Life insurance is about planning for the unexpected. Even if you're young and healthy, unforeseen events can occur. Having life insurance ensures that your loved ones are financially protected in the event of your untimely death. It's especially important if you have dependents or significant debts like a mortgage. Additionally, securing a policy when you're young can often result in lower premiums.

Income protection insurance is designed to support you if you're unable to work due to illness or injury, not unemployment. It provides a regular income, typically a percentage of your salary, to help you manage your financial commitments until you can return to work. This type of cover is crucial for maintaining your lifestyle and meeting obligations like mortgage payments or everyday expenses during periods of health-related absence from work.

Whole of life insurance offers a guaranteed payout upon your death, providing a financial legacy to your beneficiaries. This can be an integral part of estate planning, helping to cover inheritance taxes or leaving a gift to heirs, ensuring long-term financial security for your family.

While buildings insurance covers damage from events like fires, storms, and floods, it generally excludes wear and tear, damage from poor maintenance, and sometimes specific natural disasters. Always check your policy for specific exclusions.

Coverage for pre-existing conditions varies by policy. Typically, illnesses you've already been diagnosed with before taking out the policy are not covered. It's crucial to disclose all medical history when applying to ensure full transparency and avoid issues during claims.

Life insurance needs can change with major life events like marriage, the birth of a child, or buying a home. It’s advisable to review and potentially adjust your coverage during such milestones to ensure it continues to meet your evolving needs.

Yes, for renters, contents insurance is important as it protects your personal belongings against theft, loss, or damage. The landlord’s insurance usually won’t cover your personal items.

Yes, self-employed individuals can and should consider income protection. It’s especially important as you might not have the same safety nets as employed individuals, such as sick pay.

Life insurance payouts can be subject to inheritance tax if the policy is not written in trust. Setting up the policy in trust can help in passing the full benefit directly to your beneficiaries without being part of your legal estate.