When an insurance company insures itself it is called as reinsurance, where by it shares the risk of loss with another company. Insurance companies need reinsurance, when they face the danger of having to pay a multitude of claims at the same time and hence have no option but to face bankruptcy, where as if they have reinsured they are protected to a certain extent. Event like the September 11 attack of the twin towers have caused the closure of several small reinsurance agencies, hence the significance of reinsurance for an insurance company is tremendous.
Types of Reinsurance:
There are two kinds of reinsurances, treaty reinsurance and facultative reinsurance. Treaty Reinsurance: This kind of reinsurance requires that the reinsurer will assume part or all of a ceding company’s responsibility for certain sections or classes of business in accordance with the terms of the policy. It is an obligatory contract as the ceding company has to cede the business and the reinsurer is obliged to assume the business as per the treaty. It is the preferred type of reinsurance when groups of homogenous risks are considered.
Facultative Reinsurance: This kind of reinsurance is used while considering a particular underlying risk of an individual contract. It is the reinsurance of all or part of a single policy after the terms and conditions have been negotiated. It reduces the ceding company’s exposure to risk from an individual policy. It is non- obligatory.
In another way, reinsurance is classified as proportional and non-proportional reinsurances. Proportional Reinsurances: The two companies share the premium as well as risk. The reinsurer usually pays a ceding commission.
Pro-Rata Reinsurance: It is a classification based on the way the two companies share the risk. The cedent and the reinsurer share a pre decided percentage of the premium and losses. It is used widely as it provides surplus protection. There are two types of pro-rata reinsurance, quota share and surplus share.
Quota Share Pro-Rata Reinsurance: The primary insurer cedes a fixed percentage of premiums and loses for every risk accepted.
Surplus Share Pro-Rata Reinsurance: It is different in that not every risk is ceded but only those that exceed certain predetermined amounts.
Non-Proportional Reinsurance: As the name suggests it is not proportional and the reinsurer only responds if the loss suffered by the insurer exceeds a certain amount.
Excess of Loss: It covers a single risk or a certain type of business. Catastrophe reinsurance is a type of excess of loss reinsurance. It provides the captive with a great deal of flexibility. Stop Loss Reinsurance: It covers the whole account and is also known as excessive loss ratio reinsurance.
These are the various types of reinsurances. There are firms that offer their services as well as their products to help new business start up flourish and succeed.
Alexander Gordon is a writer for http://www.smallbusinessconsulting.com - The Small Business Consulting Community. Sign-up for the free success steps newsletter and get our booklet valued at $24.95 for free as a special bonus. The newsletter provides daily strategies on starting and significantly growing a business.
Business Owners all across the country are joining "The Community of Small Business Owners” to receive and provide strategies, insight, tips, support and more on starting, managing, growing, and selling their businesses. As a member, you will have access to true Millionaire Business Owners who will provide strategies and tips from their real-life experiences.
Article Source: http://EzineArticles.com/?expert=Alexander_Gordon
Monday, June 11, 2007
Motor Vehicle Accident Insurance Claim Guide
This is a FREE Insurance Claim Guide
Your “Motor Vehicle” can be a truck, car, motorcycle - - you name it! If it’s powered by a motor and has one, two, three, four (or even more) wheels this “Guide” is for you.
The information below is a bare-bones “Guide” for those who have had such a motor vehicle accident. It details the basics of how one should with their property damage and/or personal injury claim.
AFTER IMPACT CHECKLIST
We heartily suggest you make a copy of this "Impact Checklist" to be kept handy within the confines of your motor vehicle. A “Guide” to refer to so you’ll be certain, should an accident take place, that you’ve covered everything.
Other than the fact that one must obtain from the other operator, both their drivers license and motor vehicle registration information, you should also proceed to do the following:
IMMEDIATELY MAKE SPECIAL NOTE OF: Names and addresses of eye witnesses. And later the investigating police officers name and badge number. WEATHER CONDITIONS: Snow, rain, fog, mist, sleet, etc. ROAD SURFACE: Dry, wet, slippery, icy, etc.IMPACT AREA: City, suburban, business, wooded, etc. VISIBILITY: Sunny, cloudy, dusk, night, moonlight, etc. (Was the sun in the other driver’s face)? TRAFFIC CONTROLS: Were there overhead lights? Posted speed limit signs? Stop or warning signs? Hospital or school zone signs? CREATE A DIAGRAM: Driving area: Flat, crowned, straight, curved, macadam, asphalt, concrete, cobblestone, dirt, etc. Indicate the width of street. Show the location of impact, gouge and/or skid marks. CONDITION OF MOTOR VEHICLE THAT STRUCK YOU: Age and general overall condition. Is their state inspection sticker displayed and up to date? Were chains or snow tires needed? AS SOON AS POSSIBLE RETURN TO THE SCENE AND SNAP PHOTOGRAPHS: It’s most important to take pictures of: Skid or gouge mark’s on the road surface plus the damage to both vehicles. PHOTOS OF YOUR BODILY INJURIES: It's crucial to the ultimate value of your claim to snap a multitude of colored photos (up close and from different angles) of your bodily injuries - - especially all black and blue marks or bruises.
INSIGHTS INTO HANDLING YOUR CLAIM (There Are Six Areas You Must Be Familiar With) 1. Out-Of-Pocket Expenses 2. Lost Time From Work - Lost Wages 3. Property Damage Losses 4. What Your Medical Doctor And/Or Chiropractor Reports Should State 5. Medical Payments Coverage 6. What To Do If An Adjuster Refuses To Cooperate
You Should Go Into Detail Regarding These (Below Listed) Six Areas:
(1) OUT-OF-POCKET EXPENSES:These are expenses that can be measured in definite sums of money. They are the foundation of the calculations used to award damages (including that often great and extra amount paid to you for your “Pain and Suffering”) regarding any financial loss flowing directly from the injury you may have sustained.
MEDICAL EXPENSES: Obtain all bills and services rendered. (Prior to their being sent out, you have ever right to ask for and read the crucial Final Reports regarding your physical condition from your Doctor, Chiropractor, “Medical Specialist” and/or Dentist).Medical Expenses Typically Include: Ambulance ~ Emergency Room ~ Hospital or Clinic ~ Laboratory Fees and Services ~ Diagnostic Tests: (X-rays and/or CT Scan) ~ Registered or Practical Nurse Fees ~ Medicine and/or Prescription Medications ~ Prosthetic Appliances or Surgical Apparatus (Canes & crutch, etc.) ~ Physical Therapy ~ Ace Bandages, Gauze & Tape ~ Heating Pads ~ Creams, Ointments, Balms & Salves. As you read them make sure these Medical Reports include the length of time of your “Total Disability” and/or your “Partial Disability”. These are of enormous value because they justify the often HUGE, extra payment made for your “Pain and Suffering” . (Plus this information will also prove your claim for Lost Wages).
NON-MEDICAL DAMAGE EXPENSES. These include: Lost Wages and Earnings ~ Lost Vacation Time and/or Sick Leave ~ Travel Expenses: (Transportation costs incurred getting to and from The Doctor and/or Hospital, etc.) ~ Household Help During Disability ~ Child Care During Recuperation.
