Joint Life First Death Life Insurance Or 2 Single Life Plans?

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This information has been written for the benefit of couples who are looking to purchase life insurance. It shows you the benefits of taking out two single life plans instead of a joint life first death policy.

Once you have decided that you need life insurance, the majority of people are not aware that in some cases it can be more beneficial for you to take out two single life plans rather than the joint life first death plan.

To get to grips with why one solution is better than the other you first have to understand what these solutions are and what they actually mean to you in your financial situation. It has to be said that when a lot of couples are faced with the need for life insurance the instinct is do arrange the cover on a joint life first death basis. This type of plan is simple it insures you for the sum assured and when the first of you dies it will pay out and then cease to exist.

The only other way to arrange cover for a couple and the main basis for this article is to arrange two plans one for each of you on a single life basis. This then results in, when one person dies the plan which is their pays out the sum assured. That said the surviving person still has their own life insurance running, because their plan is completely unaffected by the passing of their partner and their respective plan paying out.

It is quite common that when couples take out plans to insure themselves that should one of them die the other is in a position of having no life cover at all. This commonly leaves them needing to arrange life insurance as they may still have a need to insure their lives for one reason or another. If this event is sometime after taking out the original plan they will probably find that the cost of cover is considerably higher at this point due to many reason not least the fact that the life assured is that much older and more expensive to insure.

Two single life insurance plans can also be of benefit over a joint life first death in the event that the relationship breaks down. It should be noted on this point that 4 in ten marriages do end in divorce and furthermore a higher figure than that of ordinary relationships do end in permanent separation. You do need to be aware that when this sort of thing happens assets and belongings need to be divided and split equally accordingly. Most if not all life insurance plans do not separate at all and as such need canceling and rewriting which can be an issue again if you are older and have had health issues. Two single life plans on the other hand do not need separating as they are by definition already two independent plans so can be taken away by their respective owners.

A lot of people assume that taking out two plans rather one joint is a lot more expensive and therefore unaffordable. This is far from the truth arranging two separate plans over one joint one can invariably only cost about 10% more on the overall premium. When you factor in the increase benefits already stated above an extra 10% is a small price to pay.

Finally one of the best benefits offered by having two plans over the one joint life plan is the benefit of having two payouts over one. If you have a joint life plan, as has been mentioned earlier in this article, there will only ever be one payout as once the first life assured dies the plan ceases to exist. If you have two single life plans both plans are independent of each other and therefore subject to both life assureds dying within the term of the plans there will be two payouts. Couple this with the previously discussed fact of the two plans only costing about 10% more on premiums makes this of great financial benefit.

In conclusion couples that take out two single life plans instead of the joint life first death plan do not have to apply again for life insurance in the event of a claim for the death of the first life, they also have the added benefit of the plans paying out twice in the event of both lives assured dying and both plans are easy to carry on if you divorce or separate.

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Ten Things You Should Know About Life Assurance

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1. The primary motivation for purchasing life assurance is to insure that your loved ones are cared for in the event of your death.

2. Life assurance policies are calculated by underwriters who determine the amount of money needed to replace your income in the event of your death.

3. Life assurance is usually purchased to cover the cost of mortgage re-payments, and other bills, in the event of the death of the people responsible for paying the mortgage; special polices exist whereby the premium costs reduce as the outstanding mortgage amount reduces, these are known as Mortgage Life insurances.

4. insurance policies vary their premium rates for the maintenance of the policy, and the amount payable following death or termination of the contract (the sum assured), depending on certain characteristics of the policy holder(s)- including age, sex, health and occupation.

5. Three types of life assurance policy exist; Term Assurance is a contract which lasts for a fixed term and aims to provide financial protection against death; Whole Life is akin to making a financial investment, a premium is paid at specific intervals and is designed to provide the sum assured in the event of death or at a specified later date; Endowment Assurance is similar to whole life assurance, however, these polices mature, meaning that after a specified time the sum assured is payable whether or not the policy holder(s) have died. For both the latter types of assurance, there is an option to surrender the policy at anytime in order to receive a lump sum, the amount of which will be determined by the length and amount of the premiums thus paid.

6. Life assurance is very difficult and expensive to obtain after the age of 70; usually, the older you are the higher your premium rates will be.

7. Generally, individuals who smoke are offered very high premiums; this is because smoking is considered to be very high risk.

8. For a sum assured to be paid out to an individual in the event of death, the policy must be active at the time of the event.

9. Many assurance policies offer Terminal Illness cover, and will pay-out in the event of terminal illness, once a doctor has certified that death is expected to occur within 12 months.

10. The minimum term for a life assurance policy is normally a period of 2 years, although most policies last for between 20-25 years or more.

Life assurance should be considered as a necessary feature of your financial arrangements, they will provide you with the peace of mind that your family will be looked after in the event of your death.

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The Easy Way to Compare Life Assurance Policies With Discounted Premiums

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Do you recall when comparing life assurance policies used to take days and picking the right cover was a bit like playing the lottery? Thankfully, the life assurance industry has come a long way in the last ten years as a result of improved technology and the internet.

Even so, using the web to compare life assurance can tsill be a minefield if you don't do it in the correct way. For those looking to take out a policy, most will use one of the growing number of financial comparison services to search for a policy and a big criticism of them has been their over-reliance on price as the main consideration. Whilst this may be true, these sites are still a powerful tool as long as they are used in combination with some simple basic principals.

A Few Essential Questions To Ask Before You Start Searching For Life Assurance

Whilst access to online comparison services has simplified the shopping process for life assurance, there's a risk that they could cause some consumers to rely too heavily on their quotation results without first understanding what is the most appropriate cover for their needs.

