Finding the Best Auto Insurance Discounts
It seems more and more these days that everyone is struggling to make ends meet. These are hard times for everyone and when we can get a discount somewhere that just seems to make our day. Well then you should have a pretty good day today because you can get several discounts when you purchase auto insurance. Even if you already have insurance you can ask your agent about auto insurance discounts.
If you are looking for new auto insurance you can try doing an online search for insurance companies with great rates. Before deciding on a company you should have several of them give you quotes. Insurance companies charge different prices for the same coverage so you need a quote to let you know who is the cheapest company.
Once you have your quotes you may want to do another Internet search of the companies you are considering. This will give you a better idea if they are honest and reliable or not. There are many companies out there that are not very trustworthy and you do not want to end up with them as your insurance company.
Some insurance companies have customer reviews on their websites. Try finding and reading these to get a better idea about the company. Once you found a company you feel comfortable with it is time to purchase your insurance. The important thing to remember is that all states require at least a minimum of liability coverage. Be sure to check with your state to find out what the minimum mandatory insurance coverage is.
You will want to talk to your insurance agent about discounts. Ask your agent about good driver discounts. If you have not had a ticket or a wreck in the last few years you may be illegible for this discount. There are also discounts for having multiple vehicles insured. If you have multiple vehicles and they are not insured by the same company you may want to consider putting them all on the same policy so that you can get a discount.
If you have a teenager on your insurance then you probably know how expensive it can be. If the teenager has good grades you could ask the insurance agent about the good student discount. There is also a discount for students that have taken a drivers education class.
If your teenager has not take a drivers education class it is very important that they do. Not only will you get a discount but it will also teach your teen to be a safer driver and that is worth much more than any discount. You can get discounts for many things, you will want to ask your insurance agent if you qualify for any of them.
What affects car insurance rates? Finding those auto insurance discounts to help you pay less is a start. Get as many of them as possible to be applied to your policy!
Article Source: http://EzineArticles.com/?expert=Felix_Fassbinder
Monday, December 7, 2009
Thursday, December 3, 2009
Cheap Auto Insurance in California
Cheap Auto Insurance in California
There are a lot of available cheap auto insurance packages in California, especially now that more and more companies are competing against each other for a share in the market. But don't get your hopes up - companies that offer cheap insurance also have a lot of requirements. Find out if you have what it takes to land a good deal.
Clean driving record. Most insurance companies not only in California but all over the country only give cheap insurance to drivers with very clean records - no accidents, no speeding tickets, etc. Do not expect to get the lowest premium rates if you have a California DUI or SR-22 on your record. Expect to pay as much as double than drivers with unblemished driving histories.
Certified driver's training certificate. Auto insurance companies in California have no way of knowing if you really are a careful driver - and a certificate of driver's training or proof of attendance to a defensive driving course will show them that you are. Most companies are willing to offer you substantial discounts when you have undergone training.
Well-equipped vehicle. Few people realize it, but you can up your chances of landing cheap auto insurance in California if you installed safety devices in your car, such as an alarm system, active or passive disabling systems, etc. Air bags can also be your ticket to lower premiums. Many insurance companies in California give huge discounts to drivers with side air bags, dual air bags, etc. You can also expect lower rates if your car has anti-lock brakes.
Good grades. Are you a student with an average of 3.0 or higher? Then you will probably find it easy to get cheap California auto insurance. Many companies bank on the fact that students with high grades tend to incur less road accidents.
Cheap Auto Insurance provides detailed information on Cheap Auto Insurance, Cheap Auto Insurance For New Drivers, Cheap Auto Insurance Online, Cheap Auto Insurance Quotes and more. Cheap Auto Insurance is affiliated with Affordable Insurance Info [http://www.i-affordableinsurance.com].
Article Source: http://EzineArticles.com/?expert=Jennifer_Bailey
There are a lot of available cheap auto insurance packages in California, especially now that more and more companies are competing against each other for a share in the market. But don't get your hopes up - companies that offer cheap insurance also have a lot of requirements. Find out if you have what it takes to land a good deal.