(2) LOST TIME FROM WORK - - LOST WAGES - - YOUR "LOSS EARNING CAPACITY": The weeks, hours and/or days you were unable to work (thus the money you may have lost) is added up and documented on company letterhead. You’re often entitled to compensation for “Lost Time and Earnings” even if you have no actual loss of money ! Such as, for example, if your salary is paid by some other insurance coverage you may have or by taking sick leave or some other similar arrangement. It doesn’t matter if you're employed full time, part time, self-employed, own your own business, retired, unemployed, or a housewife not employed outside the home, you should keep a written record of all household help and/or child care needed during your disability period.
All of these constitute an element of your “SPECIAL DAMAGES” mainly "Lost Wages". Insurance companies usually don't view your time away from work (because of an injury) as “Lost Time And Earnings” but as “Lost Earning Capacity”. In most states one is entitled to compensation for lost time and earnings even if they have no loss of money. For example, when your salary is paid for by another insurance coverage you have or by taking sick leave and/or some other similar type of arrangement. There are specific situations to be considered and called to the forefront when it comes to being employed either full-time or part-time. More detailed information (regarding these above stated area’s of your loss) are found in CHAPTER FOUR “Damages” within the book AUTO ACCIDENT PERSONAL INJURY INSURANCE CLAIM.
(3) PROPERTY DAMAGE LOSSES: “AGREED COST TO REPAIR”: This figure has been negotiated between your damage repair person and the insurance adjuster. Be sure you know (and possess a written copy of) exactly what that figure is.COLLISION: There's usually a deductible. Read your policy. (If you’re not at fault you should eventually be able to get this money back).PROPERTY DAMAGE LIABILITY: Protects you for damages you do to the property of another (i.e. his or her trees, lawn, shrubs, mailbox, etc.) EXCLUSIONS: These are stated in your policy. A good rule of thumb is, “If it’s not excluded, it’s covered”. Read your policy closely to discover your exclusions and how they apply. TOTAL LOSS: A “Total Loss” is when the motor vehicle damage exceeds the value of the vehicle, as stated within all of the up-to-date and “Official” Property Damage books and/or documents. OTHER PROPERTY DAMAGE LOSSES: Clothing, jewelry, watches, eye or sunglasses, etc. You can also collect for your (or any other individuals) personal property which happened to be in the car and was damaged. (Be sure to have written proof of the cost of each item damaged plus the date it was purchased). Never forget: You’re entitled to be reimbursed for any charges you may have incurred for towing, storage and/or substitute motor vehicle rental, or for that matter - - any other alternate transportation.
The above is a very brief review. For more in-depth information read CHAPTER FIVE: PROPERTY DAMAGE found in AUTO ACCIDENT PERSONAL INJURY INSURANCE CLAIM.
(4) WHAT YOUR MEDICAL DOCTOR AND/OR CHIROPRACTOR REPORT SHOULD STATE: Each “Injury Evaluation Factor” should be clearly stated within each of your final Medical Reports. For example: That your disability is solely the result of the accident. If there were any pre-existing conditions aggravated by your injuries? What treatments were administered and for what duration? What medications were prescribed, in what amounts and for how long? What symptoms or medical problems were such medications meant to relieve? Were there any adverse reactions demonstrated? Ask to read them before they're sent to the adjuster so you're sure it explains the nature, plus the extent and frequency of the pain that an injury, such as yours, will likely cause.
PROGNOSIS: This is the clearly stated information (regarding your personal injury progress) and should include: The part played by a pre-existing condition, if any? Their prediction of any possible future temporary disability/impairments? Does the individual attending you anticipate any further or future treatments? LENGTH OF YOUR “TOTAL” DISABILITY: Why? Because it's so important (when it comes time to settle) this is clearly stated in weeks and days. LENGTH OF YOUR “PARTIAL” DISABILITY: Again (and for the same reason as above) this too should be clearly stated in weeks and days. (Specific details, regarding both “Partial” and “Total” Disability , and the incredible value it provides for you in your claim, are found in CHAPTER SIX: YOUR BODILY INJURY).
(5) MEDICAL PAYMENTS COVERAGE: If you have this coverage in your motor vehicle policy, it will pay (up to the limits stated) for all medical bills arising out of the accident - - regardless of who’s at fault! (You must read your policy carefully because the “Who”, “Why” and/or “How” of this often differs).
A WORD ABOUT HEALTH INSURANCE PLANS: In certain instances, it may be possible to have your medical bills paid and yet avoid any repayment by tapping into your health insurance coverage, or some other plan you may have. (Yes, this means, under certain circumstances, you may be able to collect twice for the same medical bills)!
(6) WHAT TO DO IF THE ADJUSTER REFUSES TO COOPERATE? These Are Your Usual And Routine Choices: a. Threaten that you're going to obtain the services of a lawyer to represent you. b. Go over the adjuster’s head. c. Resolve your loss in Small Claims Court. d. Contact the proper people (working through the State Department of Insurance) implementing the time honored principle of “Good Faith” vs. “Bad Faith”.
All the information necessary for you to deal with and handle the above issues are spelled out within the contents of AUTO ACCIDENT PERSONAL INJURY INSURANCE CLAIM (How To Evaluate And Settle Your Loss) found on the internet at http://www.autoaccidentclaims.com or http://www.caraccidentclaims.com. This book also contains BASE (The Baldyga Auto Accident Settlement Formula). THE BASE FORMULA will tell you exactly how many dollars the "Pain and Suffering" you endured are worth.
DISCLAIMER: The only purpose of this article is to help people understand the motor vehicle accident claim process. Dan Baldyga, does not offer a guarantee of any kind whatsoever, NOR to substitute for a lawyer, an insurance adjuster, or claims consultant, or the like. Where such professional help is desired it is the INDIVIDUALS RESPONSIBLY to obtain such services.
Copyright (c) 2004 By Daniel G. Baldyga. All Rights Reserved.
About The Author
For over 30 years Dan Baldyga was a Claims Adjuster, Supervisor, Manager and Trial Assistant. He is now retired and spends his time attempting to assist those involved in motor vehicle accident claim so they will not be taken advantage of. dbpaw@comcast.net
Article Source: http://EzineArticles.com/?expert=Dan_Baldyga
Your “Motor Vehicle” can be a truck, car, motorcycle - - you name it! If it’s powered by a motor and has one, two, three, four (or even more) wheels this “Guide” is for you.
The information below is a bare-bones “Guide” for those who have had such a motor vehicle accident. It details the basics of how one should with their property damage and/or personal injury claim.
AFTER IMPACT CHECKLIST
We heartily suggest you make a copy of this "Impact Checklist" to be kept handy within the confines of your motor vehicle. A “Guide” to refer to so you’ll be certain, should an accident take place, that you’ve covered everything.
Other than the fact that one must obtain from the other operator, both their drivers license and motor vehicle registration information, you should also proceed to do the following:
IMMEDIATELY MAKE SPECIAL NOTE OF: Names and addresses of eye witnesses. And later the investigating police officers name and badge number. WEATHER CONDITIONS: Snow, rain, fog, mist, sleet, etc. ROAD SURFACE: Dry, wet, slippery, icy, etc.IMPACT AREA: City, suburban, business, wooded, etc. VISIBILITY: Sunny, cloudy, dusk, night, moonlight, etc. (Was the sun in the other driver’s face)? TRAFFIC CONTROLS: Were there overhead lights? Posted speed limit signs? Stop or warning signs? Hospital or school zone signs? CREATE A DIAGRAM: Driving area: Flat, crowned, straight, curved, macadam, asphalt, concrete, cobblestone, dirt, etc. Indicate the width of street. Show the location of impact, gouge and/or skid marks. CONDITION OF MOTOR VEHICLE THAT STRUCK YOU: Age and general overall condition. Is their state inspection sticker displayed and up to date? Were chains or snow tires needed? AS SOON AS POSSIBLE RETURN TO THE SCENE AND SNAP PHOTOGRAPHS: It’s most important to take pictures of: Skid or gouge mark’s on the road surface plus the damage to both vehicles. PHOTOS OF YOUR BODILY INJURIES: It's crucial to the ultimate value of your claim to snap a multitude of colored photos (up close and from different angles) of your bodily injuries - - especially all black and blue marks or bruises.