As many life assurance plans are purchased with a term of ten years or more, a common arguement against price comparison sites is that price is not the only factor that should be assessed and compared as part of the buying process. This highlights the importance of policy features such as flexibility to adapt to changing priorities and how it affects the type, amount and duration of cover required.

Whether your circumstances are simple or more complicated, these questions can prove hard to answer on your own and you may find it easier to take advice from an experienced adviser.

Shop, Shop and Shop Some More

With the popularity of financial comparison websites and increased use of the internet, buying life assurance has now been transformed into a simple ten minute task that you can complete in your lunch break.

This is where some users trip up and make the mistake of restricting their quotations to just one website rather than comparing as much of the market as possible by using at least two. Limiting your shopping to just one quote comparison site also limits the range of your quotes and you could miss out on special deals not available anywhere else. Rather, be sure to use two or three of the major comparison services and come up with a shortlist of the most suitable policies.

This is where most people's research ends, but we're going to take it one step further and compare our comparisons against some discounted quotations.

How to Save Even More With Discounted Life Assurance

Having created a shortlist of premiums and policies quoted by the main price comparison sites, we're now going to see how much less you can pay by using specialist sites that apply a discount to their quotes. Whilst many of these discount quote sites don't compare as many policies and providers as the big price comparison sites, they often include the leading insurers and many smaller ones.

Above all, the main difference is that should any of these providers appear on your shortlist you're likely to save a further 5%-20%. It's quite possible to see quotes for exactly the same policies and providers with premiums discounted below those offered by the leading price comparison sites.

To find these brokers, just log onto your favourite search engine and search for discount life insurance.

Remember to Compare the Cover Too

Whilst we're all keen to pay as little as possible for our life assurance, it's also prudent to factor some additional features into your comparisons to ensure the long term suitability of your policy. Neglecting the importance of the following points could leave you with a policy that cannot adapt as your needs change over the cover term.

Can the policy adapt to changing needs? - because many life policies are taken out with a term of at least ten years, the cover should be flexible enough to change with your needs and circumstances once the policy has started. This re-inforces the need for a thorough comparison of cover features as well as price to avoid policies that may not be able to be altered in later years leaving you with no other choice than to take out extra cover or replace the existing one altogether when you may be years older and premium rates higher. Take a bit more time now and you will be rewarded with a policy that continues to give you the protection and peace of mind you want.
Can you add any cover after commencement? - the number and type of policy options can vary widely from company to company so it's important to be aware of what's available together with any terms and conditions before you buy.
How good is the customer service? - at the time of writing, there aren't any comparison sites that include customer service ratings in their quote results. A simple way to check this yourself is to do a search for the insurance company name and the word 'reviews' or 'customer reviews'. There are lots of websites dedicated to publishing reviews of companies and products written by genuine customers

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Insurance Versus Assurance - What's the Difference?

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Anyone reading about insurance can be forgiven for thinking that the terms 'life insurance' and 'life assurance' are interchangeable, but are there any differences between the two terms and if not, why are there two different words for the same thing?

Put simply "insurance" is provided against an event that might happen whereas "assurance" applies to an event that will happen. So, insurance is a policy taken out against a risk, whereas assurance is one that is taken out against a definite event. The confusion about the seemingly interchangeable use of the two phrases occurs mainly because companies in North America refer to both assurance and insurance simply as insurance, and that habit has crossed the Atlantic.

For example, Whole of Life 'assurance' policies are taken out by people based on the fact that death is certain. They pay premiums to maintain the policy safe in the knowledge that their estate or dependents will receive an assured sum upon their death, whenever this happens. As it is certain (or assured) that the policy will have to pay out at some point, because it provides cover for the whole of someone's life, it is known as life assurance. However, a life 'insurance' policy will only pay out providing all premiums have been maintained and that death occurs within a specified number of years, known as the policy term. As it is quite possible that the insured will not die during the policy term, this is known as life insurance

Another example of 'insurance' as opposed to 'assurance' is critical illness cover. Because the insured is obtaining cover against the possibility of contracting and being diagnosed with a critical illness, it is classed as 'insurance'. Hopefully, when taking out such insurance it will not be required, but should such a situation arise then the insured will be paid a lump sum to help them provide for themselves and their family throughout their illness. Of course it is quite possible that the insured will not suffer a critical illness, and therefore this is known as insurance - something that might happen, as opposed to something that will.

There are many types of life insurance and life assurance policies available in the UK, and depending upon the term required and the age of the insured person some will be better to take out than others. Not everyone is in the same position nor requires the same type of cover and because life insurance and life assurance can be quite complicated anyone thinking of taking out a policy should consider seeking professional advice.

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Cheapest Term Life Insurance - Match the Repayment Terms of Your Mortgage

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Your current condition as you age plays a great role in your life insurance rates. In order to make a good assessment on your life insurance needs, Competitive Term Life insurance will aid in evaluating your needs.

Competitive Term Life insurance quote will provide the best deals there is in the market. In case like death of a partner, term life assurance will provide funds if you are short of assets.

If you canvass on the availability of life assurance that will best suit your needs, you need to determine the precise cost of income that you will lost when a spouse dies. Having this estimated, compute for the amount in order for you to know how much capital you will need to fill in that income. And how will you make it possible, through a preferred investment.

This way, you will be able to determine on the perceived loss of spouse and loss of income provided that you will need to survive when that time comes.

