Financial matters

Life Insurance has long been debated over its importance, yet it has remained an important part many a persons estate plan. You also may be debating whether or not to take out life insurance and here are some factors to consider when making a decision.

Firstly, how many people depend on your income? If you’re not around will your Dependants be able to manage with your source of income? If nobody relies on your income then you probably don’t need life insurance. Yet most of us have Dependants that rely on our pay check then you should seriously be considering taking out life insurance.

Secondly, you need to consider the costs of a funeral. Funerals can be extremely expensive costing many thousands of dollars, which most families don’t have lying around. Most life insurance policies will provide all the required funds for a funeral and will payout in a short period of time therefore alleviating much of the stress a funeral will place on your loved ones.

So now is the time to consider how your Dependants will live after you are gone. How long will it take them to become self-sufficient? And can they afford the costs of a funeral? These are just some of the points to take into consideration when selecting a suitable life insurance plan for you and your family. These days, life insurance is affordable and you will have peace of mind knowing your family will be provided for in the future. So start your search for a life insurance policy today.

As suggested, Life Insurance is a tool of wealth creation; they have inbuilt wealth build-up plan. At each stage of our lives, we have specific plans. Such age-specific plans can be house procurement or children’s education or even seeking post-retirement freedom. Life insurance is the one and only investment option which caters to needs at different stages of life. It is also unique in its delivery as it gives combined opportunities of asset appreciation and asset protection.

Gold, property, fixed income instruments are all great investment options but are any of them dually blessed? This is where life insurance steals the march.

So get your life insured. You will probably live to avail the grand benefits of the insurance. In the unfortunate event of your passing away, at least your family will get a welcome financial reprieve.

One of the most important decisions a person starting a family can make is to purchase life insurance. Not an appealing subject I know, but it is one that can make a huge difference in the lives of your loved ones. Purchasing life insurance is one of the most selfless, giving purchases one can pursue.

There are many different reasons for getting life insurance. Regardless of the situation that calls for getting insurance, or increasing the amount of insurance you currently have, the point needs to be understood-life insurance is a life saver for the loved ones you leave behind.

Marriage

When a couple enters into marriage they enter into a contract. With that contract comes more than just love. It also comes with financial burdens and responsibilities; responsibilities that do not die.

It is very important to leave your spouse with enough money to pay any outstanding debts. It would be terrible for your spouse to loose the love of their lives and loose every other material possession simply because you failed to make the responsible choice to get life insurance.

Children

You should increase the amount of life insurance you have with each child you have. Each child is an added responsibility. That child is going to need to be taken care of long after you are gone. Your widowed spouse will need funds to keep the family going in absence of your pay.

New Home Purchase

When you purchase a new home, it would be a great idea to increase your life insurance to accommodate the added debt. Think about it. With the right life insurance, your spouse (in the event of an untimely death) will be able to pay off the mortgage. What a relief that would be!

As you can see, it is imperative that you protect your family and continue your legacy by providing for your family long after you are gone.

Life is what happens when we are busy making other plans. Most of life’s script cannot be figured out beforehand. Sometimes it has erratic turns. No one can say with confidence how much life he or she has in store. Thus it becomes important to guard oneself against the impending odds of life.

Life insurance is a nice method to shelter oneself against the unpredictable feature of life. Apart from this, it is also a great investment option. Term policies secure our family members in the event of our untimely demise. Our family stands to benefit based on the premium and the structure of the insurance company. At any rate, the amount is largess. They also get a formidable amount in case we, the policy holders fall critically ill.

Life is never certain and if you have a family to support with you being the wage earner - it is time you got your life insured if you haven’t got it, yet.

What is life insurance?
Put simply, life insurance is the guarantee by a company to provide financial security to the beneficiary in case of death. One has to pay fixed premiums from time to time if one wants their life to be insured.

Why do I need life insurance?
Primarily, life insurance is needed to give financial stability to one’s family in case of death. However, ensuring life insurance also helps in many other ways such as:

1.       To pay of business or personal debts or clear mortgage loans

2.       To create funds in the event of an emergency

3.       To cover up the expenses for education of one’s children

But are there any disadvantages of life insurance? A major disadvantage is that the premiums tend to increase as one gets older and so it becomes difficult for many to continue. However, other factors such as cash value vary from policy to policy.