INSIGHTS INTO HANDLING YOUR CLAIM (There Are Six Areas You Must Be Familiar With) 1. Out-Of-Pocket Expenses 2. Lost Time From Work - Lost Wages 3. Property Damage Losses 4. What Your Medical Doctor And/Or Chiropractor Reports Should State 5. Medical Payments Coverage 6. What To Do If An Adjuster Refuses To Cooperate
You Should Go Into Detail Regarding These (Below Listed) Six Areas:
(1) OUT-OF-POCKET EXPENSES:These are expenses that can be measured in definite sums of money. They are the foundation of the calculations used to award damages (including that often great and extra amount paid to you for your “Pain and Suffering”) regarding any financial loss flowing directly from the injury you may have sustained.
MEDICAL EXPENSES: Obtain all bills and services rendered. (Prior to their being sent out, you have ever right to ask for and read the crucial Final Reports regarding your physical condition from your Doctor, Chiropractor, “Medical Specialist” and/or Dentist).Medical Expenses Typically Include: Ambulance ~ Emergency Room ~ Hospital or Clinic ~ Laboratory Fees and Services ~ Diagnostic Tests: (X-rays and/or CT Scan) ~ Registered or Practical Nurse Fees ~ Medicine and/or Prescription Medications ~ Prosthetic Appliances or Surgical Apparatus (Canes & crutch, etc.) ~ Physical Therapy ~ Ace Bandages, Gauze & Tape ~ Heating Pads ~ Creams, Ointments, Balms & Salves. As you read them make sure these Medical Reports include the length of time of your “Total Disability” and/or your “Partial Disability”. These are of enormous value because they justify the often HUGE, extra payment made for your “Pain and Suffering” . (Plus this information will also prove your claim for Lost Wages).
NON-MEDICAL DAMAGE EXPENSES. These include: Lost Wages and Earnings ~ Lost Vacation Time and/or Sick Leave ~ Travel Expenses: (Transportation costs incurred getting to and from The Doctor and/or Hospital, etc.) ~ Household Help During Disability ~ Child Care During Recuperation.
(2) LOST TIME FROM WORK - - LOST WAGES - - YOUR "LOSS EARNING CAPACITY": The weeks, hours and/or days you were unable to work (thus the money you may have lost) is added up and documented on company letterhead. You’re often entitled to compensation for “Lost Time and Earnings” even if you have no actual loss of money ! Such as, for example, if your salary is paid by some other insurance coverage you may have or by taking sick leave or some other similar arrangement. It doesn’t matter if you're employed full time, part time, self-employed, own your own business, retired, unemployed, or a housewife not employed outside the home, you should keep a written record of all household help and/or child care needed during your disability period.
All of these constitute an element of your “SPECIAL DAMAGES” mainly "Lost Wages". Insurance companies usually don't view your time away from work (because of an injury) as “Lost Time And Earnings” but as “Lost Earning Capacity”. In most states one is entitled to compensation for lost time and earnings even if they have no loss of money. For example, when your salary is paid for by another insurance coverage you have or by taking sick leave and/or some other similar type of arrangement. There are specific situations to be considered and called to the forefront when it comes to being employed either full-time or part-time. More detailed information (regarding these above stated area’s of your loss) are found in CHAPTER FOUR “Damages” within the book AUTO ACCIDENT PERSONAL INJURY INSURANCE CLAIM.
(3) PROPERTY DAMAGE LOSSES: “AGREED COST TO REPAIR”: This figure has been negotiated between your damage repair person and the insurance adjuster. Be sure you know (and possess a written copy of) exactly what that figure is.COLLISION: There's usually a deductible. Read your policy. (If you’re not at fault you should eventually be able to get this money back).PROPERTY DAMAGE LIABILITY: Protects you for damages you do to the property of another (i.e. his or her trees, lawn, shrubs, mailbox, etc.) EXCLUSIONS: These are stated in your policy. A good rule of thumb is, “If it’s not excluded, it’s covered”. Read your policy closely to discover your exclusions and how they apply. TOTAL LOSS: A “Total Loss” is when the motor vehicle damage exceeds the value of the vehicle, as stated within all of the up-to-date and “Official” Property Damage books and/or documents. OTHER PROPERTY DAMAGE LOSSES: Clothing, jewelry, watches, eye or sunglasses, etc. You can also collect for your (or any other individuals) personal property which happened to be in the car and was damaged. (Be sure to have written proof of the cost of each item damaged plus the date it was purchased). Never forget: You’re entitled to be reimbursed for any charges you may have incurred for towing, storage and/or substitute motor vehicle rental, or for that matter - - any other alternate transportation.
The above is a very brief review. For more in-depth information read CHAPTER FIVE: PROPERTY DAMAGE found in AUTO ACCIDENT PERSONAL INJURY INSURANCE CLAIM.
(4) WHAT YOUR MEDICAL DOCTOR AND/OR CHIROPRACTOR REPORT SHOULD STATE: Each “Injury Evaluation Factor” should be clearly stated within each of your final Medical Reports. For example: That your disability is solely the result of the accident. If there were any pre-existing conditions aggravated by your injuries? What treatments were administered and for what duration? What medications were prescribed, in what amounts and for how long? What symptoms or medical problems were such medications meant to relieve? Were there any adverse reactions demonstrated? Ask to read them before they're sent to the adjuster so you're sure it explains the nature, plus the extent and frequency of the pain that an injury, such as yours, will likely cause.
PROGNOSIS: This is the clearly stated information (regarding your personal injury progress) and should include: The part played by a pre-existing condition, if any? Their prediction of any possible future temporary disability/impairments? Does the individual attending you anticipate any further or future treatments? LENGTH OF YOUR “TOTAL” DISABILITY: Why? Because it's so important (when it comes time to settle) this is clearly stated in weeks and days. LENGTH OF YOUR “PARTIAL” DISABILITY: Again (and for the same reason as above) this too should be clearly stated in weeks and days. (Specific details, regarding both “Partial” and “Total” Disability , and the incredible value it provides for you in your claim, are found in CHAPTER SIX: YOUR BODILY INJURY).
(5) MEDICAL PAYMENTS COVERAGE: If you have this coverage in your motor vehicle policy, it will pay (up to the limits stated) for all medical bills arising out of the accident - - regardless of who’s at fault! (You must read your policy carefully because the “Who”, “Why” and/or “How” of this often differs).
A WORD ABOUT HEALTH INSURANCE PLANS: In certain instances, it may be possible to have your medical bills paid and yet avoid any repayment by tapping into your health insurance coverage, or some other plan you may have. (Yes, this means, under certain circumstances, you may be able to collect twice for the same medical bills)!