You will need to consider also the health of your parents, your previous financial commitments, and the needs that you have to meet for children still living under your roof.

It is best that you make financial assessment annually for your goals. You may need a lawyer before making a big financial decision to help you legally with process. this will keep your status on competitive life insurance updated and eventually will help assess your credibility to avail of insurance quotes in the future given your individual financial adjustments.

Term life insurance has gained credibility in the recent years when you talk about insurance quote credibility and affordability. This is the amount of money you are going to pay to make your term life insurance in effect. No matter the health condition, as long as you diligently pay your insurance policy, you will still have the policy coverage.

Term Life assurance policy is renewable within a certain time span. You have varied options of paying our premiums. It would matter with regards to the option as annually or monthly.

You can save on your premiums. You do this by selecting from the number of choices available. This will vary depending on the company protocols. For you to make a good choice, you should have a ready estimate on the amount of money that your family will need for immediate financial needs. Also, you need to determine how much income will be lost and how much will be needed to sustain your household. With a rough estimate, you will be able to assess what insurance premium will suit your individual needs to insure yourself.

In order to secure a better insurance quote, an alternate approach to your lifestyle will make a huge impact for you to avail the best offers that any company can provide. Your overall health condition will greatly influence your candidacy to purchase a term life insurance quote of your choice. Now, finding the best insurance quote has never been easy and practical. You just need to make choices on availing cost-effective quotes.

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Life Insurance - Do You Really Need It

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These days, it seems there are insurance policies available for just about everything: car insurance, home insurance, travel insurance, pet insurance, life insurance - the list appears to be endless. Some types of insurance, such as car insurance, are required by law if you intend to drive on the public highway, but for most people other forms of insurance are an optional extra.

However, it's important to note that arranging insurance policies for other lifestyle items can provide you with peace of mind should something unfortunate happen. For example, taking out home-contents insurance can help cover the cost of replacing your household goods, while pet insurance can cover the cost of veterinary bills and treatments. But perhaps one of the most important 'optional' insurances you should consider is life insurance.

Whilst no one likes to think about death, life insurance - sometimes known as life assurance or term assurance - is a policy which pays a lump sum in the event of the policyholder's death, helping to protect loved ones and dependents against financial burden. Coming to terms with the loss of a loved one is never an easy thing to do, and the added financial burden can make it increasingly difficult to cope. However, a life insurance policy can help cover such costs as mortgage repayments, salary replacement and childcare costs, paying off debts or even providing for future education for the kids. Moreover it can help ensure your family can maintain the standard of living to which they were accustomed to.

Life insurance comes in various forms, the most common being level term, decreasing term, critical illness and family income benefit policies. Most are available as both single and joint life policies, with most policies including benefits such as paying out on the diagnosis of a terminal illness. If you're considering life insurance now, or in the future, it's important to understand what each type of policy provides.

- Level term insurance is the most common form of life insurance and is designed to pay out a lump sum of money in the event of the policyholder's death. The policy runs for a fixed term, normally a minimum of 10 years, and the sum assured is guaranteed, and remains unchanged throughout the life of the policy.

- Decreasing term life insurance is also known as mortgage protection cover and is regularly used to protect capital and interest payments on a mortgage. The sum assured decreases during the duration of the policy.

- Critical Illness insurance pays a lump sum if you are diagnosed with a specified illness, or suffer loss of limb and can be added to term insurance policies. The sum paid out by this policy can be used for any purpose.

- Family Income Benefit insurance pays a regular tax free income for your dependants throughout the remainder of the policy term. Payouts on this type of life insurance can be structured to correspond with changes in inflation, although benefits usually remain constant.

With the cost of life insurance premiums plummeting in recent years due to improved life expectancy and increased competition between policy providers, arranging a life insurance policy needn't mean breaking the bank or compromising on cover. Financial comparison sites can help you to find the best deals on life insurance - from premium prices to levels of cover - and with only a few clicks, you can insure and safeguard your family's future for when you're no longer around.

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The Growing Life Assurance Protection Gap

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Life assurance industry experts always bang on about the 'Protection Gap'. This is the difference between the levels of life assurance cover that we have taken out against the amount of cover that the industry believes we need. However, if the latest figure that has been produced by the UK life insurance experts is correct then, as a country we are massively underinsured as the gap stands at a whopping £2.5 trillion, and is growing every year.

We are mainly very good at ensuring that we have the mortgage covered by life insurance should the very worst happen, but it appears that we have totally forgotten all the other costs such as other debts, supporting children and even the mundane, such as living expenses. Of course, those with no dependents have no need of life assurance, but those who do should consider it very carefully.

Unlike most things today, the price of life insurance premiums has actually fallen. In fact, if you compare life insurance premiums to costs ten years ago, they are actually 50% cheaper, meaning that if price was a barrier for most people a few years ago then that situation has changed.

At this point, you may be jumping up and down saying that you are actually ten years older than you were and therefore even though premiums have dropped, because of your age it will still be more expensive. That is a common misconception. Because people are now living longer they pose less of a risk to life assurance companies, and that has helped drive premiums down. Plus, there is more competition meaning that those pressures also force down prices.

Re-visiting the level of your life assurance may also allow you to investigate additional benefit options such as critical life illness cover. Prices will also vary depending upon whether you opt for level term or decreasing term assurance. Level term, as its name suggests offers the same benefits in the case of death over a fixed period, whereas decreasing term reduces the benefits over the period, usually in tandem with your mortgage. As that is repaid, then the amount you would require in cover also reduces.