Ultimately, the pros weigh over the cons and therefore, life insurance is a must to secure financial security.

2. Fire Insurance: Fire Insurance is a contract whereby the insurer, in recognition of the premium paid, promises to make good any damage or loss caused by fire during a specific period up to the amount stated in the policy. In fire Insurance, the insured should have an insurable interest in the basic matter of the insurance, and should be in good faith and strict indemnity. The insurer is liable to compensate only when fire is the proximate cause of damage or loss.
3. Marine Insurance: A marine insurance contract is an agreement whereby the insurer promises to indemnify the insured in the manner and to the extent thereby agreed against marine losses. Ship or hull insurance, Cargo Insurance, and Freight insurance are sub clauses in the Marine Insurance.
4. Motor Vehicle Insurance: This insurance is becoming very popular in which the owner’s liability to compensate people who were killed or insured through negligence of the motorists or drives is passed on to the insurance company.
5. Burglary Insurance: Loss of damages of household goods and properties and personal effects due to theft, larceny, burglary, house-breaking and acts of such nature are covered.

Various types of insurance exist by virtue of practice of insurance companies and the influence of legal enactments controlling the insurance business. Broadly speaking insurance may be classified as

1. Life insurance: This insurance provides protection to the family at the premature death or gives adequate amount at old age when earning capacities are reduced. This insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the time of death or at the expiry of a certain period.
Life insurance offers different types of policies such as Whole Life Policy, Endowment Life Assurance, Policy, Joint Life Policy, Annuity Policy, Children’s endowment Policy suitable according to the needs of the person.

Track day car insurance
One of the fastest growing hobbies in the UK today is track day racing. The trackday phenomenon is quickly becoming more and more popular with regular events being arranged by various trackday organisers and owners clubs. Basically what this involves is taking your vehicle along to the local race track and thrashing it around the track at high speeds with like minded car enthusiasts without worrying about the long arm of the law! if you own a sports car, hot hatch or fast japanese import car then due to the road regulations in the UK today, track events are the only way to experience the full potential of your vehicle’s performance.

Track days have now become an established part of the motorsport community. However, if you were thinking your existing insurer will cover you for any damage or injuries caused while track racing then think again! Without exception all Uk car insurance companies specifically exclude racing - ” exclusions - use for any competitions, trial, performance test, race or trial of speed, including off road events whether between motor vehicles or otherwise and irrespective if whether this takes place on any circuit or track”. Basically, if you prang your car at a trackday your insurance company will not pay out - its that simple.

What you need to do is arrange specific cover for these types of events - trackday insurance. Unfortunately due to the additional cost of trackday insurance many people are risking the track events with no cover at all, in the case of an accident they usually try and get the vehicle towed a few miles from the race track then try and claim accident happened on public road, be warned, insurance adjustors are not stupid and if caught doing this its not just a matter of no insurance payout, its a criminal investigation! There really is no need to take such risks as getting a Trackday car insurance quote couldn’t be simpler nowadays. All you need to do is contact a specialised broker who can organise track day car insurance for the day or even a policy to cover you for any track day event annually.

Specialised insurance brokers who offer cover for trackdays, racing, rally car insurance etc, have a panel of insurance companies willing to offer cover whether it be for single event or a full 12 month policy including trackday cover free of charge, all at a competitive rate. These specialist policies can include accident damage while competing, damage caused during testing or practicing for a competitive motor event, car damage caused while participating in track day or days and car damage which resulted from corporate events. The track day and motorsport insurance cover can be for rolling chassis damage, damage caused by fire, fire caused by mechanical defect plus accident damage which effects the engine and/or transmission. Motorsport and track day insurance is even offered on competition cars while they are on the public road.

If, like a lot of drivers in the UK you want to take your car to the track on one of the open days or “hot hatch” days and enjoy the thrills of high speed driving without breaking the law, then make sure you arrange trackday insurance prior to the event.

Term Insurance can include critical illness cover, life insurance or a combination of critical illness and life insurance together.  This offers a few options for consideration.

