Archive for January, 2008
Friday, January 25th, 2008
When it comes to buying mortgage protection insurance you have to take care. Mortgage cover is usually offered at the time of taking out the borrowing. However, by taking this option you could end up paying far too much. If you choose to go independently for the cover with a specialist in payment protection you can save hundreds or even thousands of pounds on the insurance.
Mortgage protection insurance is taken out by those who fear they may be unable to work sometime in the future. An individual could become unemployed by way of involuntary redundancy; suffer an accident; or an have a long term illness. However while their income would be lost the mortgage repayments have to be kept up. If you were to get behind on them then you risk losing your home to repossession. However for a small premium each month you could have a tax free income which would ensure you have the money needed should you become unable to work .
Policy terms, conditions and benefits can vary but in general they will start to provide you with a monthly lump sum from between day 30 and 90 of finding yourself unable to work. It would then carry on for between 12 and 24 months depending on the provider.
The terms and conditions are essential to deciding if mortgage protection insurance would be suitable for your needs. Cover is not suited to the circumstances of all due to the exclusions. There are exclusions which are familiar to the majority of payment protection policies and ones that can be added in by the provider. You have to check very carefully if you are self-employed, suffering a pre-existing medical condition, are retired or if you only work in a part time position. However these can vary slightly between providers so always double check and delve deeper into the actual wording of the policy before choosing.
It is worth considering cover with an independent provider as opposed to taking the protection offered alongside the borrowing. This is because many high street banks and lender have been named and shamed in the recent and still ongoing mis-selling scandal that has occurred within the payment protection insurance industry. Many companies have received fines for slap dash sales practices and for failing to give adequate information at the time of selling cover. Cover has been sold to those who could not hope to claim and were not made aware that there are exclusions.
Since the scandal came to light, some changes for the better have been seen and many firms are making positive changes to the way they sell mortgage protection insurance. However there are also some that are still carrying on in their old ways and during 2007 over 4,000 cases of mis-selling were investigated. The Financial Services Authority insists they will do everything in their power to improve the way insurance is sold.
The key to buying the right mortgage protection insurance is to shop around for the cover and ensure you read the small print carefully.
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Posted in Insurance, Mortgage | No Comments »
Friday, January 25th, 2008
If you have a family, you need life insurance. You already know this, but you may not know where to find the best life insurance quotes. The answer is as close as your internet connection. Yes, just as you can find a great deal on electronics, socks, and software on the internet, so too can you find the best rates for life insurance.
Finding Life Insurance Quotes Online
The key to finding the best life insurance quotes lies in very useful resources called “insurance comparison websites.†These websites contract with A-rated insurance companies to offer fast and accurate quotes. This means that when you fill out an insurance application at an insurance comparison website, you are submitting that application to multiple companies at one time. And so with one easy application, you get multiple quotes to compare.
Rates for the same life insurance coverage can vary greatly from one company to another, so the few minutes you spend at an insurance comparison website could save you hundreds of dollars a year.
Think you’re missing out on the personal service offered by an insurance agent if you choose to go online for your insurance policy? Actually, the best insurance comparison websites have insurance professionals available to talk with you online or by phone. They can answer your questions and help you make the best choice for you and your family.
Money-Saving Life Insurance Tips
Some more ways to help you get the best rate on your life insurance include:
- Avoiding tobacco products. If you do use tobacco, quit.
- Scheduling required medical exams for the morning, when your blood pressure, cholesterol, and stress levels will be lower.
- Timing your purchase right — by applying for insurance at the end of a quarter or year, you may find insurance companies give you a better rate as they try to reach their sales goals.
- Check for price breaks. You may find that it is less expensive to buy $250,000 worth of coverage than to buy $200,000 worth of coverage because the price per thousand goes down.
Thanks to Brian Steven and Insurance Agents Kolkata
Posted in Free Insurance Quotes, Life Insurance | No Comments »
Friday, January 25th, 2008
Everyone knows adults should have life insurance. But what about buying term life insurance for your child? Can you find an affordable term life policy for children - and do children even need life insurance? Well, that depends on who you ask. The Pros and Cons of Life Insurance for Children
Some financial experts believe you should never buy life insurance for children. Children, they state, are not breadwinners and have no income to replace. The money spent on a policy for children could be better invested elsewhere.
Other financial experts take the opposite opinion. They believe that child life insurance can provide security for families. Should the unthinkable happen, it can help families pay for …
- Medical and funeral expenses
- Counseling for parents after a child’s death
- Time needed off from work
They find that the minimal expense of a term life insurance policy is worth the peace of mind it provides.
Finding Term Life Insurance for Children
If you decide to buy life insurance for your child, your first step should be to check your own policy and see if you can add a child death benefit rider. Many companies offer this feature, although you may be limited to $5,000 or $10,000 worth of coverage.
If adding a child death benefit rider to your policy is not an option, or if you want higher limits of coverage, you’ll need to purchase a separate policy. The exact rate you’ll pay depends on: * The company you choose
- The age of your child
- The coverage you want
The best way to find a cheap policy is to visit an insurance comparison website. On this type of website you complete a simple online application, after which you’ll begin to receive rate quotes from multiple A-rated companies. You can then compare those quotes and choose the cheapest policy with the coverage you want.
Posted in Life Insurance, Tips | 1 Comment »