Clean driving record. Most insurance companies not only in California but all over the country only give cheap insurance to drivers with very clean records - no accidents, no speeding tickets, etc. Do not expect to get the lowest premium rates if you have a California DUI or SR-22 on your record. Expect to pay as much as double than drivers with unblemished driving histories.
Certified driver's training certificate. Auto insurance companies in California have no way of knowing if you really are a careful driver - and a certificate of driver's training or proof of attendance to a defensive driving course will show them that you are. Most companies are willing to offer you substantial discounts when you have undergone training.
Well-equipped vehicle. Few people realize it, but you can up your chances of landing cheap auto insurance in California if you installed safety devices in your car, such as an alarm system, active or passive disabling systems, etc. Air bags can also be your ticket to lower premiums. Many insurance companies in California give huge discounts to drivers with side air bags, dual air bags, etc. You can also expect lower rates if your car has anti-lock brakes.
Good grades. Are you a student with an average of 3.0 or higher? Then you will probably find it easy to get cheap California auto insurance. Many companies bank on the fact that students with high grades tend to incur less road accidents.
Cheap Auto Insurance provides detailed information on Cheap Auto Insurance, Cheap Auto Insurance For New Drivers, Cheap Auto Insurance Online, Cheap Auto Insurance Quotes and more. Cheap Auto Insurance is affiliated with Affordable Insurance Info [http://www.i-affordableinsurance.com].
Article Source: http://EzineArticles.com/?expert=Jennifer_Bailey
Get Cheap Car Insurance in Austin, Texas
Get Cheap Car Insurance in Austin, Texas
Drivers in Austin, Texas have a fantastic resource at their fingertips. Every driver has to face the process of purchasing car insurance at some point. Trying to find a company that not only offers cheap car insurance in Austin, Texas but is also reputable can seem difficult. The Texas Department of Insurance makes available information on every car insurance company that is licensed in the state. This gives the consumer a whole host of useful information that will aid them when it comes to picking which company they ultimately want to deal with.
Knowledge really is the key when it comes to purchasing cheap car insurance in Austin, Texas. Although many insurance companies are competing to get the business of each and every driver on the road in the Lone Star State, not every company can offer the same coverage at a reasonable price. The best way to find the right insurance company for you is to contact a few companies that seem reputable and ask for a quote.
When anyone calls for a quote in search of cheap car insurance they need to be prepared to supply certain specifics. One is their age, as well as the type of vehicle they are driving. In addition, some insurance companies will ask for the individual’s own thoughts on their driving record. Not being honest in regards to this will only cause the quote to be way off balance. After all, a quote is simply that, an estimate about future costs. Any driving record problems will show up before the policy is underwritten anyway, so it’s best to be upfront.
Also mention anything that you feel will be beneficial to securing a cheaper car insurance rate. If you have never been in an accident, tell the agent that. Also, if you tend to take public transportation to and from work to save money and the environment, a prospective agent will need to know because it could lower your expected premiums. Although you may have to negotiate a bit to find cheap car insurance in Austin, Texas, it certainly can be done.
Recommended sites for low rate insurance
Free Car Insurance Quotes in Austin, Texas
Combined Home and Auto Insurance Quotes
Article Source: http://EzineArticles.com/?expert=Deborah_Mills
Drivers in Austin, Texas have a fantastic resource at their fingertips. Every driver has to face the process of purchasing car insurance at some point. Trying to find a company that not only offers cheap car insurance in Austin, Texas but is also reputable can seem difficult. The Texas Department of Insurance makes available information on every car insurance company that is licensed in the state. This gives the consumer a whole host of useful information that will aid them when it comes to picking which company they ultimately want to deal with.
Knowledge really is the key when it comes to purchasing cheap car insurance in Austin, Texas. Although many insurance companies are competing to get the business of each and every driver on the road in the Lone Star State, not every company can offer the same coverage at a reasonable price. The best way to find the right insurance company for you is to contact a few companies that seem reputable and ask for a quote.
When anyone calls for a quote in search of cheap car insurance they need to be prepared to supply certain specifics. One is their age, as well as the type of vehicle they are driving. In addition, some insurance companies will ask for the individual’s own thoughts on their driving record. Not being honest in regards to this will only cause the quote to be way off balance. After all, a quote is simply that, an estimate about future costs. Any driving record problems will show up before the policy is underwritten anyway, so it’s best to be upfront.
