Pet Insurance

Here's a scary statistic for those of you that have pets. 33% of pets need veterinary treatment every year (not just an annual checkup). The average vet's bill has increased by around 11% each year for the last few years, due to advances in medical knowledge that allows your pet to live for longer and have medical treatment that wasn't previously available.

Owning pets can be expensive, and the more pets you have, the more you are taking a gamble with massive vets bills.

Younger pets are often more easily insured, as they are less likely to require payouts. Some policies cut-off after a certain age, so make sure you check the wording of the policy.

The amount you can claim should cover the cost of the illness, make sure your cover is not simply a fixed level payout based on what the insurance company believes is the appropriate level.

Travel Insurance

If you are travelling around the world (including other areas of the UK), travel insurance will cover your medical expenses, lost cash or possessions. Some policies also pay out compensation for lost or delayed luggage.

Travel insurance can be bought on a per-trip basis, or if you travel a lot, you can buy it for a year at a time, covering you for all your trips.

Package holidays will often try and include their own travel insurance, but it is wise to look around to find the best deal. You are not obligated to take travel insurance with any one company.

Car Insurance Basics

Motor insurance is required by law if your vehicle is going to be parked or driven used on the nations roads. The very basic level of insurance is third-party cover which insures you for damage done to somebody else or their vehicle.

Fully comprehensive insurance is available at greater costs, which covers yourself and any passengers in your vehicle.

The industry is very competitive, resulting in lower prices and great deals, but is is important that you get as many quotes as possible to ensure you get the best value deal.

Car insurance companies usually offer a "no-claim bonus" which leads to cheaper premiums. This is calculated by the number of years that you have been insured but have not made a claim.

It is important to check the amount of excess you will be required to pay. Insurance policies have their minimum claim amount set to different levels, depending on the small print. There may be certain things you cannot claim for, so make sure you check.

Life Insurance Basics

There are many different policies that cover life insurance, but basically they all pay out a sum of money in the event of the death of the policyholder.

These days, many of us live a lifestyle that is putting our health at risk. 20 percent of people take no exercise which can lead to health and heart problems later in life.

Even if you do take the time to look after your health, life insurance will cover you in the event of your death as the result of an unexpected accident.

It is important to consider how your dependants will cope financially in the event of your death which is why life insurance exists.