(6) WHAT TO DO IF THE ADJUSTER REFUSES TO COOPERATE? These Are Your Usual And Routine Choices: a. Threaten that you're going to obtain the services of a lawyer to represent you. b. Go over the adjuster’s head. c. Resolve your loss in Small Claims Court. d. Contact the proper people (working through the State Department of Insurance) implementing the time honored principle of “Good Faith” vs. “Bad Faith”.
All the information necessary for you to deal with and handle the above issues are spelled out within the contents of AUTO ACCIDENT PERSONAL INJURY INSURANCE CLAIM (How To Evaluate And Settle Your Loss) found on the internet at http://www.autoaccidentclaims.com or http://www.caraccidentclaims.com. This book also contains BASE (The Baldyga Auto Accident Settlement Formula). THE BASE FORMULA will tell you exactly how many dollars the "Pain and Suffering" you endured are worth.
DISCLAIMER: The only purpose of this article is to help people understand the motor vehicle accident claim process. Dan Baldyga, does not offer a guarantee of any kind whatsoever, NOR to substitute for a lawyer, an insurance adjuster, or claims consultant, or the like. Where such professional help is desired it is the INDIVIDUALS RESPONSIBLY to obtain such services.
Copyright (c) 2004 By Daniel G. Baldyga. All Rights Reserved.
About The Author
For over 30 years Dan Baldyga was a Claims Adjuster, Supervisor, Manager and Trial Assistant. He is now retired and spends his time attempting to assist those involved in motor vehicle accident claim so they will not be taken advantage of. dbpaw@comcast.net
Article Source: http://EzineArticles.com/?expert=Dan_Baldyga
Mortgage Protection Life Insurance - Understanding The Basics
Your house is a big investment - probably one of the biggest you're every likely to make. It is also the place that you and your loved ones call home; a shelter and haven from the outside world. That's why it is so important to ensure that your home and family are protected in the event of your death. It's not a topic that any of us like to dwell on, but the sad fact is that should you die and the family are no longer able to afford repayments on the house, they will lose the property and the roof from over their heads.
Having a good life insurance policy in place to protect your property in the event of your death is vital. When you die, your family will have enough to worry about without the added stress of how they are going to hold on to the family home. Your life insurance policy will ensure that this problem is eliminated, with the mortgage balance being paid in full upon your death.
The main types of mortgage life cover
The type of mortgage life insurance cover that you require will depend upon what type of mortgage you have, a repayment or an interest only mortgage. There are two main types of mortgage life insurance cover, which are:
§ Decreasing Term Insurance
§ Level Term Insurance
Decreasing term insurance
This type of mortgage life insurance is designed for those with a repayment mortgage. With a repayment mortgage, the balance of the loan decreases over the term of the mortgage. Therefore, the sum of cover with a decreasing term insurance policy will also go down in line with the mortgage balance. So, the amount for which your life is insured should match the balance outstanding on your mortgage, which means that if you die your policy will hold sufficient funds to pay off the remainder of the mortgage and alleviate any additional worry to your family.
With the decreasing term insurance, the cover is usually taken out over the term of the mortgage, and payment is made should you die during the term of the policy. Once the policy has expired, it becomes null and void, so you will receive nothing at the end of your policy if you are still living. There is no surrender value on this type of cover, but it does provide a cost effective means of protecting your home and family during the life of your mortgage.
Level term insurance
This type of mortgage life insurance cover is for those that have a repayment mortgage, where the principle balance remains the same throughout the term of the mortgage and the repayments made by the property owner cover the interest payments on the mortgage only.
The sum for which the insured is covered remains the same throughout the term of this policy, and this is because the principle balance on the mortgage also remains the same. Therefore the sum assured is a fixed amount, which is paid should the insured party die within the term of the policy. As with decreasing term insurance, there is no surrender value, and should the policy end before the insured dies no payout will be awarded and the policy becomes null and void.
Terminal illness benefit
Both of the above types of cover normally include terminal illness cover, which means that the mortgage is cleared should you be diagnosed with a terminal illness rather than waiting until you actually die. This helps to ensure that you do not have the additional worry of trying to meet repayments when a terminal illness takes away your ability to work and earn money, and at a time when the whole family has enough to worry about without having to stress about meeting mortgage repayments.
Critical illness cover
Critical illness cover is another type of insurance policy that can be added on to either of the above mortgage life insurance polices and provides an extra element of protection and peace of mind. This type of cover can also be taken out as a stand-alone policy, but usually proves much better value if simply added on to a main insurance policy.
With critical illness cover you will be eligible for a payout in the event that you are diagnosed with a critical illness. If you then go on to recover from the critical illness, the payout is yours to keep but the policy becomes null and void following your claim. The illnesses that are covered by this type of policy are defined by the insurer so you should ensure that you check the terms when taking out critical illness cover.
Adding critical illness cover to your policy will only increase your repayments by a small amount, but can provide valuable protection if you are diagnosed as critically ill and are therefore unable to work. With your mortgage repaid from the payout of this policy, you will not have the additional worry of trying to keep a roof over your head at a time when you should be concentrating on trying to make a recovery.
Summary
As indicated by the features of the two main types of mortgage life insurance cover, the policy you go for will depend largely upon the type of mortgage you have. Both types of cover offer value for money, with some really low cost deals available. Of course, the amount that you pay will ultimately depend upon the level of cover you require. For total peace of mind it is always advisable to go for a policy with critical illness cover incorporated into it.
Having some form of mortgage life cover is essential to protect your home and your family. After working hard to buy your own property, the prospect of it being repossessed in the event of your death can be worrying both for you and for your family. A mortgage life cover policy will ensure that this does not happen, and will give your family the security of knowing that whatever happens they will still have a roof over their heads.
Claire Bowes is a successful freelance writer and owner of http://www.a1-life-insurance-quotes.co.uk where you will find further advice and information on life insurance, critical illness cover, income protection and mortgage protection cover.
Article Source: http://EzineArticles.com/?expert=Claire_Bowes
Having a good life insurance policy in place to protect your property in the event of your death is vital. When you die, your family will have enough to worry about without the added stress of how they are going to hold on to the family home. Your life insurance policy will ensure that this problem is eliminated, with the mortgage balance being paid in full upon your death.
The main types of mortgage life cover
The type of mortgage life insurance cover that you require will depend upon what type of mortgage you have, a repayment or an interest only mortgage. There are two main types of mortgage life insurance cover, which are:
§ Decreasing Term Insurance
§ Level Term Insurance
Decreasing term insurance
This type of mortgage life insurance is designed for those with a repayment mortgage. With a repayment mortgage, the balance of the loan decreases over the term of the mortgage. Therefore, the sum of cover with a decreasing term insurance policy will also go down in line with the mortgage balance. So, the amount for which your life is insured should match the balance outstanding on your mortgage, which means that if you die your policy will hold sufficient funds to pay off the remainder of the mortgage and alleviate any additional worry to your family.
With the decreasing term insurance, the cover is usually taken out over the term of the mortgage, and payment is made should you die during the term of the policy. Once the policy has expired, it becomes null and void, so you will receive nothing at the end of your policy if you are still living. There is no surrender value on this type of cover, but it does provide a cost effective means of protecting your home and family during the life of your mortgage.
Level term insurance
This type of mortgage life insurance cover is for those that have a repayment mortgage, where the principle balance remains the same throughout the term of the mortgage and the repayments made by the property owner cover the interest payments on the mortgage only.
