|
|
|
Beat Your Competition By Controlling The Cost Of Your Health Insurance
As many of us expect, the New Year will bring both tremendous challenges and opportunities for all of us both personally and professionally. Employers continue to face the major challenge of controlling the cost of their health insurance and other...
Choosing Affordable Health Insurance For Children
In most cases, private health insurance comes through a person's employer, who picks up the majority of the cost of premiums. However, today many people, who are either self-employed or who work for a company that doesn't offer health insurance,...
Life insurance - make sure your family is cared for
No matter who you are or what you do for a living, you should make sure that you have some sort of life insurance policy. However, this is even more the case if you are one of the only sources of income for your family. In this case, you should keep...
Term Life Insurance - Save Money The Smart Way
Term life insurance is the easiest type of life insurance to understand. To put it simply, the insured person pays a minimal premium per thousand dollars of coverage on an annual, semi annual, quarterly or monthly basis. If he or she dies within the...
Types of Life Insurance
There are different types of life insurance policies available. Shop around and compare policies to ensure that you receive the best deal possible. This sounds obvious, however, there are dozens of different types of life cover plans available and...
|
|
| |
|
|
|
|
|
|
So What's Life Insurance All About?
LIFE ASSURANCE
Life insurance (also called Life Assurance) is a way of financially protecting your family should you die.
The most frequent reasons people take out life cover are to pay off debts upon their death - such as a mortgage - or to provide a lump sum payment when they die to their dependents (thus ensuring their dependents are financially secure).
Usually sold as a single or joint life policy, there are many different types of life insurance contracts available.
CRITICAL ILLNESS
Also known as 'Serious Illness Insurance', this contract pays out a tax-free lump sum if you are diagnosed with one of a number of specified 'critical' illnesses during the term of the policy (eg heart attack or stroke - see list below).
The lump sum payment can be used for anything you want but most people use it to provide an income if they become too ill to continue working. Other uses may be to pay off a debt, such as a mortgage, or if necessary, adapt your home.
Most companies offer policies which cover you for death and critical illness, though it should be noted that normally the policy will cease if you claim on the critical illness aspect (ie you will no longer have life cover).
What should I consider when selecting a Life Insurance policy?
The sum insured
Calculate how much money would be needed in the event of your death to pay off all your debts plus how much income your dependents would require to continue the same lifestyle they currently enjoy.
Or, for a more generalised guide then,
consider insuring your life for between 5 and 10 times your current net salary after tax.
If you are using life insurance to cover the repayment of a mortgage, the initial sum insured must equal the value currently outstanding on your mortgage.
The Policy Term
Once you have decided on the value of cover you need, the next step is to decide how long you wish to be covered by the insurance.
In other circumstances, the Term is a personal decision but your age should be an important influence. You should note that the minimum Term is usually 5 years and most people select a Term between 10 and 25 years.
Do you want the sum insured to be increased automatically in line with inflation ie an "indexed" policy?
Indexation is an optional extra and your monthly premiums will increase each year in line with the adjustment made by your Insurance Company.
Life policies that provide an increasing sum insured are called 'Increasing Term Insurance'; policies that provide a constant sum insured are known as 'Level Term Insurance'.
Finally, you should always read the Key Features Document for a Life Insurance policy to ensure you understand exactly what you will be insured for and any restrictions that may apply. (eg a common restriction is death caused by being involved in a hazardous pursuit.)