Also mention anything that you feel will be beneficial to securing a cheaper car insurance rate. If you have never been in an accident, tell the agent that. Also, if you tend to take public transportation to and from work to save money and the environment, a prospective agent will need to know because it could lower your expected premiums. Although you may have to negotiate a bit to find cheap car insurance in Austin, Texas, it certainly can be done.
Recommended sites for low rate insurance
Free Car Insurance Quotes in Austin, Texas
Combined Home and Auto Insurance Quotes
Article Source: http://EzineArticles.com/?expert=Deborah_Mills
Saturday, November 28, 2009
Three Top Life Insurance Companies
Three Top Life Insurance Companies
Searching for the right kind of life insurance policy from a great Insurance Company can never be easier than today with the invention of the Internet Search. More and more people in the society today have come to realize that getting a policy from a renowned Insurance company is important and essential. Here are some of the Top life insurance companies to share with you,
1. ING Limited is one of the world's leading fund managers, life insurers, and superannuation providers.
-A wide range of products and services are offered which are facilitated by a vast network of financial advisors and institutions.
- ING is one of the 20 largest financial Institutions in the world with clients spread across the world in Europe, USA, Latin America, Asia, Australia and Canada.
- World Wide ING has grasped a net profit of EUR 9 Million in 2007, which is an increase of 60% of net profit from 2003.
- As one of UNICEF'S biggest international corporate partners, ING contributes to the development of the educational programs in developing countries supported by the Millennium Development Goal of the United Nation.
-As the world's largest real estate business, ING Real Estate's play a lead role in sustainability by anticipation of greater demand for sustainable real estate projects by its clients (which include governments, municipalities, tenants and investors)
2. ZURICH Financial services Limited is a member of the Swiss based worldwide Zurich Financial Services Group.
- It offers general Insurance solutions to commercial customers, and at the same time, it also provides life risk and Investment solutions to corporate and personal customers.
- It is an insurance based financial services provider with a global network.
- Zurich offers choice and flexibility through a strong suite of business and personal life risk management solutions. Personal risk solutions include life, trauma and disability insurance.
-This company also offers numerous investment solutions and funds management solutions to suit different clients' needs.
- It is the only insurer to be ranked with 5 star excellent rating over four consecutive years.
3. AIA (American insurance Association) Group is the leading pan-Asian Life insurance organization which provides consumers and businesses with products and services for life insurance, retirement planning, health and accident insurance as well as wealth management solutions.
- AIA is the leading property-casualty insurance trade organization, representing some 350 insurers writing on for $ 120 billion in premium each year.
- AIA serves over 20 millions of customers in the region with the help of its extensive network of 250,000 agents and 20,000 stuffs across 14 geographical markets.
- Provide innovative and flexible approach of live insurance by combining different types of life cover within a single policy, tailoring different individual needs.
- Provide quality customer service by having solid partnerships with clients and customers.
- AIA strength lies in their ability to lead by forging constructive solutions to industry issues. AIA listens to the ideas and opinions of their customers, companies, regulators, and business leaders to remain sound in this insurance industry by melding the best of what are needed.
For more information about life insurance information and top life insurance companies, visit LifeInsuranceEssentials.com
Article Source: http://EzineArticles.com/?expert=Jaden_Jones
Searching for the right kind of life insurance policy from a great Insurance Company can never be easier than today with the invention of the Internet Search. More and more people in the society today have come to realize that getting a policy from a renowned Insurance company is important and essential. Here are some of the Top life insurance companies to share with you,
1. ING Limited is one of the world's leading fund managers, life insurers, and superannuation providers.
-A wide range of products and services are offered which are facilitated by a vast network of financial advisors and institutions.
- ING is one of the 20 largest financial Institutions in the world with clients spread across the world in Europe, USA, Latin America, Asia, Australia and Canada.
- World Wide ING has grasped a net profit of EUR 9 Million in 2007, which is an increase of 60% of net profit from 2003.
- As one of UNICEF'S biggest international corporate partners, ING contributes to the development of the educational programs in developing countries supported by the Millennium Development Goal of the United Nation.