The sum for which the insured is covered remains the same throughout the term of this policy, and this is because the principle balance on the mortgage also remains the same. Therefore the sum assured is a fixed amount, which is paid should the insured party die within the term of the policy. As with decreasing term insurance, there is no surrender value, and should the policy end before the insured dies no payout will be awarded and the policy becomes null and void.
Terminal illness benefit
Both of the above types of cover normally include terminal illness cover, which means that the mortgage is cleared should you be diagnosed with a terminal illness rather than waiting until you actually die. This helps to ensure that you do not have the additional worry of trying to meet repayments when a terminal illness takes away your ability to work and earn money, and at a time when the whole family has enough to worry about without having to stress about meeting mortgage repayments.
Critical illness cover
Critical illness cover is another type of insurance policy that can be added on to either of the above mortgage life insurance polices and provides an extra element of protection and peace of mind. This type of cover can also be taken out as a stand-alone policy, but usually proves much better value if simply added on to a main insurance policy.
With critical illness cover you will be eligible for a payout in the event that you are diagnosed with a critical illness. If you then go on to recover from the critical illness, the payout is yours to keep but the policy becomes null and void following your claim. The illnesses that are covered by this type of policy are defined by the insurer so you should ensure that you check the terms when taking out critical illness cover.
Adding critical illness cover to your policy will only increase your repayments by a small amount, but can provide valuable protection if you are diagnosed as critically ill and are therefore unable to work. With your mortgage repaid from the payout of this policy, you will not have the additional worry of trying to keep a roof over your head at a time when you should be concentrating on trying to make a recovery.
Summary
As indicated by the features of the two main types of mortgage life insurance cover, the policy you go for will depend largely upon the type of mortgage you have. Both types of cover offer value for money, with some really low cost deals available. Of course, the amount that you pay will ultimately depend upon the level of cover you require. For total peace of mind it is always advisable to go for a policy with critical illness cover incorporated into it.
Having some form of mortgage life cover is essential to protect your home and your family. After working hard to buy your own property, the prospect of it being repossessed in the event of your death can be worrying both for you and for your family. A mortgage life cover policy will ensure that this does not happen, and will give your family the security of knowing that whatever happens they will still have a roof over their heads.
Claire Bowes is a successful freelance writer and owner of http://www.a1-life-insurance-quotes.co.uk where you will find further advice and information on life insurance, critical illness cover, income protection and mortgage protection cover.
Article Source: http://EzineArticles.com/?expert=Claire_Bowes
Health Insurance - Taking Care of Your Health
Health insurance is the most common form of insurance that is taken in order to meet all the medical expenses that engulf us in the case of any medical emergency. Under this insurance, the insurer pays the medical expenses of the insured, in the case of sickness, accidents and for all the other reasons that are stated in the insurance cover. In the modern world, health hazards have tremendously gone up in the recent times, owing to the stress and other medical complications. Seeing this trend, the modern age has seen an upsurge in the number of medical insurance agencies that have come forth in the recent times.
The fundamental of probability and necessity is applicable in this type of business that is flourishing in the contemporary world. Likewise, a person's health is also a major consideration in deciding on the premium of the insurance.
Now a days, health insurance is also given as an incentive by the various companies to its employees. The employers sponsor it to their employees and their families. The insurer has every right to set a limit to the amount that one would receive for treatment during a specific period of time. It also specifies the types of treatments under which you can claim the benefits of insurance. Like, there are some health insurance companies which don't cover the dental insurance as part of your health insurance.
So, it really becomes important for you to have a detailed knowledge of the terms and conditions that are laid by any insurance company. It is also advisable for you to do an analysis of the various insurance agencies that provide you with health insurances, before you go in for any policy.
Health insurance is thus, a good way to secure one's health against all the emergencies that can crop up at any moment. However, what needs to take be taken care of is the authenticity of a specific insurance provider and the benefits that are being offered to you as part of the package.
Adam is a marketing expert who brings relevant information on various themes. Visit for more information on
Health Insurance
Cheap Insurance
Article Source: http://EzineArticles.com/?expert=Adam_Jaylin
The fundamental of probability and necessity is applicable in this type of business that is flourishing in the contemporary world. Likewise, a person's health is also a major consideration in deciding on the premium of the insurance.
Now a days, health insurance is also given as an incentive by the various companies to its employees. The employers sponsor it to their employees and their families. The insurer has every right to set a limit to the amount that one would receive for treatment during a specific period of time. It also specifies the types of treatments under which you can claim the benefits of insurance. Like, there are some health insurance companies which don't cover the dental insurance as part of your health insurance.
So, it really becomes important for you to have a detailed knowledge of the terms and conditions that are laid by any insurance company. It is also advisable for you to do an analysis of the various insurance agencies that provide you with health insurances, before you go in for any policy.
Health insurance is thus, a good way to secure one's health against all the emergencies that can crop up at any moment. However, what needs to take be taken care of is the authenticity of a specific insurance provider and the benefits that are being offered to you as part of the package.
Adam is a marketing expert who brings relevant information on various themes. Visit for more information on
Health Insurance
Cheap Insurance
Article Source: http://EzineArticles.com/?expert=Adam_Jaylin
Motor Insurance - For the Sake of Security
The motor insurance is actually necessary in the present times as it gives you a lot of benefits, enabling you to drive safely to destination, without worrying about its breaking down. Like all other insurances, motor insurance offer you a good help if you have a foot of a wanderer and your car accompanies you to your trips.
A motor insurance provides a cover that includes the repair of your vehicle while it breaks down during your journey. Also, it makes sure that you are given a substitute automobile or a car hire till the time your car is getting overhauled. So having car insurance would indeed make things easier for you and your vehicle.
One cannot foresee mishappenings, so it is better to prepare yourself for them. In the modern world, motor insurance has been really instrumental in making our lives better. If your car is stolen or you have lost the keys to your car, the car insurance agents would assist you during all adversities. Also, in the case of theft, you can easily claim the insurance amount and can compensate the loss to a certain extent.
The break down cover helps you 24/7 and the area can be UK or some parts of Europe. You can easily be provided with assistance if you face any difficulty with your car within the prescribed area. The helpline team is very supportive and you can summon them at your will.
If you are keen on taking a Motor Insurance scheme, then, you can get a good discount on buying your insurance scheme online. Some insurance companies also give you a discount on the second motor insurance, if you already have taken a motor insurance beforehand.
So, buying a motor insurance is the best gift that you can give to your car and also to yourself.
Adam is a marketing expert who brings the information through articles, press release, news etc .
breakdown insurance
cheap insurance
Article Source: http://EzineArticles.com/?expert=Adam_Jaylin
A motor insurance provides a cover that includes the repair of your vehicle while it breaks down during your journey. Also, it makes sure that you are given a substitute automobile or a car hire till the time your car is getting overhauled. So having car insurance would indeed make things easier for you and your vehicle.
One cannot foresee mishappenings, so it is better to prepare yourself for them. In the modern world, motor insurance has been really instrumental in making our lives better. If your car is stolen or you have lost the keys to your car, the car insurance agents would assist you during all adversities. Also, in the case of theft, you can easily claim the insurance amount and can compensate the loss to a certain extent.
The break down cover helps you 24/7 and the area can be UK or some parts of Europe. You can easily be provided with assistance if you face any difficulty with your car within the prescribed area. The helpline team is very supportive and you can summon them at your will.
If you are keen on taking a Motor Insurance scheme, then, you can get a good discount on buying your insurance scheme online. Some insurance companies also give you a discount on the second motor insurance, if you already have taken a motor insurance beforehand.