Recent research produced by the Daily Telegraph highlighted that almost one in three adults in the UK were found to have no life assurance at all. Even though statistically the vast majority thankfully will not require it, if the worst should happen then think of the financial impact on those left behind. Are you happy to live with your own Life Assurance Protection Gap?

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Insurance Versus Assurance - What's the Difference?

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Anyone reading about insurance can be forgiven for thinking that the terms 'life insurance' and 'life assurance' are interchangeable, but are there any differences between the two terms and if not, why are there two different words for the same thing?

Put simply "insurance" is provided against an event that might happen whereas "assurance" applies to an event that will happen. So, insurance is a policy taken out against a risk, whereas assurance is one that is taken out against a definite event. The confusion about the seemingly interchangeable use of the two phrases occurs mainly because companies in North America refer to both assurance and insurance simply as insurance, and that habit has crossed the Atlantic.

For example, Whole of Life 'assurance' policies are taken out by people based on the fact that death is certain. They pay premiums to maintain the policy safe in the knowledge that their estate or dependents will receive an assured sum upon their death, whenever this happens. As it is certain (or assured) that the policy will have to pay out at some point, because it provides cover for the whole of someone's life, it is known as life assurance. However, a life 'insurance' policy will only pay out providing all premiums have been maintained and that death occurs within a specified number of years, known as the policy term. As it is quite possible that the insured will not die during the policy term, this is known as life insurance

Another example of 'insurance' as opposed to 'assurance' is critical illness cover. Because the insured is obtaining cover against the possibility of contracting and being diagnosed with a critical illness, it is classed as 'insurance'. Hopefully, when taking out such insurance it will not be required, but should such a situation arise then the insured will be paid a lump sum to help them provide for themselves and their family throughout their illness. Of course it is quite possible that the insured will not suffer a critical illness, and therefore this is known as insurance - something that might happen, as opposed to something that will.

There are many types of life insurance and life assurance policies available in the UK, and depending upon the term required and the age of the insured person some will be better to take out than others. Not everyone is in the same position nor requires the same type of cover and because life insurance and life assurance can be quite complicated anyone thinking of taking out a policy should consider seeking professional advice.

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Ten Things You Should Know About Life Assurance

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1. The primary motivation for purchasing life assurance is to insure that your loved ones are cared for in the event of your death.

2. Life assurance policies are calculated by underwriters who determine the amount of money needed to replace your income in the event of your death.

3. Life assurance is usually purchased to cover the cost of mortgage re-payments, and other bills, in the event of the death of the people responsible for paying the mortgage; special polices exist whereby the premium costs reduce as the outstanding mortgage amount reduces, these are known as Mortgage Life insurances.

4. insurance policies vary their premium rates for the maintenance of the policy, and the amount payable following death or termination of the contract (the sum assured), depending on certain characteristics of the policy holder(s)- including age, sex, health and occupation.

5. Three types of life assurance policy exist; Term Assurance is a contract which lasts for a fixed term and aims to provide financial protection against death; Whole Life is akin to making a financial investment, a premium is paid at specific intervals and is designed to provide the sum assured in the event of death or at a specified later date; Endowment Assurance is similar to whole life assurance, however, these polices mature, meaning that after a specified time the sum assured is payable whether or not the policy holder(s) have died. For both the latter types of assurance, there is an option to surrender the policy at anytime in order to receive a lump sum, the amount of which will be determined by the length and amount of the premiums thus paid.

6. Life assurance is very difficult and expensive to obtain after the age of 70; usually, the older you are the higher your premium rates will be.

7. Generally, individuals who smoke are offered very high premiums; this is because smoking is considered to be very high risk.

8. For a sum assured to be paid out to an individual in the event of death, the policy must be active at the time of the event.

9. Many assurance policies offer Terminal Illness cover, and will pay-out in the event of terminal illness, once a doctor has certified that death is expected to occur within 12 months.

10. The minimum term for a life assurance policy is normally a period of 2 years, although most policies last for between 20-25 years or more.

Life assurance should be considered as a necessary feature of your financial arrangements, they will provide you with the peace of mind that your family will be looked after in the event of your death.

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Life Insurance For Cancer Victims

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Life insurance is very essential for everyone. The recent facts by the American Cancer Society has put forward that there are more than a million new recorded cases annually. This calls for an early plan on the life schemes so as to avoid the difficulty in the future. When arranged in time, the life insurance companies would be prepared to cover their clients who are found to be cancer victims after diagnosis. This prior arrangement shall be helpful to anyone who falls victim to such terminal illnesses and thus it is more comfortable to handle the infections with an assurance of the life scheme. Here are the tips which could be a guide to anyone looking for such life insurance schemes.

The Timing for Life insurance

Any time a cancer victim approaches the insurance company for a life cover, there will be an assessment on the degree and the size of the developing cancerous tumor. This therefore gives no specifications on the timing for such a move. The medical review clears the complications in obtaining the life cover when the victim has already started undergoing the medications. Even after the diagnosis, the patients can be monitored and supported by such life insurance service. But soon after the ongoing treatments are done, the evaluation of post-surgery and chemotherapy tests will facilitate the decision by an insurance company to issue such a survivor with the insurance security later during and after survival.

How Can One Save For Life Insurance After Cancer Survival?

Many organizations have made it possible for cancer patients to save and plan well for their financial security even after diagnosis and chemotherapy. The up-to-date guidance they offer has made it even easier for the victims to access life insurance schemes albeit the higher premiums which the cancer victims pay to the individual companies. The rates availed to the cancer patients make it an expensive life investment.

