend to travel a lot.

Basic

Basic health insurance is pretty self-explanatory; it will only cover the most basic of medical treatment. At the moment it will only cover inpatient treatment. The benefit of this type of health insurance is that it is relatively low cost, so it is much more affordable to those on a low income. Sometimes operations are covered by this type of health insurance.

Standard

A standard insurance policy is probably the most popular type of health insurance. It offers much more cover than a basic policy, and it is still fairly affordable depending on your income. For the most part, this type of insurance policy will cover operations and outpatient treatments. The reason that this type of insurance policy is so popular is because it offers a lot more protection and is still affordable.

Comprehensive

A fully comprehensive health insurance policy will cover most things. This is a very popular choice, but it is much more expensive than the two types that have been mentioned above. The great thing about this type of insurance is that it will cover all procedures as well as consultations and other treatments.

Critical Illness Cover

Critical illness cover is a type of insurance that can either be purchased as a stand-alone policy, or as part of a life insurance policy. It is a popular policy. It will cover you against serious illnesses such as cancer and others. However, it is important to note that this type of health insurance cover can often be too expensive for most people to afford.

Income Protection

If you were to become unable to work through a serious illness then you would receive payments from a policy like this. There are a lot of people who have taken out these types of policies over recent years, and some people do not like the way that they work. However, they are worth looking into.

Overseas Medical Insurance

If you travel a lot then this is a type of health insurance well worth looking into, it can provide you with a lot of reassurance and a safety net of sorts. Some people think that it is expensive, but the type of policy that you have, including the cost, will all depend on personal circumstances.

As you can see, there are a lot of different health insurance policies out there, and some are more suited to the individual than others.

Useful websites

The following websites may be useful to anyone looking for information on the different types of health insurance:

Posted in Insurance |

Tags: Basic, Comprehensive, Critical Illness, Income Protection, Life Insurance, Overseas Medical Insurance, PMI, Private Medical Insurance, Standard