So, buying a motor insurance is the best gift that you can give to your car and also to yourself.
Adam is a marketing expert who brings the information through articles, press release, news etc .
breakdown insurance
cheap insurance
Article Source: http://EzineArticles.com/?expert=Adam_Jaylin
Sunday, June 10, 2007
Tips for Choosing a Life Insurance Company
Choosing the right company and right product from this bewildering choice is challenging. Fortunately, there are some common sense guidelines that will help you narrow the field to a more manageable selection of companies and products.
Looking at the Cost
The UK life insurance business is highly competitive, but the industry tries to avoid price competition whenever possible. Instead, companies attempt to make their products sufficiently different from their competitors so that price is less of a factor in product selection.
However, there are ways you can keep your premium rates to a minimum without affecting the quality of your cover.
•Consider Term Life Insurance - Term Life Insurance is the cheapest form of life cover available and premiums are very competitive.
•Shop around - in particular, if you know exactly what type of cover you require and don’t need advice, you can reduce your premiums by applying through a discount life insurance broker such as Life Saver. These broker's discount the insurance companies standard premiums by rebating the majority of the commission paid to them as an agent for the company. This reduces your monthly payments below the premium you would pay by applying direct to the insurance company.
•Stop smoking - premium rates for smokers are 30-40% higher than for non-smokers. If you can or are thinking of quitting you will save hundreds on your premiums over the term of the policy.
•Only pay for the cover you need - If you are looking for term insurance and critical illness, you can make big savings by buying a combined policy. These only pay out one lump sum rather than the two that separate policies would pay, if you suffer a critical illness and then die.
Obviously, the cost of monthly premiums is going to be a major factor in your choice of insurer but, it should not be your only consideration.
Product Quality
There can be major differences between UK life insurance policies so it is important that you compare like with like and check the small print. This is particularly important if you are including extra’s such as Critical Illness Cover. Always read the Key Facts document carefully and look for some of the following benefits:
•Are the premiums Guaranteed? This means the premiums are guaranteed to remain the same throughout the term of your policy. This is opposed to `Reviewable´ premiums which, as the name suggests, are reviewed usually every 5 years and can increase dramatically.
•Check that the policy has terminal illness benefit included. This is a valuable extra which is now included in most Term Life Insurance policies for free and will pay the life insurance amount early if you suffer a terminal illness.
•Can the policy be written in trust? This will avoid any delay in the money going to your dependants and the risk of inheritance tax being charged on the benefit.
•Can waiver of premium benefit be included in your plan. This is a valuable extra which, if you become too ill to work for a number of months, will ensure your cover continues without you having to pay the premiums.
Claims History
No matter how good the policy it will all be for nothing if your insurer is difficult or obstructive if you should have to make a claim.The industry pays out over £166 million a day in pension and life insurance claims and all insurers have procedures in place to process claims on their policies.
Before taking out a policy it is advisable to contact your prospective insurer and ask about their claims history. Note their willingness to provide this information and the attitude promoted by their response. Do they look for reasons to pay claims or excuses to avoid them?
Financial Strength
When selecting or evaluating a UK life insurance company, a logical place to begin is by reviewing the ratings given by major insurance company rating services such as Standard & Poors and AM Best. In a rating, the rating company or agency expresses its opinion of the life insurance companies financial condition.
Copyright © UK Life Insurance Company Index
http://www.uk-insurance-index.co.uk. All rights reserved.
Please feel free to publish this article online provided that the article and this copyright statement remain unchanged with live links.
Article Source: http://EzineArticles.com/?expert=Simon_Markham
Looking at the Cost
The UK life insurance business is highly competitive, but the industry tries to avoid price competition whenever possible. Instead, companies attempt to make their products sufficiently different from their competitors so that price is less of a factor in product selection.
However, there are ways you can keep your premium rates to a minimum without affecting the quality of your cover.
•Consider Term Life Insurance - Term Life Insurance is the cheapest form of life cover available and premiums are very competitive.
•Shop around - in particular, if you know exactly what type of cover you require and don’t need advice, you can reduce your premiums by applying through a discount life insurance broker such as Life Saver. These broker's discount the insurance companies standard premiums by rebating the majority of the commission paid to them as an agent for the company. This reduces your monthly payments below the premium you would pay by applying direct to the insurance company.
•Stop smoking - premium rates for smokers are 30-40% higher than for non-smokers. If you can or are thinking of quitting you will save hundreds on your premiums over the term of the policy.
•Only pay for the cover you need - If you are looking for term insurance and critical illness, you can make big savings by buying a combined policy. These only pay out one lump sum rather than the two that separate policies would pay, if you suffer a critical illness and then die.
Obviously, the cost of monthly premiums is going to be a major factor in your choice of insurer but, it should not be your only consideration.
Product Quality
There can be major differences between UK life insurance policies so it is important that you compare like with like and check the small print. This is particularly important if you are including extra’s such as Critical Illness Cover. Always read the Key Facts document carefully and look for some of the following benefits:
•Are the premiums Guaranteed? This means the premiums are guaranteed to remain the same throughout the term of your policy. This is opposed to `Reviewable´ premiums which, as the name suggests, are reviewed usually every 5 years and can increase dramatically.
•Check that the policy has terminal illness benefit included. This is a valuable extra which is now included in most Term Life Insurance policies for free and will pay the life insurance amount early if you suffer a terminal illness.
•Can the policy be written in trust? This will avoid any delay in the money going to your dependants and the risk of inheritance tax being charged on the benefit.
•Can waiver of premium benefit be included in your plan. This is a valuable extra which, if you become too ill to work for a number of months, will ensure your cover continues without you having to pay the premiums.
Claims History
No matter how good the policy it will all be for nothing if your insurer is difficult or obstructive if you should have to make a claim.The industry pays out over £166 million a day in pension and life insurance claims and all insurers have procedures in place to process claims on their policies.
Before taking out a policy it is advisable to contact your prospective insurer and ask about their claims history. Note their willingness to provide this information and the attitude promoted by their response. Do they look for reasons to pay claims or excuses to avoid them?
Financial Strength
When selecting or evaluating a UK life insurance company, a logical place to begin is by reviewing the ratings given by major insurance company rating services such as Standard & Poors and AM Best. In a rating, the rating company or agency expresses its opinion of the life insurance companies financial condition.
Copyright © UK Life Insurance Company Index
http://www.uk-insurance-index.co.uk. All rights reserved.
Please feel free to publish this article online provided that the article and this copyright statement remain unchanged with live links.
Article Source: http://EzineArticles.com/?expert=Simon_Markham
The Basics Of Life Insurance Policy
With life insurance policy, you get what you pay for. What you pay for is the life insurance policy's face amount, the amount the life insurance policy company will pay when you die.
Since the face amount of the life insurance policy is payable upon the death of the insured person, the element of risk to the insurance company is much different than it is for an automobile policy. When an insurance company issues an auto policy, it hopes you will be a safe driver and will never have an accident, so you will never file a claim. When an insurance company issues a life insurance policy, it knows it will be called upon to pay a claim someday, because every human being dies, for the insurance company, the only unknown is whether the claim will be made in one year or in 50.
Not surprisingly, life insurance policy costs vary based on your age, health and the amount of insurance you buy. The term ordinary insurance is sometimes used to describe individual life insurance. There are three road types of individual or ordinary life insurance policy - whole life, term life and endowment.
