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Life/ Health Insurance

Some advice please

Snood
post 20.Mar.2013, 11:00 AM
Post #1
Location: Gothenburg
Joined: 20.Sep.2011

Hi Folks,

My Sambo is about to renew her life insurance and is asking me if I want to take out a policy too (I can take advantage of a discount through her medical union). The thing is, I have no idea about life insurance. To my knowledge my parents have never had any in the UK so it's never been something which I've been exposed to.

From what I gather, in the case of accidents and illness which result in hospital stays, recovery, reduced ability to work then it will give money to help out with the associated costs for care, loss of income etc.

I always thought that that was one of the reasons we pay tax, and especially so much in Sweden. Are there very good reasons to pay for this insurance as well as whatever the state provides?

Any guidance or opinions would be very much welcome.
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Monark540
post 20.Mar.2013, 12:02 PM
Post #2
Location: Stockholm
Joined: 20.Mar.2009

Out of curiosity I Googled the phrase. - life insurance Sweden. - and found two relevant links. The first was a link to a discussion thread here on TL from 2010, and the second was a PDF from the Swedish insurance association discussing the various types of insurance available here in Sweden.

Most banks and insurance companies will review your overall risk profile, in conjunction with your life goals, income, age, etc., and offer you a plan. As you will discover, many companies offer discounts to family members, unions, associations and also for additional policies, such as auto, home, life, etc. written by the same firm.

Strictly speaking, life insurance consists of a death benefit. Frequently, this insurance is combined with a savings program, consisting of a wide variety of alternatives and costs.

Private health insurance is becoming more common here and you must carefully consider the csts/ benefits weighed against your own health and possible risks/expected outcomes. Generally speaking, insurance costs less when you are young and in good health.

Pretty general stuff, I know, but its not the same for everyone. Someone who is in their seventies has significantly different coverage requirements than two wage earners with say, young children buying their first villa. Good that you are weighing the options.
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icedearth
post 20.Mar.2013, 05:29 PM
Post #3
Joined: 10.Jul.2011

Do not buy your life insurance from your bank. It is always expansive than the specialized insurance companies.
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Bender B Rodriquez
post 20.Mar.2013, 05:44 PM
Post #4
Joined: 25.Mar.2006

QUOTE (Snood @ 20.Mar.2013, 11:00 AM) *
Hi Folks, My Sambo is about to renew her life insurance and is asking me if I want to take out a policy too (I can take advantage of a discount through her medical union). The ... (show full quote)

The basic insurances that you can take out in Sweden are:
1. Life insurance is simply a sum paid out to a beneficiary after death.
2. Accident insurance is a sum paid out in case of a disability or injury, although a general home insurance covers some accidents too.
3. Health insurance is an insurance that grants the right to private healthcare.
4. Home insurance covers your belongings and things such as travel/health insurance cover. (This is the most fundamental insurance you should have since it covers many things).
5. If you own a house or flat you need an extra home insurance to cover the full value of the property.
6. Car insurance: 3 types available. Basic, extended and full.
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Migga
post 20.Mar.2013, 05:55 PM
Post #5
Joined: 26.Jul.2011

She`s trying to kill you.
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Snood
post 21.Mar.2013, 10:43 AM
Post #6
Location: Gothenburg
Joined: 20.Sep.2011

Okay, So I didn't mean Life Insurance. I mean accident I guess. Apparently it covers accidents and disease and pays for things like extra rehabilitation costs, loss of income due to reduced ability to work and some other bits and pieces.

I guess my question is, is this common for people to have one of these policies? Is it something which you personally think would be useful to me, a 26 year old electronic/software engineer, i'm perfectly healthy but perhaps not as fit as I should be, I live with my Sambo, we have no children and don't plan to in the near future.

Of course I understand it's my decision and I'm not looking for you to tell me what I should decide... but say you fit my profile, what would you do?
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Bender B Rodriquez
post 21.Mar.2013, 11:33 AM
Post #7
Joined: 25.Mar.2006

Accident (disability) insurance is common but by no means a necessity. The basics are already covered by public healthcare and disability benefits. Also if you work you will be covered by your employer during work hours.

The question is simply this: if you lose a limb or become paraplegic do you want some extra money to compensate for the trouble.

Anyway, accident insurance doesn't cost much.
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