Personal Insurance

Personal Insurance may be in the form of Life Insurance that provides lump sum or equivalent instalments in the event of death or a permanent disability due to illness or accident. The monetary amount is paid to the policy owner in case of disability and to the nominated beneficiary in the vent of his/her death. Some personal insurance policies also cover trauma and critical illness to provide for a sum of money in the event a policy holder is diagnosed with specified traumatic medical conditions.
Critical illness insurance amount is paid out as lump sum unlike life insurance that most policy holders prefer to get as family benefit for their dependants.

Personal insurance cover for critical insurance can be used to reduce financial and other stress during recovery and can be used to cover medical expenses, pay off mortgage or loan instalments and ease the burden of childcare. In case of job loss, income protection and unemployment support provided by personal insurance policy can be very helpful in increasing your financial viability by giving you the time and space to find a new job.

Personal insurance can be purchased individually. Most of the large and medium sized corporations offer some type of health insurance to their employees. There are also some government funded insurance schemes for low income families.