Archive for March, 2013
Income Protection Insurance
Income Protection Insurance is designed to partially replace lost income due to medium or long-term illness or disability. To qualify for cover, you must be in paid full-time work of be self-employed. It does not cover redundancy. The deferred period: what you should know Insurers pay out only after the policy holder has been unable to work at their job for a certain period of time. You can take control of this by choosing the deferred period you think would best suit you. The typical periods are: Four weeks Thirteen weeks Twenty-six weeks Fifty-two weeks The shorter your deferred period the higher your premium. For instance, if you choose cover to kick-in after four weeks of unavoidable employment, your premium...Life Protection Insurance
Life Protection Insurance (LPI) is not required by law, but often means the difference between financial security and distress following the death of a family’s chief earner or sole provider. It is wise to take out LPI if: - You have dependants who rely on you for income - You have debs and loans your family or dependants could not repay if you did - You act as guarantor on a mortgage for someone There are other factors to consider when choosing the scale of the policy you wish to take out. For example, if you have young children they would be better covered if there was provision within the policy for the amount to last over a longer term. You should consider extra benefit if: - You have loans - You want to cover the cost...Income Protection Risks from Claims Chasing Companies
Income Protection Risks from Claims Chasing Companies The differences between income protection and payment protection insurance appear to be causing confusion amongst consumers and claims chasers. The ongoing furore surrounding the mis-selling of payment protection insurance (PPI) is causing much confusion amongst consumers, financial advisers and claims chasing companies, who are finding it to difficult to differentiate between PPI and income protection (IP) products. The manifestation of this confusion is causing problems for income protection providers, who are increasingly being contacted by claims chasers with wrongful PPI claims. This increase in invalid claims to IP providers and the ombudsman is causing clients to cancel...Protection for the stay-at-home parent
Protection for the stay-at-home parent In our society the financial value of a homemaker and stay-at-home parent is vastly underrated. Just think, if you ware the main breadwinner in your household, would you be able to balance the demands of a full time job with the day-to-day running of your family home? To illustrate the value of financial protection for the stay at home parent, let’s have a look at a typical and apocryphal example, which is replicated in millions of home across the country. Let’s take a traditional familial set-up. For the sake of argument we’ll call our happy couple David and Claire. Having worked hard in the early stages of their careers, both David and Claire have climbed the ranks in their respectiv...What is Life Insurance?
What's the best gift to give your loved ones? It’s called Life Insurance also known as Life Assurance, but it could just as easily be labeled Love Insurance. Buying life insurance is really an expression of love. It lets loved ones know that you care so much that you’ve made plans to provide for their well- being…even after you’re gone. Why do I need Life Insurance... If someone will suffer financially when you die, chances are you need life assurance. Life assurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What’s more, there is no inco...