-As the world's largest real estate business, ING Real Estate's play a lead role in sustainability by anticipation of greater demand for sustainable real estate projects by its clients (which include governments, municipalities, tenants and investors)
2. ZURICH Financial services Limited is a member of the Swiss based worldwide Zurich Financial Services Group.
- It offers general Insurance solutions to commercial customers, and at the same time, it also provides life risk and Investment solutions to corporate and personal customers.
- It is an insurance based financial services provider with a global network.
- Zurich offers choice and flexibility through a strong suite of business and personal life risk management solutions. Personal risk solutions include life, trauma and disability insurance.
-This company also offers numerous investment solutions and funds management solutions to suit different clients' needs.
- It is the only insurer to be ranked with 5 star excellent rating over four consecutive years.
3. AIA (American insurance Association) Group is the leading pan-Asian Life insurance organization which provides consumers and businesses with products and services for life insurance, retirement planning, health and accident insurance as well as wealth management solutions.
- AIA is the leading property-casualty insurance trade organization, representing some 350 insurers writing on for $ 120 billion in premium each year.
- AIA serves over 20 millions of customers in the region with the help of its extensive network of 250,000 agents and 20,000 stuffs across 14 geographical markets.
- Provide innovative and flexible approach of live insurance by combining different types of life cover within a single policy, tailoring different individual needs.
- Provide quality customer service by having solid partnerships with clients and customers.
- AIA strength lies in their ability to lead by forging constructive solutions to industry issues. AIA listens to the ideas and opinions of their customers, companies, regulators, and business leaders to remain sound in this insurance industry by melding the best of what are needed.
For more information about life insurance information and top life insurance companies, visit LifeInsuranceEssentials.com
Article Source: http://EzineArticles.com/?expert=Jaden_Jones
Wednesday, November 25, 2009
Top 10 Things You Must Know About Life Insurance
Top 10 Things You Must Know About Life Insurance
The more you know about how your life insurance works, the easier it is for you to seek for the right insurance plan. The more research you have made on life insurance policies, the better for you to avoid any possible pitfalls when it comes to insurance purchase.
Here is a list of 10 key things on life insurance which everyone should be aware of,
1. Shopping around save money
It definitely pays to shop around because premiums vary widely across one Insurance company to another. Getting yourself equipped with the necessary insurance policy information will facilitate your searching for the best optimum Insurance plan.
2. Just get what is needed
Make sure you are not under insured because you are unlikely to get the needed benefits if you are under-insured. Also ensure that you do not over-spend on life insurance because buying more than what you need is a waste of money, just get what you believe is sufficient.
3. What happen in the event of delinquent payments?
You are normally given a grace period of 30 days to make payment on your premium. However if you have not paid within the grace period, your policy will lapse. In the case of permanent insurance policy, if you are late on your payment, your cash value amount will be deducted accordingly by your number of delinquent days.
4. What is the best age to get your Insurance?
The younger you are, the lower your life insurance premiums will be. The reason is because your risk of dying is lower when you are younger.
5. The healthier you are, the better the rates
Healthy people tend to get the best deals when it comes to life insurance.They will be able to get a better rates as compared to those with health problems, e.g, smoking, being overweight or with heart disease.
6. Is the result of my medical exam crucial?
The status of your medical exam results will determine what kind of Insurance rates you will be offered by the insurance company. Your height, weight, health, life-styles are all taken into consideration.
7. Will having more than one policy cancel the other one out?
Not at all. If you have a credit life insurance policy and a whole-life insurance policy, and you paid all the necessary premiums, both policies will pay out according to the initial terms of the policy. The credit life policy will pay off your credit card balance and the death benefits will be paid out on your whole life policy.
8. Can I buy a life insurance policy on someone else?
Yes, if you have insurable interest for that person, normally for a close relative or friend, you can buy insurance for them. However, the official stipulation here is that that person must know about it.
9. Review your coverage regularly
Changes in your life signals the need for a review of your overall financial plan. Always ensure that your coverage is intact with the changes you have gone through such as marriage, birth of a child, impending retirement, retrenchment, promotion have effect on the insurance coverage that you may need.