Relevant and Consistent Health Updates

Life insurance companies will always rely on the information provided by the cancer victims. It is vital for one to ensure that the most consistent and updated information is delivered to the insuring company. The medical facts and the records are helpful when it comes to getting the confidential information. It locates the possibility of the return of the cancer attack and the basic care in the monetary terms. This is a credibility which an insurance company has to obtain from the potential client.

Hope for the Cancer Patients

There is a ray of optimism for the cancer victims in our day. Treating the tumors starts with the confidence of the patients when they take the bold step to go through the instructions concerning the transience. This should be an opening for the victims to be decisive on the kind of life insurance to invest in. The scheme provides the necessary comfort for the cancer victims and it is a way of keeping watch on the possibility of the resurgence of the cancer even after treatment.

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Getting A Term Life Insurance Quote

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At some point or another in our lives, we often find that there is the need for life insurance. Deciding which company to approach to find the best policy can be quite intimidating. To locate the appropriate insurance quote that best meets your needs is a daunting task. That is when using a specialist website that gives easy access to the marketplace that will help you find the best deal, is such a relief.

For those who have not encountered the life cover market before, the phrase 'term life insurance' maybe unfamiliar. This is simply the cheapest and most basic form of insurance. It provides you with cover for a fixed period of your choice (known as the 'term') and pays a one-off lump sum should you die during that term. Premiums are normally paid monthly although some policies allow annual payments. It is important to be aware that you are only covered for as long as you pay the monthly premiums. If you stop paying the premiums, the policy stops. In addition, as there is no investment element with this form of it, there is no maturity value payable at the end of the term.

Generally, there are two types of term life insurance available: level term assurance and decreasing it. Level term assurance pays a one-off lump sum upon your death if it occurs within the duration of the insurance term and the value of this sum remains constant throughout the period of the policy. Decreasing it also has the payment of a lump sum upon the event of your death but the value of the lump sum decreases during the period of the term. It decreases by a fixed amount, reaching a nil value by the end of the insured period. This insurance is usually used for mortgages or other loans where the amount owed decreases during its lifetime. You need to consider which type of cover you require when requesting your term life insurance quote.

There is a third type of cover called 'family income benefit', which gives your loved ones a regular income rather than a lump sum upon your death. However, the income is only paid during the lifetime of the policy. Therefore, if you die closer to its end, the fewer years it pays out. Some term policies allow you to increase the level of cover by including additional options, for example critical illness cover. This means the plan will make a one-off payment upon the diagnosis of a qualifying critical illness or if you die during the term of the policy.

Using this specialist website allows you to find the best quote quickly and easily. Having only to enter your details the once, it instantly provides information which can be organised in a format that best suits your needs. It can be saved and retrieved later at your convenience allowing effortless comparison the policy contents. This saves you both time and money and reduces the stress of finding the best life insurance quote.

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Life Insurance - Do You Really Need It

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These days, it seems there are insurance policies available for just about everything: car insurance, home insurance, travel insurance, pet insurance, life insurance - the list appears to be endless. Some types of insurance, such as car insurance, are required by law if you intend to drive on the public highway, but for most people other forms of insurance are an optional extra.

However, it's important to note that arranging insurance policies for other lifestyle items can provide you with peace of mind should something unfortunate happen. For example, taking out home-contents insurance can help cover the cost of replacing your household goods, while pet insurance can cover the cost of veterinary bills and treatments. But perhaps one of the most important 'optional' insurances you should consider is life insurance.

Whilst no one likes to think about death, life insurance - sometimes known as life assurance or term assurance - is a policy which pays a lump sum in the event of the policyholder's death, helping to protect loved ones and dependents against financial burden. Coming to terms with the loss of a loved one is never an easy thing to do, and the added financial burden can make it increasingly difficult to cope. However, a life insurance policy can help cover such costs as mortgage repayments, salary replacement and childcare costs, paying off debts or even providing for future education for the kids. Moreover it can help ensure your family can maintain the standard of living to which they were accustomed to.

Life insurance comes in various forms, the most common being level term, decreasing term, critical illness and family income benefit policies. Most are available as both single and joint life policies, with most policies including benefits such as paying out on the diagnosis of a terminal illness. If you're considering life insurance now, or in the future, it's important to understand what each type of policy provides.

- Level term insurance is the most common form of life insurance and is designed to pay out a lump sum of money in the event of the policyholder's death. The policy runs for a fixed term, normally a minimum of 10 years, and the sum assured is guaranteed, and remains unchanged throughout the life of the policy.

- Decreasing term life insurance is also known as mortgage protection cover and is regularly used to protect capital and interest payments on a mortgage. The sum assured decreases during the duration of the policy.

- Critical Illness insurance pays a lump sum if you are diagnosed with a specified illness, or suffer loss of limb and can be added to term insurance policies. The sum paid out by this policy can be used for any purpose.

- Family Income Benefit insurance pays a regular tax free income for your dependants throughout the remainder of the policy term. Payouts on this type of life insurance can be structured to correspond with changes in inflation, although benefits usually remain constant.

With the cost of life insurance premiums plummeting in recent years due to improved life expectancy and increased competition between policy providers, arranging a life insurance policy needn't mean breaking the bank or compromising on cover. Financial comparison sites can help you to find the best deals on life insurance - from premium prices to levels of cover - and with only a few clicks, you can insure and safeguard your family's future for when you're no longer around.