Death benefits are the one thing that all types of life insurance have in common. If it doesn't pay a death benefit, it is not a life insurance. The death benefit is the pure life insurance protection. You could argue that anyone who knew for certain that he or she would live to an old age would be foolish to spend money on life insurance policy. The premiums could be put to better use over the course of a long life and it would be necessary to set aside a small sum for the eventual funeral.
But none of us can be certain that we will live for a long time even if our ancestors are long-lived. There is always the possibility that a disease or accident will result in a premature death. Anyone can become a victim of a natural disaster or an act of violence.
The need to cover expenses and replace lost family income if a person dies young is the main reason people purchase life insurance policy but it is not the only reason. Today, many forms of life insurance policy include other types of benefits, in addition to a death benefit, and people also buy life insurance to protect against the risk of not dying prematurely, to protect against the risk of living for a long time.
For more information on buying universal term life insurance policy, getting affordable life insurance online quotes or low cost life insurance, please visit the following website: Life Insurance Resource Guide
©Skyjoe. All rights reserved. This article may be freely distributed as long as it remains unaltered inclusive of the active links and the copyright notice. No alteration is allowed without express written permission from the author.
Article Source: http://EzineArticles.com/?expert=Sky_Joe
Since the face amount of the life insurance policy is payable upon the death of the insured person, the element of risk to the insurance company is much different than it is for an automobile policy. When an insurance company issues an auto policy, it hopes you will be a safe driver and will never have an accident, so you will never file a claim. When an insurance company issues a life insurance policy, it knows it will be called upon to pay a claim someday, because every human being dies, for the insurance company, the only unknown is whether the claim will be made in one year or in 50.
Not surprisingly, life insurance policy costs vary based on your age, health and the amount of insurance you buy. The term ordinary insurance is sometimes used to describe individual life insurance. There are three road types of individual or ordinary life insurance policy - whole life, term life and endowment.
Death benefits are the one thing that all types of life insurance have in common. If it doesn't pay a death benefit, it is not a life insurance. The death benefit is the pure life insurance protection. You could argue that anyone who knew for certain that he or she would live to an old age would be foolish to spend money on life insurance policy. The premiums could be put to better use over the course of a long life and it would be necessary to set aside a small sum for the eventual funeral.
But none of us can be certain that we will live for a long time even if our ancestors are long-lived. There is always the possibility that a disease or accident will result in a premature death. Anyone can become a victim of a natural disaster or an act of violence.
The need to cover expenses and replace lost family income if a person dies young is the main reason people purchase life insurance policy but it is not the only reason. Today, many forms of life insurance policy include other types of benefits, in addition to a death benefit, and people also buy life insurance to protect against the risk of not dying prematurely, to protect against the risk of living for a long time.
For more information on buying universal term life insurance policy, getting affordable life insurance online quotes or low cost life insurance, please visit the following website: Life Insurance Resource Guide
©Skyjoe. All rights reserved. This article may be freely distributed as long as it remains unaltered inclusive of the active links and the copyright notice. No alteration is allowed without express written permission from the author.
Article Source: http://EzineArticles.com/?expert=Sky_Joe
Getting Cheap Term Life Insurance
Many people considering life cover will look for cheap term life insurance, because it is probably the simplest and least expensive way to protect their partner’s and family’s financial future in the unfortunate event of their death.
If you have dependants or a mortgage, then it makes sense to take out life insurance. A life insurance policy will help repay the mortgage on your home after your death, ensuring that your partner and/or family will not be left with financial difficulty to add to their grief.
As an example, your term life insurance policy can match the repayment term on your mortgage so that if you die before the end of the mortgage repayment term the life insurance lump sum will clear your mortgage debt.
While there are plenty of life insurance policies out there such as index-linked or joint life, it can be confusing knowing which policy is right for you. Also, the more convoluted insurance you buy, the higher the premium you will pay and that is why cheap term life insurance is an option favoured by many people.
Term life insurance is the cheapest form of life cover, paying out a lump sum if you die within a specified period. If you are still alive at the end of the term, then no payment is made – hence why premiums are so cheap as the insurer cannot justify charging a huge amount for your premiums as there is no investment element to a term life insurance policy.
No one wants to pay more than they have to for their life insurance, so how do you go about getting cheap term life insurance?
First of all, life insurance premiums are now up to 40% cheaper than they were a few years ago due to advances in medicine helping us all to live longer, so now may be a good time to either check your existing arrangements or take out a policy.
It is always a good idea to get several life insurance quotes before applying for a policy. This is because premiums - even for the ‘cheaper’ type of policies - can vary from provider to provider, so by getting a life insurance quote first, you can shop around for the most competitively priced life insurance policy.
You can get a life insurance quote from a number of places, such as your bank or other financial organisation, but probably the quickest and easiest, no-hassle way to get a quote is to do it online. There are websites that will give you an immediate online quote so that you can get a feel for how much your premiums will be.
Remember, however, that quotes are a guide only and they could change once you have completed a full application. However, if this does happen and you are not happy with the premium, you are not under any obligation to proceed with the policy.
Remember that when applying for life insurance, you should always tell the truth on your application form – no matter how negative you feel it might be. For example, if you are a heavy drinker or smoker or you don’t disclose your full medical history, you will get cover that may not be valid. This means that should you die and it turns out you lied on your application form, the insurers legally don’t have to pay out your claim.
Finally, don’t forget to check out the terms and conditions offered by the different insurers so that you can compare quotes on a like-for-like basis and get the cover that best suits your circumstances.
Jason Hulott is Business Development Director of Protection Insurance. Protection Insurance is an internet based insurance business dedicated to getting consumers the very best insurance rates and the best products. Our product portfolio includes many specialist products such as cheap term life insurance
Article Source: http://EzineArticles.com/?expert=Jason_Hulott
If you have dependants or a mortgage, then it makes sense to take out life insurance. A life insurance policy will help repay the mortgage on your home after your death, ensuring that your partner and/or family will not be left with financial difficulty to add to their grief.
As an example, your term life insurance policy can match the repayment term on your mortgage so that if you die before the end of the mortgage repayment term the life insurance lump sum will clear your mortgage debt.
While there are plenty of life insurance policies out there such as index-linked or joint life, it can be confusing knowing which policy is right for you. Also, the more convoluted insurance you buy, the higher the premium you will pay and that is why cheap term life insurance is an option favoured by many people.
Term life insurance is the cheapest form of life cover, paying out a lump sum if you die within a specified period. If you are still alive at the end of the term, then no payment is made – hence why premiums are so cheap as the insurer cannot justify charging a huge amount for your premiums as there is no investment element to a term life insurance policy.
No one wants to pay more than they have to for their life insurance, so how do you go about getting cheap term life insurance?
First of all, life insurance premiums are now up to 40% cheaper than they were a few years ago due to advances in medicine helping us all to live longer, so now may be a good time to either check your existing arrangements or take out a policy.
It is always a good idea to get several life insurance quotes before applying for a policy. This is because premiums - even for the ‘cheaper’ type of policies - can vary from provider to provider, so by getting a life insurance quote first, you can shop around for the most competitively priced life insurance policy.
You can get a life insurance quote from a number of places, such as your bank or other financial organisation, but probably the quickest and easiest, no-hassle way to get a quote is to do it online. There are websites that will give you an immediate online quote so that you can get a feel for how much your premiums will be.