10. Compare the ratings granted on your finalized list of Insurance companies.
These ratings are provided by several rating agencies such as S&P and Moody's. Choose a company with higher rating which has more renowned reputation and consider for their better services and fast claim processing.
For more information about life insurance rates and life insurance companies, visit LifeInsuranceEssentials.com.
Article Source: http://EzineArticles.com/?expert=J.J._Yong
The more you know about how your life insurance works, the easier it is for you to seek for the right insurance plan. The more research you have made on life insurance policies, the better for you to avoid any possible pitfalls when it comes to insurance purchase.
Here is a list of 10 key things on life insurance which everyone should be aware of,
1. Shopping around save money
It definitely pays to shop around because premiums vary widely across one Insurance company to another. Getting yourself equipped with the necessary insurance policy information will facilitate your searching for the best optimum Insurance plan.
2. Just get what is needed
Make sure you are not under insured because you are unlikely to get the needed benefits if you are under-insured. Also ensure that you do not over-spend on life insurance because buying more than what you need is a waste of money, just get what you believe is sufficient.
3. What happen in the event of delinquent payments?
You are normally given a grace period of 30 days to make payment on your premium. However if you have not paid within the grace period, your policy will lapse. In the case of permanent insurance policy, if you are late on your payment, your cash value amount will be deducted accordingly by your number of delinquent days.
4. What is the best age to get your Insurance?
The younger you are, the lower your life insurance premiums will be. The reason is because your risk of dying is lower when you are younger.
5. The healthier you are, the better the rates
Healthy people tend to get the best deals when it comes to life insurance.They will be able to get a better rates as compared to those with health problems, e.g, smoking, being overweight or with heart disease.
6. Is the result of my medical exam crucial?
The status of your medical exam results will determine what kind of Insurance rates you will be offered by the insurance company. Your height, weight, health, life-styles are all taken into consideration.
7. Will having more than one policy cancel the other one out?
Not at all. If you have a credit life insurance policy and a whole-life insurance policy, and you paid all the necessary premiums, both policies will pay out according to the initial terms of the policy. The credit life policy will pay off your credit card balance and the death benefits will be paid out on your whole life policy.
8. Can I buy a life insurance policy on someone else?
Yes, if you have insurable interest for that person, normally for a close relative or friend, you can buy insurance for them. However, the official stipulation here is that that person must know about it.
9. Review your coverage regularly
Changes in your life signals the need for a review of your overall financial plan. Always ensure that your coverage is intact with the changes you have gone through such as marriage, birth of a child, impending retirement, retrenchment, promotion have effect on the insurance coverage that you may need.
10. Compare the ratings granted on your finalized list of Insurance companies.
These ratings are provided by several rating agencies such as S&P and Moody's. Choose a company with higher rating which has more renowned reputation and consider for their better services and fast claim processing.
For more information about life insurance rates and life insurance companies, visit LifeInsuranceEssentials.com.
Article Source: http://EzineArticles.com/?expert=J.J._Yong
Thursday, November 19, 2009
Compare Insurance Quotes Online - How to Get Free Fast Quotes Online to Find the Best Deal By Erik Stump Platinum Quality Author
Compare Insurance Quotes Online - How to Get Free Fast Quotes Online to Find the Best Deal
By Erik Stump Platinum Quality Author
Insurance companies are commercial ventures that operate on profit motive. Just as other businesses offer better deals to their customers when the going is good, insurance companies too offer high coverage at lower premiums when they are earning high profits. Insurance fraud increases the outflow of insurance companies. This in turn reduces their profit which in turn leads to an increase in premium. This is one factor that is beyond your control. You may not have participated in any insurance fraud yourself but you will still have to suffer its consequences- increase in premium due to lower profits of insurance companies.
In such a scenario, switching insurance companies can be very profitable. However, you will have to make sure that you deal with a company that is not charging high premiums. Quality of service and nature of coverage differs from one insurance company to another. In such a scenario, you should be in a position to compare the various deals offered by different insurers and choose the cheapest one. Only then can you be certain that you have got the best deal.
Online multiple quote comparison websites fulfills all these objectives along with certain additional benefits. These web sites help you find quotes very quickly. The process of submission of information and obtaining the quotes can be completed in a span of a few minutes, provided you have the required information in your hands. In any case, the actual time taken by the website to provide the estimates is very less.
