S11 Ep7 Good with Money: Insurance

In Episode 7 of this ‘Good with Money’ season, Simon and Bex discuss the different kinds of ‘Insurance’ that are available and what our attitude to them should be.

Some key points of interest covered in this episode include the following:

• When providing an overview of types of insurance [01:14], Simon begins with car insurance because it is widely familiar to people as a result of it being a legal requirement for driving in the UK. [01:44]
• Home insurance is also very common and offers a range of options, depending on an individual’s circumstances. [03:39]
• The extent to which someone requires life insurance is also determined by circumstances, including whether or not anyone else is financially dependent on that person. [05:10]
• When it comes to health insurance, there are four main types: critical illness insurance [08:13]; income protection [09:20]; accident, sickness and unemployment insurance [10:41]; and private medical insurance [11:23].
• In response to a question from Bex, Simon talks about the contexts in which pet insurance might be considered. [12:11]
• The final main type of insurance is holiday insurance. [13:46]
• Bex explains how ’excess’ payments work and how they can reduce the premium paid when buying insurance. [15:10]
• Simon explains the concept of ‘group risk’, which underpins the insurance system. [17:07]
• Simon shares some thoughts on how we might decide whether or not we need insurance in particular instances. On some occasions, for example, it may be more cost effective for us to ‘self-insure’. [19:12]
• When asked what the ‘Christian’ response to this topic should be, Simon suggests that, if we can afford it, insurance can be an effective way of helping us to avoid unmanageable crises and to steward our resources well. [21:54]
• In the final episode of this season, the focus will be on financial issues around ‘family matters’, which will lead on to further coverage of that theme in Season 12. [25:17]

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