What is a General Insurance Policy?

What is a General Insurance Policy? A General Insurane Policy is an umbrella policy that includes life, health and disability insurance. What makes them so attractive to many is the fact that most have been personally endorsed by Prince Charles who is a UK citizen and the ex-vice-chancellors of England and Scotland. Insurers that offer General Insurance Policies are regulated by the Financial Services Authority (FSA).


A policy can be purchased either as a permanent or temporary insurable interest contract, with a maximum term of one year. The maximum insurable interest is calculated by adding the amount of each premium paid, plus any applicable charges, to the level of the original premium. The cost of the premiums is generally determined by the age of the applicant at the time of application and whether they smoke or not. If you meet the criteria for a policy with a longer term, the premium will be increased each year by the inflation rate.


The cost of the General Insure schemes remain the same regardless of whether you are insuring your home or your business. Any additional benefits such as vision care and dental work are usually available from the policy’s suppliers at a discount. Premiums are based on the age of the applicant at the time of application, the amount of cover required and the type of policy. It is always best to shop around when it comes to buying insurable interest in order to get the best rates and best value for money. If you have a long term relationship with your general contractor then you may want to consider an extended guarantee/guarantee instead of just a Standard Contract. This can potentially save you hundreds of pounds per annum and comes with no strings attached should the contractor go bust while you are still paying the Guarantee premiums.

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