The quotes are offered for free without any restrictions, obligations or complications. You provide information required by the website and you get the quotes almost immediately. You need not submit your credit card number or provide any private confidential information. You are not obligated to get insurance any particular insurer as well.
The estimates are available with no strings attached and this really means with no strings attached. You can make use various other blogs and journals on the web to verify the quotes obtained. You can even contact your insurance agent. Once all this is done, you just have to choose the best possible deal.
It is important to compare insurance quotes before getting signed up with an insurance policy. When you compare insurance quotes you can rest assured you are saving both time and money because you are guaranteed to get the lowest insurance quote.
A good site to compare insurance quotes online can be found here:
Cheap Insurance Quotes
Article Source: http://EzineArticles.com/?expert=Erik_Stump
By Erik Stump Platinum Quality Author
Insurance companies are commercial ventures that operate on profit motive. Just as other businesses offer better deals to their customers when the going is good, insurance companies too offer high coverage at lower premiums when they are earning high profits. Insurance fraud increases the outflow of insurance companies. This in turn reduces their profit which in turn leads to an increase in premium. This is one factor that is beyond your control. You may not have participated in any insurance fraud yourself but you will still have to suffer its consequences- increase in premium due to lower profits of insurance companies.
In such a scenario, switching insurance companies can be very profitable. However, you will have to make sure that you deal with a company that is not charging high premiums. Quality of service and nature of coverage differs from one insurance company to another. In such a scenario, you should be in a position to compare the various deals offered by different insurers and choose the cheapest one. Only then can you be certain that you have got the best deal.
Online multiple quote comparison websites fulfills all these objectives along with certain additional benefits. These web sites help you find quotes very quickly. The process of submission of information and obtaining the quotes can be completed in a span of a few minutes, provided you have the required information in your hands. In any case, the actual time taken by the website to provide the estimates is very less.
The quotes are offered for free without any restrictions, obligations or complications. You provide information required by the website and you get the quotes almost immediately. You need not submit your credit card number or provide any private confidential information. You are not obligated to get insurance any particular insurer as well.
The estimates are available with no strings attached and this really means with no strings attached. You can make use various other blogs and journals on the web to verify the quotes obtained. You can even contact your insurance agent. Once all this is done, you just have to choose the best possible deal.
It is important to compare insurance quotes before getting signed up with an insurance policy. When you compare insurance quotes you can rest assured you are saving both time and money because you are guaranteed to get the lowest insurance quote.
A good site to compare insurance quotes online can be found here:
Cheap Insurance Quotes
Article Source: http://EzineArticles.com/?expert=Erik_Stump
Life Assurance, Critical Illness Cover Etc - Are You Paying For Policies You Don't Need? By Ray Prince Platinum Quality Author
Life Assurance, Critical Illness Cover Etc - Are You Paying For Policies You Don't Need?
By Ray Prince Platinum Quality Author
One of the common issues we find when we review a new client's situation is that over the years they have been sold (or have purchased) many life, critical illness and income protection policies.
Now, it's important of course to state that such cover for, say, a couple with a family and a mortgage, is absolutely vital. It is perhaps better to have 'a little too much' cover rather than a shortfall that would cause them serious problems if the worst was to happen.
However, it's also fair to say that it's likely that you would not be happy paying well over the odds for protection year after year if it turns out that you did not need it.
In many cases this turns out to be the case, particularly for clients age 45/50 plus. This is because in almost every example we can think of, several things happen that mean the protection held is questionable.
The top few would be:
* the policy itself is not 'best value'
* the client was overinsured from the start
* matters have not been reviewed for many years
* NHS benefits have not been built in to the shortfall calculation
I think the first three are self evident, but let's look at the fourth issue here. Perhaps it might be sensible to look at a couple of doctor Consultant examples. In both cases we presume that they are married with 2 children, and have a mortgage.
We look at life cover and income protection only here, and the figures we use are for illustrative purposes only.
Terminology
Term Assurance (TA) - lump sum life cover over a certain number of years.
Family Income Benefit (FIB) - monthly income life cover over a certain number of years.
