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August 8, 2017

Things to Consider Before Buying a Life Insurance

comprehensive life policiesLife is unpredictable!

Although we are all aware of this, very few people actually think about the uncertainty of life and take practical measures to protect their loved ones, in case their life unexpectedly comes to an end.

Such wise people usually buy a comprehensive insurance policy to secure their family’s financial future.

Have you decided to be among those who are always prepared for the uncertain future?

Buy a life insurance!

What to Consider Before Buying a Life Insurance?

Searching and buying the right insurance policy can become a daunting task. But, not when you know what things to consider while weighing different insurance policies at hand. To help you do that, here we are highlighting some of the key factors that need to be considered when it comes to buying a life insurance:

• Make Sure That the Company Is Reliable

The foremost thing to consider before you decide to buy insurance is the reliability of the company you are buying from. Ask around for references and always go for the company that enjoys a good reputation. You can also check the company’s social media page to read reviews. This is important because frauds by insurance companies are highly common. Often, buyers find out about the hidden terms and conditions with regard to charges and coverage after buying the insurance.

Therefore, to prevent yourself from becoming a victim of an insurance scam, make sure you do a detailed research and seek references and reviews before choosing an insurance company. The task is quite tedious, but it is worth making the effort.

• Assess Your Needs

One of the many benefits of finding a reliable company is that the insurance agent can really help you in evaluating and assessing your needs and then choosing an insurance policy accordingly, to cover all your specific needs. The process entails evaluating factors such as the number of dependants, family wealth and assets, and whether the family will be able to pay off any remaining debts and bear the cost of funeral services or not?

Your answers to all these questions will help decide what things are more important for you and how much coverage you really need. For example, for some people the most important thing is to make sure their children’s education does not get negatively affected in any scenario and they want it to be covered by the insurance policy. On the other hand, there are people who do not want their family to pay for their burial services.

• Compare Different Policies

Decide your needs based on what things are important for you. For example, if you only want to make sure that your family receives money to pay for your funeral, ask different companies for quotes for funeral insurance. But, if you want multiple factors to be covered, look for a comprehensive life insurance policy.

Also, never settle for the first company you come across. Always compare different aspects of various insurance policies to make sure you find the best or you will end up regretting it later. In addition to your needs, your financial status also plays an important role in choosing a life insurance policy.

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June 28, 2017

What Should You Avoid When Buying Home Insurance

insurance for your homeBuying home insurance is a tricky task. With thousands of policy types and providers, it could be a daunting challenge. A lot of people make mistakes when buying a home insurance. Both the first-time and experienced home insurance buyers make mistakes. Those mistakes may cost them a lot in a long run, and they usually refer to two things. The first one is an inflated premium. The second mistake refers to the incomplete policy coverage. A low-cost policy quite often doesn’t cover all the things your home needs.

Whether you’re renewing or buying insurance for the first time, be aware of some mistakes. Below, you can find out about things to avoid and possible solutions.

Incorrect coverage amount

Most people choose a wrong coverage because they replace the real and market value of their home. Others are prone to overestimate the coverage amount. Those people identify home insurance with dwelling coverage. It pays in case of a damage caused by a covered danger like hail, storm, fire, and so on. The amount of dwelling coverage has an effect on limits for other coverages. For example, the limit for the contents coverage is set at 50%-70% of the dwelling coverage. So, how to evaluate the right dwelling coverage? There are various online home insurance calculators that address this issue.

Insufficient coverage for home rebuild

The majority of houses are not valued for insurance purpose. What would happen if those houses get destroyed beyond repair? The homeowners will not have enough insurance coverage to rebuild their homes.

How to avoid this mistake? It’s a good idea to hire a cost estimator who specializes in home replacement. You may also contact your contractor or a local builder. This is a cheaper option, but the assessment is not that precise as you get by a professional cost estimator. Once you’ve found out how much it costs to rebuild your house, you need to determine insurance coverage. Make sure to include all the valuables and improvements you have recently made.

Failing to look around

There are a lot of insurance providers and agencies today. They vary widely in how they estimate risk and how they determine the costs of home insurance. Some companies offer notably higher premiums than others. Don’t stop at the first insurance agency you run into. You should look around for the best deals instead. Try to find a quality yet affordable coverage that you are comfortable with.

Wrong deductible

Many people make mistake when setting the deductible. This is the amount of money that an insured pays before his/her insurance kicks in. This amount is paid toward a claim. Many insurance buyers set a wrong amount – either too high or too low. You can save a lot of money on your premiums by manipulating your deductible. As a rule of thumb, the lower the deductible, the higher the premium. But your finances could be left “askew” if the amount of deductible is too high. And if you are not able to come up with it when your home gets damaged by a disaster. You will pay more in premiums if the deductible is too low. Consult an insurance expert to hit the right balance.

As you can see, these issues are pretty complex. So even the most experienced insureds can make mistakes. Your best choice would be to consult an experienced insurance broker, though. Insurance brokers milton can help you get a quality home insurance products.

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June 1, 2017

UK pensions map: how much is being saved?

On average, we add £325 to our pension pots every month, but which area of the UK is best at saving? Find out more from the infographic below from personal pension provider, True Potential.