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The Growing Life Assurance Protection Gap

Image : http://www.flickr.com

Life assurance industry experts always bang on about the 'Protection Gap'. This is the difference between the levels of life assurance cover that we have taken out against the amount of cover that the industry believes we need. However, if the latest figure that has been produced by the UK life insurance experts is correct then, as a country we are massively underinsured as the gap stands at a whopping £2.5 trillion, and is growing every year.

We are mainly very good at ensuring that we have the mortgage covered by life insurance should the very worst happen, but it appears that we have totally forgotten all the other costs such as other debts, supporting children and even the mundane, such as living expenses. Of course, those with no dependents have no need of life assurance, but those who do should consider it very carefully.

Unlike most things today, the price of life insurance premiums has actually fallen. In fact, if you compare life insurance premiums to costs ten years ago, they are actually 50% cheaper, meaning that if price was a barrier for most people a few years ago then that situation has changed.

At this point, you may be jumping up and down saying that you are actually ten years older than you were and therefore even though premiums have dropped, because of your age it will still be more expensive. That is a common misconception. Because people are now living longer they pose less of a risk to life assurance companies, and that has helped drive premiums down. Plus, there is more competition meaning that those pressures also force down prices.

Re-visiting the level of your life assurance may also allow you to investigate additional benefit options such as critical life illness cover. Prices will also vary depending upon whether you opt for level term or decreasing term assurance. Level term, as its name suggests offers the same benefits in the case of death over a fixed period, whereas decreasing term reduces the benefits over the period, usually in tandem with your mortgage. As that is repaid, then the amount you would require in cover also reduces.

Recent research produced by the Daily Telegraph highlighted that almost one in three adults in the UK were found to have no life assurance at all. Even though statistically the vast majority thankfully will not require it, if the worst should happen then think of the financial impact on those left behind. Are you happy to live with your own Life Assurance Protection Gap?

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The Growing Life Assurance Protection Gap

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Life assurance industry experts always bang on about the 'Protection Gap'. This is the difference between the levels of life assurance cover that we have taken out against the amount of cover that the industry believes we need. However, if the latest figure that has been produced by the UK life insurance experts is correct then, as a country we are massively underinsured as the gap stands at a whopping £2.5 trillion, and is growing every year.

We are mainly very good at ensuring that we have the mortgage covered by life insurance should the very worst happen, but it appears that we have totally forgotten all the other costs such as other debts, supporting children and even the mundane, such as living expenses. Of course, those with no dependents have no need of life assurance, but those who do should consider it very carefully.

Unlike most things today, the price of life insurance premiums has actually fallen. In fact, if you compare life insurance premiums to costs ten years ago, they are actually 50% cheaper, meaning that if price was a barrier for most people a few years ago then that situation has changed.

At this point, you may be jumping up and down saying that you are actually ten years older than you were and therefore even though premiums have dropped, because of your age it will still be more expensive. That is a common misconception. Because people are now living longer they pose less of a risk to life assurance companies, and that has helped drive premiums down. Plus, there is more competition meaning that those pressures also force down prices.

Re-visiting the level of your life assurance may also allow you to investigate additional benefit options such as critical life illness cover. Prices will also vary depending upon whether you opt for level term or decreasing term assurance. Level term, as its name suggests offers the same benefits in the case of death over a fixed period, whereas decreasing term reduces the benefits over the period, usually in tandem with your mortgage. As that is repaid, then the amount you would require in cover also reduces.

Recent research produced by the Daily Telegraph highlighted that almost one in three adults in the UK were found to have no life assurance at all. Even though statistically the vast majority thankfully will not require it, if the worst should happen then think of the financial impact on those left behind. Are you happy to live with your own Life Assurance Protection Gap?

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Life Insurance - 7 Aspects to Take into Consideration

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1) Decide how much cover you need

This is the most difficult part. You come out with a figure and it looks like a lot of money. As well as taking your mortgage payments into account, you also need to consider other debts such as household expenses. You need to ensure you have enough cover to provide your family with a reasonable standard of living. Use a life insurance calculator online is my best advice.

2) Decide how long you want the cover for

Make sure that the term of your policy is enough to provide protection for your dependents. If you have a mortgage you don't want to leave the remaining debt outstanding to your loved ones so make a calculation of how many years are remaining on your mortgage. Also take in consideration other debts and household expenses. If you have any young children remember that you'll need to provide until they leave home i.e. until adult age.

3) Sometimes is better two single policies

Sometimes a joint policy is not the cheapest option apart from the fact that it only pays out when the first dies.
On the other hand, two single policies will pay out twice - when each of you dies - so in effect, you're getting double the protection. This is particularly important if you have children.

4) So many types of policies, choose the right one

There are so many types of cover. I know it is difficult to decide. The most usual is the Level term Life insurance. It pays out a lump sum if you die during the term of the policy.

There is also an increasing plan, that grown usually in line with inflation, (not always the cheapest option but with the benefit of keeping you from loosing against the inflation).

Decreasing life insurance also Known as mortgage life insurance decreases over time in line with your mortgage balance. This is normally the cheapest option.

Another form of term life insurance is called family income benefit which pays an income rather than a lump sum. Remember that is a term insurance meaning that it will only pay until the specified term of the policy.

Finally, you could opt for a combination. For example, you could get a level term assurance policy which is set at a level, say, £50,000 above your current mortgage debt, plus a Family Income Benefit policy. This will provide enough cover to your beneficiaries to allow them to pay off your mortgage, plus they would receive at least £50,000 as a lump sum, and they'd also receive your income every year for a set period, as well.

5) Shop around!

Make sure you shop around for the best quote. You can do this online, many websites have a life insurance comparison service.

