What is the purpose of insurance?

The purpose of insurance is to protect against risk whether it be house insurance,life insurance or even insurance against your central heating failing. Some insurances are compulsory like motoring insurance and buildings insurance if you have a mortgage.

Some Insurance Facts

The UK insurance industry is the second largest in the world and employs over 309,000 people   More than 1 in 6 private car drivers make a claim each year   In terms of insurance sales in 2005/2006 75% of households had contents insurance,72% had motor insurance,63% had buildings insurance,39% had life insurance,22% had mortgage protection and 12% had medical insurance.Less than 3% had income protection.   In 1997 55% of general insurance was bought through brokers but by 2007 this figure had dropped to 34%. 71% of all business written was done by one of the top 10 insurance groups.

What is General Insurance?

General Insurance is normally explained as most insurance policies except life insurance. General Insurance can include Car Insurance,Buildings Insurance, Home Contents Insurance,Pet Insurance,Critical Illness,Payment Protection Insurance,Travel Insurance, Household Goods Insurance, Home Insurance and Medical Insurance. General Insurance is best described as insurance cover for events that may or may not happen unlike life insurance where death will eventually happen.

Life Insurance

What is Life insurance?   Life insurance is is an insurance policy that upon the death of the insured will pay out a sum to the nominated recipient.In return for this the insured will pay the insurer a monthly policy premium. There are various types of life insurance policies and we will be covering these in next few days.   Over 50's Life Insurance

Links to pages giving further insurance information

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