Permanent Health Cover (PHI) - monthly, tax free, income replacement usually to age 60.
In the examples below, you will see that the NHS provides these benefits automatically, depending on superannuable salary and length of service. If you have purchased added years then these will boost cover even further.
David aged 40
He has 16 years in the NHS with a current salary of £100k pa. The children are aged 8 and 10, and are likely to go to university. Debt is at its peak, and takes a large slice of the monthly budget.
David has been sold several life policies, and a PHI plan, costing £100 per month in total. When asked, David cannot remember being advised as to the NHS benefits he has already.
So what sort of NHS cover would David have? We only use here the expected minimum he would receive from the NHS if he was approved as long term incapacitated or indeed dies. This means using Tier 1 benefits for the calculation.
Lump Sum on death - £200,000
Income paid on death - £20,000 pa
Income paid for life on incapacity - £20,000 pa
These are fairly large sums of money, and once we understand what level of cover David really needs, sometimes savings can be made.
Tom aged 50
Tom has 26 years service in the NHS, with a current salary of £110,000 pa, as he has some discretionary points. The children aged 20 and 22 are close to leaving university, and the mortgage is a lot less now. His overall protection needs have not been reviewed for 5 years, and he is paying £140 pm for his protection policies.
Tom's NHS benefits are:
Lump Sum on death - £220,000
Income paid on death - £35,750 pa
Income paid for life on incapacity - £35,750 pa
As you can see, these benefits are higher, but the most crucial issue here is that Tom's protection needs are REDUCING. Yet as these policies were purchased many years ago, it is easy to miss that they become irrelevant to his requirements.
Results for GMPs OR GDPs are likely to be similar.
Of course, some policies may well have been designed to finish at this time, but some go on for many years. It is in this type of scenario where large savings can usually be made.
Whether you use a traditional financial adviser or a fee based planner (or you do it yourself) you need to do a shortfall calculation and include all existing cover, including NHS benefits.
Other tips are:
* taking out life cover EACH rather than jointly does not cost much more, and 'doubles' your cover as a couple (it also means that the survivor would have their own cover in place)
* if you are buying critical illness AND life cover, then make sure you compare plans that combine both as they can be very cost effective
* ensure any life cover is written in trust to help with Inheritance Tax Planning
* if you have Wills, review them. If you do not have Wills then take action now
* it makes sense to take out Lasting Powers of Attorney
Remember, every £1 saved on policies you don't need, can be spent on what you really do need.
The Financial Tips Bottom Line
It is vital that you know:
* What you and your family will need if disaster strikes
* what you currently have including NHS benefits. If you are unsure what your NHS benefits are, then write to them quoting your N.I. number and date of birth.
NHS Business Authority, Hesketh House, 200-220 Broadway, Fleetwood, Lancashire. FY7 8LG. Telephone 01253 774774.
ACTION POINT
If you have not reviewed your protection needs for a while, and/or feel that your NHS benefits have not been built in to your planning and you therefore might be paying too much, then email us at mailto:docden@rwpfg.uk, or call 0191 2173340.
By taking action now and you could save sizable sums of money!
Ray Prince is an Independent Financial Planner with Rutherford Wilkinson ltd, and helps UK Resident Doctors and Dentists get the best deals on mortgages, protection and investments, as well as helping them achieve their financial objectives. Just visit http://www.medicaldentalfs.com to get your free retirement planning guide.
Rutherford Wilkinson ltd is authorised and regulated by the Financial Services Authority.
Article Source: http://EzineArticles.com/?expert=Ray_Prince
By Ray Prince Platinum Quality Author
One of the common issues we find when we review a new client's situation is that over the years they have been sold (or have purchased) many life, critical illness and income protection policies.
Now, it's important of course to state that such cover for, say, a couple with a family and a mortgage, is absolutely vital. It is perhaps better to have 'a little too much' cover rather than a shortfall that would cause them serious problems if the worst was to happen.
However, it's also fair to say that it's likely that you would not be happy paying well over the odds for protection year after year if it turns out that you did not need it.
In many cases this turns out to be the case, particularly for clients age 45/50 plus. This is because in almost every example we can think of, several things happen that mean the protection held is questionable.