Banks usually tempt clients with these type o financial products which rarely are the cheaper or the most suitable. Don't be afraid to say no.

You may have already a policy in place, it is recommended; still, to shop around for the best cover or a cheaper quote.

6) Set your policy up in trust

Putting your policy in trust means that the money will go for the person designates by you. If you don't do this, when you die, the amount paid out will form part of your estate and inheritance laws will apply.

7) Review your policy regularly
It is also recommended to review your policy every time your circumstances change, for example, if you have more children, remortgage or marry again.

And finally...

I you don't have children or a partner is very unlikely that you will need life insurance, you should consider instead a critical illness cover that pays out a lump sum in case you are diagnosed with a serious illness.

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Insurance Versus Assurance - What's the Difference?

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Anyone reading about insurance can be forgiven for thinking that the terms 'life insurance' and 'life assurance' are interchangeable, but are there any differences between the two terms and if not, why are there two different words for the same thing?

Put simply "insurance" is provided against an event that might happen whereas "assurance" applies to an event that will happen. So, insurance is a policy taken out against a risk, whereas assurance is one that is taken out against a definite event. The confusion about the seemingly interchangeable use of the two phrases occurs mainly because companies in North America refer to both assurance and insurance simply as insurance, and that habit has crossed the Atlantic.

For example, Whole of Life 'assurance' policies are taken out by people based on the fact that death is certain. They pay premiums to maintain the policy safe in the knowledge that their estate or dependents will receive an assured sum upon their death, whenever this happens. As it is certain (or assured) that the policy will have to pay out at some point, because it provides cover for the whole of someone's life, it is known as life assurance. However, a life 'insurance' policy will only pay out providing all premiums have been maintained and that death occurs within a specified number of years, known as the policy term. As it is quite possible that the insured will not die during the policy term, this is known as life insurance

Another example of 'insurance' as opposed to 'assurance' is critical illness cover. Because the insured is obtaining cover against the possibility of contracting and being diagnosed with a critical illness, it is classed as 'insurance'. Hopefully, when taking out such insurance it will not be required, but should such a situation arise then the insured will be paid a lump sum to help them provide for themselves and their family throughout their illness. Of course it is quite possible that the insured will not suffer a critical illness, and therefore this is known as insurance - something that might happen, as opposed to something that will.

There are many types of life insurance and life assurance policies available in the UK, and depending upon the term required and the age of the insured person some will be better to take out than others. Not everyone is in the same position nor requires the same type of cover and because life insurance and life assurance can be quite complicated anyone thinking of taking out a policy should consider seeking professional advice.

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Life Insurance - Taking Out A Policy

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We all know that life can be unpredictable - not knowing what's around the corner or what can unexpectedly happen to us.

We can spend all our lives saving for the future and building up our wealth in general, but unexpected turns can lead to loss of that which you've worked so hard to scrimp and save.

Bearing this in mind, it is advisable to take out some type of life insurance policy. These policies can help offer peace of mind to yourself and your family in case anything should happen to you by ensuring they are financially stable should anything happen.

There are a range of different policies available, including critical illness insurance - which pays a lump sum if you are diagnosed with a terminal illness or suffer a stroke or heart attack.

There are a multitude of policies available, and it's advisable to shop around for life insurance quotes, but the premise is simple. You pay a little money into the policy each month and, depending on the type of cover, your family can receive payouts upon death and serious illness.

When searching for a suitable life insurance policy it is worth speaking to a financial adviser and also to compare a range of life insurance policies instead of rushing into one particular deal. There are a few points you should be checking when searching for life insurance:

It is important to ensure that you purchase enough cover in order to ensure that payments such as mortgages and school fees are met.

When searching for a policy, look for policies that offer 'terminal illness benefit' - this will help to ensure a payout should you be diagnosed with a terminal illness. It's always best to double-check the policy to ensure there is cover for a range of issues.

When you've selected a plan that suits you, be sure to disclose all details during the application process. Leaving out what might be the smallest details - such as whether you smoke, minor health problems or a history of family illness - could lead to problems for yourself or your family when it comes to claiming should anything happen.

For couples it could be worth taking out two separate single-term policies rather than a joint policy, as this could potentially double the cover in case something should happen to either partner.

Be sure that your insurer writes your life insurance policy 'in trust' - this could help save you tax on your policy.

Check your current policy to see what cover you already have in place, and work your new policy around any cover you already have in place, which can save you money by not having to pay for cover which you have already.

Look into whether your policy has 'guaranteed insurability options' - which can help provide extra cover at no extra cost, and you should automatically have the option to do so.

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Life Insurance - Little Details, Big Difference

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Hundred of thousands of people could soon find their life and critical-illness policies skyrocket due to inaccuracies on their policies regarding how much they drink and smoke.

Last year a survey of 5000 policyholders was carried out by a leading UK insurance company, of which around 2,500 policyholders have so far replied.

According to the results, over 1 in 14 of those surveyed had provided false information about their health and lifestyle when applying for life insurance. Some failed to declare how heavily they drank and others failed to declare past medical problems.

In most cases these oversights were adjudged to be unintentional, rather than an attempt to defraud.

One of the UK's biggest insurers is considering writing to customers to find out if they disclosed their full medical history when they bought cover - including how much they drink and smoke.

And other insurers could soon follow suit, in an attempt to cut the number of rejected claims due to inaccurate medical information. One in 100 life insurance claims and one in five critical illness payouts are rejected on this basis. Nondisclosure during the life insurance quote application can be used to turn down a payment even when the details are irrelevant to the claim.