True Potential - UK Pension map

Created by online investment service company, True Potential

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March 25, 2017

Health Insurance that makes your Grand parents happy

health insurance for grand parentsThe right thing to know – The world we live in is full of risks and insecurities. Families, individuals, businesses, assets and properties are exposed to numerous types and certain levels of high risks. These definitely include the risk of health, life, property, assets, etc. We know that it’s difficult to prevent these risks, especially sudden miss happenings so the financial world has taken the responsibility to protect business and individuals against losses by compensating them with finance. Therefore, insurance is required with the full pace that eliminates or reduces the loss caused by any risk.

When we talk about health insurance, the first thing that comes to our mind is ‘Grandparents’. Ever thought health is such an important thing, especially when it’s about growing age. Sometimes, we initially don’t take a risk of traveling with them to abroad; we suffer from a fear of bad health. But every time this tact can’t be followed rather we need to find some solution for this. The best and relevant to this is – Super Visa Health Insurance.

Now, what exactly is Super Visa?

Super visa is a long term multiple entry visa for both grandparents and parents of Canadian citizens or permanent residents. They can stay up to maximum 2 years in Canada for every visit. This is valid up to 10 years. However, a regular multiple entry visa is also valid up to 10 years; but you can stay for 6 months only for every visit.

Eligibility for Super Visa

Super Visa is for grandparents and parents for Canadian citizens or permanent residents. Apparently, the grandparent or parent must be admissible to Canada and meet all the terms and conditions. Read on:

  • The applicant need to show Canadian medical insurance that meets the basic requirements and also covers then for minimum 1 year.
  • The applicant needs a letter of finance support from their grandchild or child in Canada, who earns the minimum required income.
  • Private medical insurance proof is required for the minimum time slot of one year with a copy of Canadian insurance company that covers hospitalization, repatriation, and health care and provides a minimum coverage of the certain amount, also is valid for the entry in Canada.
  • A copy of employment insurance pay stubs for grandchild or child.

Importance Generated

Although, the procedure can be little different if a grandparent or a parent is from another country, therefore, a visa is strictly required to enter Canada as a visitor. Health Insurance plays a key role in Super Visa, so make sure this is not ignored.

Validity for Super Visa

The maximum validity for Super Visa is 10 years, or it can be an addition to one month prior if the passport expires (whichever is earlier). Within this time Super Visa holders can stay up to two years.

On That Note

We truly know, how important is health insurance in today’s life, especially for our parents and grandparents. Therefore, in every limit, we need to make sure that this insurance is taken care.

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January 25, 2016

Are You in Need of Life Insurance?

Insurance for your lifeWhat is life insurance?

One of the key concepts of life insurance is that it can pay any dependents you have a cash lump sum or regular payouts upon your death. It has been designed as a way of providing you with a level of reassurance that those who are dependent on you are looked after should you no longer be around.

Of course, the amount of money that will be paid out depends on the amount of cover that you purchase. You may also make decisions as to how it will be paid out and whether the money is earmarked to cover particular payments such as rent or a mortgage.

There are a couple of main types:

– The term life insurance policy runs over a fixed period, and will only pay out should you die within that period. No lump sum is redeemable at the conclusion of a term policy.

– The whole-of-life policy pays out irrespective of when you die.

What is not covered?

Life insurance does not cover disability or illness. The majority of policies have exclusions. As an example, if your death is cause by alcohol or drug abuse, there is no cover.

Should you have a particularly serious health problem when the cover is taken out, this may also be excluded from payout.

Are you in need of it?

If you have dependents – a partner who is dependent on your income, school aged children, et cetera – if you die, a life insurance policy may provide for them.

If you are unable to rely on governmental help for your family – perhaps the amount is too small – then life insurance becomes a necessity.

Who does not need it?

Your partner may earn enough income for your family to be comfortable, or you may be single, in which case, life insurance may not be required.

How much does life insurance cost?

Life insurance can be good value. Depending on your circumstances, a few pence each day can be plenty enough to provide your family with financial protection. In fact, on average, 100k life cover for a period of 10 years, for those who do not smoke and are aged 54 years, works out at less than £1 a day.

Nevertheless, monthly payments, which are also referred to as premiums, can and do vary. Thus, it’s wise policy to shop around and to find out precisely what will be covered given the amount that you are paying.

There are a number of factors that impact the amount you will pay for life insurance. That includes the policy length, the amount you wish to cover, your current health status, your current age, whether you smoke, and your current lifestyle.

As an example, a younger person who is less likely to die on account of a medical condition will enjoy a cheaper life insurance policy than otherwise.

Do you already have life insurance?

You may have an employee package which includes something called “death in service” benefits. In which case, this covers you for a certain multiple of your income and as such, you may not be in need of any life insurance.

You do need assess whether this policy will provide enough cover in the event of your death or whether you should opt for additional cover.
Do keep in mind that if you no longer work for this employer, you will lose your coverage under this policy.

Consider other forms of insurance

Life insurance will cover a worst-case scenario, though you should also consider other matters such as bill payments and your mortgage if you are unable to work due to injury or illness.

You may benefit from income protection insurance. Income protection insurance provides for regular payments if you are unable to work on account of injury or illness.

Perhaps instead you need critical illness insurance. Critical illness insurance provides you with a lump sum which is tax-free should you be diagnosed with a serious illness that is under the provision of your policy.

Think also about payment protection insurance, which is a policy that will help you to maintain any regular payments if you are unable to work – maybe because you are ill, you’ve suffered an accident, or you have been made redundant.

You might be in need of short term protection insurance. This is a solution which provides short term insurance cover that can help you to pay for any essential outgoings if you are unable to work for any reason.

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