About the Author
Jason is Head of Business Development for Protection Insurance a specialist Insurance Website. To get a FREE no obligation Life Insurance , visit us now.
|
|
|
|
|
| Insure.com Car Insurance Quotes, Term Life Insurance Quotes, Auto ... |
| Insure.com provides instant online car insurance quotes, term life insurance quotes, auto insurance quotes, health insurance quotes, home insurance quotes, ... |
| www.insure.com |
|
| Insurance Information Institute (III) |
| Attempts to improve public understanding of insurance -- what it does and how it works. The site is subdivided into sections for "Individuals" (consumer ... |
| www.iii.org |
|
| State Farm Insurance Companies |
| Provider of auto, health, home and life insurance. Get quotes and agents listings. National headquarters. |
| www.statefarm.com |
|
| Allstate - Official Site - Auto Insurance, Home Insurance ... |
| Offers insurance for autos, homes, property, life, mortgage protection, and business. Site includes many useful calculators and tools, an agent locator, ... |
| www.allstate.com |
|
| Progressive Auto Insurance - Car Insurance Quotes Plus Boat, RV ... |
| Provides instant online auto insurance quotes, insurance rate comparisons. Offers motorcycle, RV, boat, or car insurance. Purchase insurance online. |
| www.progressive.com |
|
| Insurance - Wikipedia, the free encyclopedia |
| It cannot put the insurance company in financial jeopardy. ... If the insured does not perform then the insurance company does not have to perform. ... |
| en.wikipedia.org |
|
| Cheap annual travel insurance | single trip holiday insurance quotes |
| Cheap quotes for annual travel insurance and single trip holiday insurance online with moneysupermarket.com. Over 450 policies compared in seconds... |
| www.moneysupermarket.com |
|
| California Department of Insurance |
| Works to foster an insurance market that is fair, competitive and accessible to all Californians. Site designed to assist consumers, aid in the licensing of ... |
| www.insurance.ca.gov |
|
| Insurance: Car, Auto, Life, Home, Business and Investment Services ... |
| Nationwide offers insurance and services including: car insurance, auto insurance home owner insurance, business insurance as well as investment services. |
| www.nationwide.com |
|
| GEICO Car Insurance. Get an auto insurance quote and save today ... |
| Offers auto and motorcycle insurance. Request quotes online or by phone. File claims online. |
| www.geico.com |
|
| Insurance Center - Yahoo! Finance - Find the Right Insurance for ... |
| Insurance Center - Protect and insure your assets with comprehensive resources about auto, home, health and life insurance. |
| insurance.yahoo.com |
|
| Compare Auto Insurance Quotes from Top Auto Insurance Companies |
| America's #1 online insurance agency. Compare instant auto insurance quotes, car insurance quotes, life insurance quotes, home insurance quotes, ... |
| www.insurance.com |
|
| Car Insurance, Home Insurance, Travel Insurance, Life Insurance UK |
| Provide travel, home contents and car insurance for professionals, graduates and students. |
| www.endsleigh.co.uk |
|
| Home Insurance Quotes, Car Insurance Quotes - Lloyds TSB Insurance |
| Home Insurance Quote, Car Insurance Quotes, cheap Travel Insurance, Pet Insurance, Business Insurance. Up to 15% discount for buying insurance online. |
| www.insurance.co.uk |
|
| Car insurance, Home insurance, Life insurance & more - Direct Line |
| Direct Line offer car insurance, home insurance, life insurance, travel insurance, mortgages, personal loans,breakdown cover and much more! |
| www.directline.com |
|
| PA Department of Insurance |
| State regulatory authority. Site provides information for consumers, producers, and the insurance companies themselves. |
| www.ins.state.pa.us |
|
| Texas Department of Insurance |
| Regulates the state's insurance industry, encouraging competition to make insurance available and affordable. [some content available in Spanish] |
| www.tdi.state.tx.us |
|
| Life Insurance (U.S. Department of Veterans Affairs) |
| Informationa about all Life Insurance programs administered and supervised by VA. |
| www.insurance.va.gov |
|
| Insurance for Canada and the United States by RBC Insurance |
| Specializes in life, health, travel insurance, and annuities for middle income families in Canada and the United States. Site offers individual, family, ... |
| www.rbcinsurance.com |
|
| Free Auto, Health, Life and Homeowners Insurance Quotes - MSN Money |
| Get free auto, health, life and homeowners insurance quotes from top insurance companies in the country. Find the latest news and information related to ... |
| moneycentral.msn.com |
|
|