When looking for personal insurance packages, it’s important to understand the difference between individual and family coverage. Whether you know what type of coverage you need, or you’re just starting to look for types of insurance coverage, at The Levels Financial, we offer expert insurance advice, helping you find the family cover or individual insurance cover that is right for you.
- What Is Family Cover Insurance?
- What Is Individual Insurance Cover?
- When Best To Choose Individual Vs Family Insurance Cover
- Get Your Family Or Individual Insurance Cover Today
What Is Family Cover Insurance?
Family cover insurance often refers to health insurance and critical illness cover combined, where, instead of the insurance just covering the policyholder or named individual, the policy is designed to cover and protect your family.
Family insurance will cover yourself and your immediate family, your children and your partner for various short-term diseases, illnesses or injuries. Having family insurance cover could also, depending on your policy terms, give you faster access to treatments and tests that aren’t freely available on the NHS.
In most cases, family insurance will cover children up to the age of 18, or until 21 if they are in full-time education.
What Is Individual Insurance Cover?
On the other hand, individual insurance cover will protect only the policyholder. The amount for which you’ve set your insurance up will cover the policyholder only and will offer no protection to the holder’s family or spouse.
Therefore, if you were to become unwell or unable to work, only you will be covered. If you have a family, this could result in you taking out multiple individual insurances to cover each person, all with different premiums, costs and benefits.
When Best To Choose Individual Vs Family Insurance Cover
At The Levels Financial, our team of expert insurance advisors work to understand your requirements, so we can provide you with the right insurance cover for you. As part of this, we will understand your various financial commitments, your medical history, your number of dependents,assets and more, to build a full profile to determine the right insurance type.
To ensure you’re finding the right insurance deal for you, it is important you understand the advantages and disadvantages of both individual and family cover.
Benefits Of Family Cover:
When you choose family cover, a wide range of benefits come with it, including:
- All of your family members are protected under one, easily manageable insurance policy from one lender
- Family plans may contain additional benefits and add-on options which aren’t available with the individual plans
- If something were to happen to a family member, the stress is taken off of you, so you can focus on what’s really important, family
- Family cover can be tailored to your families individual needs and requirements
Benefits Of Individual Cover:
However, if you opt for the individual cover, you will also benefit from the the following:
- In some cases, it could be cheaper to opt for individual insurance cover for your family members.
- If your family has large age gaps, it could work out more beneficial to opt for individual covers
- Family cover is only applicable to those who reside at the same address, whereas individual cover doesn’t have the same restrictions
- If your family has various cases, or if certain family members regularly need medical services throughout the year, it may be cost-effective to opt for individual plans
Get Your Family Or Individual Insurance Cover Today
Unsure what type of insurance cover would best suit you or your family’s needs? Get in touch with our friendly team today, who will be able to help you. No matter your circumstances, our team will sit down with you, to fully understand how you and your family work. The more we understand you, the better we can help you find an insurance that best suits you.
As we know life isn’t ‘9-5’, and neither are our office hours, which is why we offer consultations in the evenings and at weekends to best suit you. For more information, or to book your free initial consultation with one of our advisors, contact us at admin@thelevelsfinancial.co.uk or call us on 01458 772040 and we will be happy to help you find the right insurance for you.
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