Term insurance will cover critical illness.  This type of plan is designed to pay out a cash sum should during the course of the term, you are diagnosed with a specific disease.  For this  to apply, the disease you have been diagnosed with must be covered in the specified list outlined by your insurer.  Illnesses such as cancer, coma, heart attack, motor neuron disease, stroke, Alzheimer’s, HIV and AIDS are all normally covered by Term insurance.

Term Insurance on the basis of Life Insurance only, is a simplified method of protection which will pay out a specified cash amount in the event of your death, or if you are diagnosed as suffering from a terminal illness during the course of your term insurance plan.  The list of terminal illness covered will be included in your documentation after a plan has been taken out or a copy can be requested before you make any decisions regarding a plan.  Should a claim not be made for the duration of your term insurance, then once the term has finished no payment will be made and your policy will end.

The type of term insurance you decide on should also allow you the benefit of combining your life insurance and critical illness cover in the one policy.  This plan would pay out a cash sum if you were to die, or if you have been diagnosed as suffering one of the specified terminal illnesses during the course of  the term agreement.

The cost of Term insurance varies from insurer to insurer.  Make sure you shop around for the best deal before you make any important decisions.  The best deal does not necessarily mean the cheapest, so if for example there is a family history of a specific illness, then make sure this is covered in the list of diseases.

An example of the cost you can expect to pay is, Mrs Rogers is 30 years old and currently a smoker.  She has one child and would like to make arrange supplementary life cover of £50,000 over a ten year period.  This would normally cost Mrs Rogers around £19.10 per month.

General exclusions in regards to a Term insurance policy will normally include any existing illnesses which you had at the time of agreement.  Only new illnesses which are diagnosed during the term agreement will be covered for a claim.

Most Insurance companies allow people as young as 15 and people as old as 79 to apply for insurance.  Although this  does vary from 54 to 64 depending on what term insurance package you opt for.  The majority of policies will run for a minimum period of 5 years and can spread for a number of years depending on what level of term insurance is required.

In the world we live in today, more and more people are considering the long term benefits of Private Health Insurance.  With the increasing strain on the NHS recourses, many people are looking to obtain the best health care insurance they can find.  Safeguarding against future illnesses makes sense and with the large number of reliable health insurance providers, it comes as no surprise that more people are opting for the private alternative.

BUPA is a private health insurance provider with over 27 years experience.  Known throughout the world as one of the leading private health insurance providers, this reliable and competent company can offer peace of mind for those people looking to protect their own health.  BUPA can offer thorough and steadfast policies together with leading medical knowledge at your disposal.  With over 8 million members in over 190 countries, BUPA provide worldwide care with a variety of flexible and affordable cover options.

One of the most popular and comprehensive cover options which BUPA offer is the Classic health insurance.  This will cover you for all out patient consultations and any diagnosis test which may need performing.  Any other tests which can be carried out in the out patient department is also covered.  The Classic health insurance can offer peace of mind for families, knowing that they are covered for any specialised medical treatment you may require after the initial diagnosis has been made.

Another popular private insurance offered by BUPA is the Essential plan.  This is designed with the specific hospital treatment in mind.  Meaning that you will be covered for all forms of treatment you receive for the duration of your hospital stay.  This policy is ideal for people who want cover when the medical treatment is expensive, this is when you need the Essential cover the most.

The Gold health insurance plan is an all inclusive plan offered by BUPA, and provides cover for treatment made in either in or out patient departments.  As well as this, you are also covered for any doctors bills which you may have incurred while receiving any medical treatment from a family doctor.  This can include prescription drugs, or home nursing help.

The cost of all hospital accommodation is included in each and every health insurance policy, plus any specialists fees which have been incurred, sports injury and cover for emergency road ambulances.

There are many advantages to taking out private health insurance with a reputable provider.  BUPA in particular can offer unsurpassed medical advice, together with first class care.  There is a 24 hour, 365 days per year multilingual helpline on hand, to assist with any queries you might have about your policy.
Or for those with internet access, then the MembersWorld web site gives you all of the above services, plus the added benefit of being able to keep track of any claims you are making.