Archive for July, 2013
What is the best type of life insurance for you?
What is the best type of life insurance for you? There is a plethora of life insurance products on the market for good reason. Each is designed to suit the particular needs of an individual or family during different stages of their lives; what might be suitable when you’re single with no dependents may not be appropriate when you have a mortgage and a baby on the way. Let’s have a look at a few different scenarios where you might wish to consider buying life insurance and how much cover you will need. Single with no children At this stage you can probably do without life insurance. If no one relies on you financially then despite the fact that your untimely death would be a tragedy for your family and loved ones, financially spea...The negative impact of funeral costs on families
With the cost of funerals rising disproportionately to inflation, without insurance in place, this expense can have a negative impact on those left behind. Life insurance One option to assist with the cost of funeral arrangements is term life insurance or whole of life cover, which guarantees a lump sum payment upon the death of the policyholder. The advantage of this type of policy is that the payout can be used not just to cover the cost of a funeral, but also to meet mortgage repayments or cover the cost of a child’s education. It is also possible to ring fence a proportion of the payout to pay for the funeral. Over 50s insurance An over 50s insurance plan is a policy designed specifically for people between the ages of 50 and...Why see an Independent Financial Advisor (IFA) when choosing mortgage protection insurance?
Why see an Independent Financial Advisor (IFA) when choosing mortgage protection insurance? If you’re short of time or don’t feel confident when researching mortgage protection insurance the assistance of an IFA can be invaluable. Independent Financial Advisers are professionals who provide advice on all manner of financial products ranging from investments, mortgages, tax restructuring, annuities and protection products such as mortgage protection insurance. If you are looking to save as much money as you can then paying for the advice of a professional seems counterintuitive when buying a product which you could source yourself. However, in the longer term, the initial cost of professional advice can be far outweighed by the saving...Mortgage income protection insurance for young people
Mortgage income protection insurance for young people When you’re young you feel free from financial responsibility and safe from the risk of long-term illness, but could you cope financially if you became ill? When you’re young it’s all too easy to feel free from financial responsibility and safe from the risk of contracting a long-term illness. This carefree attitude is all well and good, but a critical illness can happen to anyone at any time. Everyone assumes it will never happen to them, particularly when they are young, but unfortunately there are too many examples of young people becoming seriously ill for this to be the case. If you are lucky enough to own a property then without mortgage protection insurance in pla...How does Life Insurance work?
How does Life Insurance work? If you take a policy out on your own life, the amount of the policy is paid directly to your estate, or to the named beneficiary. If your spouse or partner takes out a policy on your life, the benefit could be paid to them without going to your estate. If you have a joint life policy, the benefit is usually paid to the surviving policyholder named on the policy. The amount is paid as tax-free lump sum, but anyone who inherits the money after your death may be liable to inheritance tax, depending on their relationship to you. However, you can buy life insurance policies that provide a tax-free lump sum to cover any inheritance tax liabilities that your beneficiaries may have when you die. A standard premium...
