life insurance

Life insurance is a necessity for one and all but two third of Britons are surviving without a life insurance policy. Most of them are having health concerns but they are still not choosing to invest in a whole of life insurance policy. According to a report by Lifesearch, UK’s leading life insurance provider, 57% of the adult population is without life insurance while 11% are not even aware about it. The surprising fact is that having a life insurance policy helps one to pay mortgage and records suggested that 63% of Britons have owner occupied homes in 2015-16. We find a very small percentage investing in life insurance even when 29% of people agree that poor health is their biggest cause of worry. 24% of the survey takers admitted to worrying about the health and death of their family members. If figures are to be believed then 27% of […]

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One of the most confusing terms in the insurance arena is life insurance and life assurance. Well, it is better to know the difference so that one knows which policy to choose. Let us understand the characteristic difference between the two and how it is helpful for you. What is life Insurance? – Definition and details It is defined as an insurance that releases a payout in the event of the death of a policyholder. It is designed for a fixed time period which is usually between 10 and 25 years. It is taken for financial management of your family and to support the dependants with child care or mortgage costs. Many people take it to manage the finances while their children are young and plan the end date in such a way that it coincides with the time when their family becomes financially independent. The most startling fact about […]

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Quite simply, life insurance is an agreement between you and the insurer whereby the insurer will be pay out a cash sum should you pass away during the term of the policy. Life insurance, also known as life assurance or term assurance, aims to help protect your family financially in the event of your death. The lump sum can be used at their discretion for payments such as mortgage, child-care costs, household bills and even university fees. Types of Life Insurance There are various types of life insurance Categories, such as, Mortgage Term Assurance- designed specially to pay off the mortgage amount Level Term Assurance – designed to help protect the family from financially turmoil. Critical Illness cover- More of a life insurance add- on, Critical illness cover pays out if you are diagnosed with a specified critical illness during the term of the policy. The types of life insurance, […]

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Get the answers to FAQs on income protection policies, then compare quotes to find the right deal for you. What does insurance for income protection mean? If you found you were unable to work due to injury or illness you can be covered by Income Protection Insurance (IPI). This would give you monthly pay to compensate you for loss of earnings. You can find out more about this in our beginner’s guide to income protection insurance. Is it necessary to take out income protection insurance? In the event you were unable to work, this type of cover protects you with a payout to help you cover your bills and living expenses. In what type of situation would I be protected? The three main instances that might affect you and for which you would need cover to meet your financial commitments are: Accident, sickness and unemployment cover (ASU) Unemployment only Accident […]

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Britons in their millions are putting their dependents in potential financial troubles due to an inability of keeping their life insurance policies up to date at different points of life. It is approximated that greater than five million people are toying with the prospects of their partners. Three out of every five with life insurance have conceded they must to update their cover level resulting from a modification in their own situation. Events such as marriage, children, buying a house or one with a larger mortgage, all life altering, could all significantly affect monetary commitments. Despite this, millions are failing to account for these changes and hence not reassessing their life insurance cover. The greatest personal circumstance change is usually a change in work for those who have bought life insurance. After this it is having children, and then marriage. Consequently if you are seeing any important life changes in […]

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  Recent evidence has shown the financial difficulties faced by parents with regards to the upbringing of their children. Of those who carried out a Santander survey, 52% claimed the expenses of raising their offspring have risen significantly in the recent past. In addition, 41% stated it is borderline impossible to have the financial resources to raise a child in the modern day. These depressing statistics are further compounded by 5% claiming they would not have had a child if they knew the costs associated. The research has shown that an average family expends £537 per month raising their offspring, with the most expensive spending cited as food and child care. These statistics emphasise how vital it is to ensure financial securities are in place in case a parent becomes critically ill or the less likely, death. A significant proportion of parents, 26%, stated they had no kind of critical […]

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When a loved one passes away-this can be a difficult time for friends and family, however the matter is aggravated when left with a financial mess. This is an additional stress to many UK families, with about a third of relatives having a hard time locating assets of loved ones who have recently passed away. Lost assets A national survey showed that 31% of people who lost a loved one in the last decade had problems in locating assets of the departed. On many occasions the assets were important, with those surveyed believing they were missing about £9,700 on average. Also another 12% felt they were missing £20,000 or greater. Seeing as these are huge amounts of money they should, technically, be easy to find, but is often the opposite. Around 39% surveyed, who had lost a relative in the past 10 year spent, on average, £2,250 for solicitors and […]

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