The top few would be:
* the policy itself is not 'best value'
* the client was overinsured from the start
* matters have not been reviewed for many years
* NHS benefits have not been built in to the shortfall calculation
I think the first three are self evident, but let's look at the fourth issue here. Perhaps it might be sensible to look at a couple of doctor Consultant examples. In both cases we presume that they are married with 2 children, and have a mortgage.
We look at life cover and income protection only here, and the figures we use are for illustrative purposes only.
Terminology
Term Assurance (TA) - lump sum life cover over a certain number of years.
Family Income Benefit (FIB) - monthly income life cover over a certain number of years.
Permanent Health Cover (PHI) - monthly, tax free, income replacement usually to age 60.
In the examples below, you will see that the NHS provides these benefits automatically, depending on superannuable salary and length of service. If you have purchased added years then these will boost cover even further.
David aged 40
He has 16 years in the NHS with a current salary of £100k pa. The children are aged 8 and 10, and are likely to go to university. Debt is at its peak, and takes a large slice of the monthly budget.
David has been sold several life policies, and a PHI plan, costing £100 per month in total. When asked, David cannot remember being advised as to the NHS benefits he has already.
So what sort of NHS cover would David have? We only use here the expected minimum he would receive from the NHS if he was approved as long term incapacitated or indeed dies. This means using Tier 1 benefits for the calculation.
Lump Sum on death - £200,000
Income paid on death - £20,000 pa
Income paid for life on incapacity - £20,000 pa
These are fairly large sums of money, and once we understand what level of cover David really needs, sometimes savings can be made.
Tom aged 50
Tom has 26 years service in the NHS, with a current salary of £110,000 pa, as he has some discretionary points. The children aged 20 and 22 are close to leaving university, and the mortgage is a lot less now. His overall protection needs have not been reviewed for 5 years, and he is paying £140 pm for his protection policies.
Tom's NHS benefits are:
Lump Sum on death - £220,000
Income paid on death - £35,750 pa
Income paid for life on incapacity - £35,750 pa
As you can see, these benefits are higher, but the most crucial issue here is that Tom's protection needs are REDUCING. Yet as these policies were purchased many years ago, it is easy to miss that they become irrelevant to his requirements.
Results for GMPs OR GDPs are likely to be similar.
Of course, some policies may well have been designed to finish at this time, but some go on for many years. It is in this type of scenario where large savings can usually be made.
Whether you use a traditional financial adviser or a fee based planner (or you do it yourself) you need to do a shortfall calculation and include all existing cover, including NHS benefits.
Other tips are:
* taking out life cover EACH rather than jointly does not cost much more, and 'doubles' your cover as a couple (it also means that the survivor would have their own cover in place)
* if you are buying critical illness AND life cover, then make sure you compare plans that combine both as they can be very cost effective
* ensure any life cover is written in trust to help with Inheritance Tax Planning
* if you have Wills, review them. If you do not have Wills then take action now
* it makes sense to take out Lasting Powers of Attorney
Remember, every £1 saved on policies you don't need, can be spent on what you really do need.
The Financial Tips Bottom Line
It is vital that you know:
* What you and your family will need if disaster strikes
* what you currently have including NHS benefits. If you are unsure what your NHS benefits are, then write to them quoting your N.I. number and date of birth.
NHS Business Authority, Hesketh House, 200-220 Broadway, Fleetwood, Lancashire. FY7 8LG. Telephone 01253 774774.
ACTION POINT
If you have not reviewed your protection needs for a while, and/or feel that your NHS benefits have not been built in to your planning and you therefore might be paying too much, then email us at mailto:docden@rwpfg.uk, or call 0191 2173340.
By taking action now and you could save sizable sums of money!
Ray Prince is an Independent Financial Planner with Rutherford Wilkinson ltd, and helps UK Resident Doctors and Dentists get the best deals on mortgages, protection and investments, as well as helping them achieve their financial objectives. Just visit http://www.medicaldentalfs.com to get your free retirement planning guide.
Rutherford Wilkinson ltd is authorised and regulated by the Financial Services Authority.
Article Source: http://EzineArticles.com/?expert=Ray_Prince
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