There are many types of insurance but the most common include:
- Business – Liability / Indemnity
- Health / Medical
- Home / Contents
- Landlord / Tenant
- Loan Protection
- Mobile Phone
- Natural Disaster
Can I insure other things?
Almost anything of value can be insured but there is no guarantee that an insurance company will provide you with a policy. Loss to a person insured must be quantified in monetary terms and there must also be uncertain risk attached (something may happen, but we can’t be sure) otherwise an insurance company will not consider providing an insurance policy
So how did J-Lo and Kylie insure their bum, Ronaldo his legs, and Tom Jones his chest hair?
It is true that you can insure a body part however these policies are incredibly expensive, do not come as a standard inclusion, and cannot be purchased through a ‘regular’ insurance company. The reason why celebrities insure body parts is to provide protection against any lost income as a result of damage, injury, scarring to, disability or loss of the body part that they have had insured
Levels of insurance
Most insurers offer different levels of insurance which come at different prices. Some insurance policies offer optional extras as an add on, again this increases the cost, but this will provide peace of mind to you and your loved one especially if you have a tight budget.
The general rule is that the cost of insurance is calculated:
- On the value of the item being injured – the higher the value, the more it will cost to repair or replace and so the higher the premium and vice versa, AND
- The perceived level of risk that you will make a claim – the lower your risk, the lower the premium and vice versa
Insurance for over 50s and Seniors
Depending upon the type of insurance policy you are looking for will determine how much (if any) discount you receive for being over 50 or a Senior. The main reasons that premiums may be
different is related to the risk of the insured that they make a claim. There are insurance companies offering policies for over 50s and seniors and they may be worth looking at