Other Insurance

Life and health cover handle the two largest risks to a household's finances. A handful of other policies cover narrower risks that can still be expensive. We are adding education and access for them over time; register your interest to hear when each is available.

Some of these covers pay a fixed amount when a defined event happens — personal accident and critical illness, for example. Others reimburse the actual loss, up to the sum insured — home, motor and most travel medical cover. Fixed-benefit covers can be held alongside each other; indemnity covers generally cannot pay more than the loss, however many policies you hold.

Pays a fixed amount on accidental death or permanent disability, and sometimes a weekly benefit for temporary disability. It is inexpensive and complements term insurance — especially for people whose work or commute carries higher accident risk. Check how disability is defined and graded.

Pays a lump sum on first diagnosis of a listed serious illness, regardless of the actual medical bill. The money can replace income during recovery or pay for costs a health policy won't. The list of illnesses, their definitions and the survival period after diagnosis decide what is covered — read them closely.

Covers the structure of your home, its contents, or both, against events such as fire, flood, earthquake and theft. Cover for the structure is based on rebuilding cost, not market value. Check the perils included and whether valuables need to be listed.

Third-party liability cover is mandatory by law for every vehicle on the road. Comprehensive cover adds damage to your own vehicle. The insured declared value, deductibles, add-ons such as zero-depreciation, and the no-claim bonus all affect what you pay and what you receive.

Covers medical emergencies abroad, trip cancellation, lost baggage and similar events. Some countries require it for a visa. Check medical cover limits against the cost of care at your destination and any exclusions for pre-existing conditions.

Newer policies cover losses from online fraud, identity theft, phishing and unauthorised transactions, sometimes with legal costs. Check the conditions on reporting a fraud quickly to your bank and the police — claims often depend on them.

Employers often provide group term, accident and health cover; some credit cards and bank accounts include accident or travel insurance; home loans may come with a property or life policy. These covers usually end when the job, card or loan ends, and the terms can be narrow. List what you already have before buying more.

Every policy sets a deadline for reporting a claim and a list of documents it needs. Keep policy documents, invoices for valuables and photographs of insured property somewhere your family can find them, and tell the insurer promptly when something happens.

• Start with the largest risks — life and health — before adding narrower cover.
• Avoid overlap — employer, credit-card and bank-account policies sometimes include accident or travel cover already.
• Read the exclusions — they matter more than the headline.
• Disclose fully — the same rule as every other policy.

The Wealth Lab shows where your protection stands today.

Term insurance pays on death from almost any cause during the term; personal accident cover pays only for accidents, but also for permanent or temporary disability, which term insurance usually doesn't. They answer different questions, and many households hold both. Neither replaces health insurance.