Remember, however, that quotes are a guide only and they could change once you have completed a full application. However, if this does happen and you are not happy with the premium, you are not under any obligation to proceed with the policy.
Remember that when applying for life insurance, you should always tell the truth on your application form – no matter how negative you feel it might be. For example, if you are a heavy drinker or smoker or you don’t disclose your full medical history, you will get cover that may not be valid. This means that should you die and it turns out you lied on your application form, the insurers legally don’t have to pay out your claim.
Finally, don’t forget to check out the terms and conditions offered by the different insurers so that you can compare quotes on a like-for-like basis and get the cover that best suits your circumstances.
Jason Hulott is Business Development Director of Protection Insurance. Protection Insurance is an internet based insurance business dedicated to getting consumers the very best insurance rates and the best products. Our product portfolio includes many specialist products such as cheap term life insurance
Article Source: http://EzineArticles.com/?expert=Jason_Hulott
Group Term Life Insurance and the Options Available
Group term life insurance is more affordable than individual life insurance policies because the costs to the insurer are lower. They have less paperwork to handle, and are guaranteed multiple accounts from one sale - which is their incentive for offering this type of policy.
A group term life insurance policy offers life insurance coverage to all the employees of a particular organization, or to any other group of people that apply for it. It covers the unexpected death of an employee, and group term life insurance benefits are usually calculated based on the employee’s lost income wages.
Offering group term life insurance is much more affordable for a company than offering individual life insurance policies for each employee. Considering how important it is to offer competitive benefits in order to attract the best employees, group term life insurance is a great option for both employer and employee alike.
Many group term life insurance plans can also be converted into individual policies if an employee leaves the company, which is an attractive flexibility option. Insurance premiums are even tax-deductible, which makes group term life insurance even more attractive to any employer.
Additionally, most group term life insurance policies don’t require individual physical examinations for the employees covered, so employees who may not be able to obtain a competitive life insurance policy on their own can still be covered under group term life insurance. This alone can attract employees to your company over another, whether group term life insurance may not be offered and it’s up to individuals to pay their own premiums.
Group term life insurance is a great benefit to provide to employees and is much cheaper than a comparable number of individual life insurance policies. With no medical exam requirements and full payout, it is a great choice for any group of individuals.
*****************************************
Brad Triggs provides more information and
free insurance quotes at his website:
My-Insurance-Quotes.com - Group Term Life Insurance
*****************************************
Article Source: http://EzineArticles.com/?expert=Brad_Triggs
A group term life insurance policy offers life insurance coverage to all the employees of a particular organization, or to any other group of people that apply for it. It covers the unexpected death of an employee, and group term life insurance benefits are usually calculated based on the employee’s lost income wages.
Offering group term life insurance is much more affordable for a company than offering individual life insurance policies for each employee. Considering how important it is to offer competitive benefits in order to attract the best employees, group term life insurance is a great option for both employer and employee alike.
Many group term life insurance plans can also be converted into individual policies if an employee leaves the company, which is an attractive flexibility option. Insurance premiums are even tax-deductible, which makes group term life insurance even more attractive to any employer.
Additionally, most group term life insurance policies don’t require individual physical examinations for the employees covered, so employees who may not be able to obtain a competitive life insurance policy on their own can still be covered under group term life insurance. This alone can attract employees to your company over another, whether group term life insurance may not be offered and it’s up to individuals to pay their own premiums.
Group term life insurance is a great benefit to provide to employees and is much cheaper than a comparable number of individual life insurance policies. With no medical exam requirements and full payout, it is a great choice for any group of individuals.
*****************************************
Brad Triggs provides more information and
free insurance quotes at his website:
My-Insurance-Quotes.com - Group Term Life Insurance
*****************************************
Article Source: http://EzineArticles.com/?expert=Brad_Triggs
Types Of Life Term Insurance - Term Life Is The Cheapest Option
There are actually eight different types of term life insurance available for consumers, although there are a couple differences and one is only sold as a rider. Let me touch on each one of these briefly.
1. The first five types of term insurance are non-renewable/non-convertible term, which expires at the end of the stated period of coverage.
2. Renewable term - this policy can be renewed at the end of the stated period without having to have a new medical exam.
3. Convertible term - this is term life with conversion privilege. It can be changed to one of the higher premium policies such as whole life or endowment at any time.
4. Re-Entry term - this is the cheapest of all term life policies, if the person to be insured qualifies for it.
5. Deposit term - this is a 10 year renewable term life policy where you make a deposit at the inception.
In the next two types of term life insurance the face value of the policy remains constant or changes.
1. Level term -the face value of this policy stays the same. The policy premium remains the same for the entire term of the policy.
2. Decreasing term - the face value on a decreasing term policy goes down over time. This type of policy is typically used to pay off mortgages and is sometimes called mortgage life insurance.
3. Increasing term - increasing term life is a policy where the face value goes up regularly each year. Increasing term is only sold as a rider.
Term life insurance is by far the least expensive option of all of the different types of life insurance available, such as whole life, endowment, etc.. All have their advantages and disadvantages. Term life does not build any type of cash value. It's what is known as "pure" life insurance because 100% of the premiums that you pay go toward paying for insurance and nothing else.
You can buy term life in different increments such as a 10 year term, 20 year term, etc.. If you're considering purchasing life insurance for yourself and or your family, I highly recommend that you take a good look at term as an option.
Joe Stewart Is A Webmaster And Former Life And Health Insurance Agent. He's Made Understanding Life Insurance Easy For Others. You Can Get Free Life Insurance Quotes At His Website TheLifeInsuranceGuys.com or by clicking on Types Of Term Life Insurance
Article Source: http://EzineArticles.com/?expert=Joe_Stewart
1. The first five types of term insurance are non-renewable/non-convertible term, which expires at the end of the stated period of coverage.
2. Renewable term - this policy can be renewed at the end of the stated period without having to have a new medical exam.
3. Convertible term - this is term life with conversion privilege. It can be changed to one of the higher premium policies such as whole life or endowment at any time.
4. Re-Entry term - this is the cheapest of all term life policies, if the person to be insured qualifies for it.
5. Deposit term - this is a 10 year renewable term life policy where you make a deposit at the inception.
In the next two types of term life insurance the face value of the policy remains constant or changes.
1. Level term -the face value of this policy stays the same. The policy premium remains the same for the entire term of the policy.
2. Decreasing term - the face value on a decreasing term policy goes down over time. This type of policy is typically used to pay off mortgages and is sometimes called mortgage life insurance.
3. Increasing term - increasing term life is a policy where the face value goes up regularly each year. Increasing term is only sold as a rider.
Term life insurance is by far the least expensive option of all of the different types of life insurance available, such as whole life, endowment, etc.. All have their advantages and disadvantages. Term life does not build any type of cash value. It's what is known as "pure" life insurance because 100% of the premiums that you pay go toward paying for insurance and nothing else.
You can buy term life in different increments such as a 10 year term, 20 year term, etc.. If you're considering purchasing life insurance for yourself and or your family, I highly recommend that you take a good look at term as an option.
Joe Stewart Is A Webmaster And Former Life And Health Insurance Agent. He's Made Understanding Life Insurance Easy For Others. You Can Get Free Life Insurance Quotes At His Website TheLifeInsuranceGuys.com or by clicking on Types Of Term Life Insurance
Article Source: http://EzineArticles.com/?expert=Joe_Stewart
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