Policyholders who disclose something that may affect their risk of ill-health could see their premiums rise, or even cancelled in the worst cases.

Last summer, the Law Commission proposed reforms that would make it harder for insurers to try and avoid paying out on claims, even when the information disclosed by the policyholder was honest.

The commissions' highly critical interim branded nondisclosure of information on a life insurance quote and the onus on disclosing little medical details during this as unfair to policyholders.

With a final report due soon, insurers are rushing to amend practices ahead of the commissions' findings.

Some have already taken steps by offering partial payouts if the policyholder had accidentally failed to mention something on their application, even if the claim was not related. Others have introduced methods to help guide customers through the application process.

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Insurance - Check the Facts?

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It's a staggering fact that almost half of people in the UK have no form of life insurance, many don't have home contents insurance and many have only the minimum level of car insurance. This amazing fact was disclosed recently by one of the world's major insurance companies.

If you're single, have no dependents, no debts and no worries, then obviously life insurance wouldn't come high on your list of priorities. For the rest of us, there must be a lot of families out there who would be in real trouble should the breadwinner of the family pass away.

For homes, buildings insurance is often a requirement made by mortgage companies but contents are often left uninsured to save money. That could be very risky in the event of a major event, such as a fire.

It's a sad fact that this could happen. OK, we all know about the elderly relative who's smoked for forty years, swears on a tot of whisky to get them going in the morning and has never had a day's illness in their lives. We also probably know the cousin who was killed in a car accident, leaving a two year old toddler and a pregnant wife. Accidents and illnesses are an unfortunate and sometimes very sad fact of life.

Maybe you don't understand the mechanics of life insurance? It's hardly a subject that gets discussed over dinner. It's seen as boring and may be a bit of a mystery, talk of "term this and term that, whole of life" and other confusing terms don't exactly engage your attention. Lack of interest could explain the apathy, but do please at least think about it.

Life insurance might not be as expensive as you fear and you'll never know what the cost will be if you don't get around to checking it out. Life insurance at normal, standard rates is reasonable. However, there has been an increase in recent years in people having to pay loaded premiums. If you're fit and healthy, you're fine. If you're not, this is when higher prices may kick in.

Application forms for life cover are very comprehensive and some conditions which were formerly covered under standard terms may now attract higher premiums. You may have diabetes or a history of heart problems for instance and an assessment would be made on how this would affect your payments.

For a younger, healthy person, this is the time to get life insurance in place. As you get older, problems can occur and once you reach your mid 60's it would be extremely difficult to get cover.

Don't let the insurance application deter you. The forms can be long and complicated but if you're lucky, you'll be in the just under one third of people who'll be given an immediate decision and offer of life insurance. For the rest, there can be delays. There could be further questions to be answered and possibly medical examinations to arrange. The result could be weeks of waiting before you're made aware of the costs of the premiums. Hopefully the final figure will be affordable and you can get go ahead and join the ranks of the insured.

For car insurance policies it's very important to understand the level of insurance being provided. The best insurance is not always the cheapest insurance. Make sure you get good value cover and expect to pay a fair rate for cover from a respected company.

Insurers are anxious to correct recent falls in the number of uninsured people. They claim that premiums are lower than they have ever been. Risk assessment methods are improving and they promise improved, more simple marketing of their produces.

Internet discounts have reduced the cost of premiums. An internet broker will guide you through the whole procedure and will offer you a range of options to suit your needs. They should have the answer to all your questions and a chat with them will put you on the right track.

For the sake of your family, make it your priority to get that advice and protect their future. You'd never forgive your self it you failed - would you?

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Life Assurance Policies

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Definition: Life assurance can provide you with one of two main benefits: it can either provide your successors with money when you die or it can be used as a money saving plan to provide you with a lump sum (or income) on a fixed date. In recent years, however, both types of scheme have become more flexible and many policies allow you to incorporate features of the other. This can have great advantages but the result is that some of the definitions appear somewhat contradictory. There are three basic types of life assurance: whole life policies, term policies and endowment policies.

Whole life policies are designed to pay out on your death. In its most straightforward form, the scheme works as follows: you pay a premium every year and, when you die, your beneficiaries receive the money. As with an ordinary household policy, the insurance only holds good if you continue the payments. If one year you did not pay and were to die, the policy could be void and your successors would receive nothing.

Term policies involve a definite commitment. As opposed to paying premiums every year, you elect to make a regular payment for an agreed period: for example, until such time as your children have completed their education, say eight years. If you die during this period, your family will be paid the agreed sum in full. If you die after the end of the term (when you have stopped making payments), your family will normally receive nothing.

Endowment policies are essentially savings plans. You sign a contract to pay regular premiums over a number of years and in exchange receive a lump sum on a specific date. Most endowment policies are written for periods varying from 10 to 25 years. Once you have committed yourself, you have to go on paying every year (as with term assurance). There are heavy penalties if, after having paid for a number of years, you decide that you no longer wish to continue.

An important feature of endowment policies is that they are linked in with death cover. If you die before the policy matures, the remaining payments are excused and your successors will be paid a lump sum on your death. The amount of money you stand to receive, however, can vary hugely, depending on the charges and how generous a bonus the insurance company feels it can afford on the policy's maturity. Over the past few years, pay-outs have been considerably lower than their earlier projections might have suggested.

Options. Both whole life policies and endowment policies offer two basic options: with profits or without profits. Very briefly the difference is as follows.

Without profits. This is sometimes known as 'guaranteed sum assured'. What it means is that the insurance company guarantees you a specific fixed sum (provided of course you meet the various terms and conditions). You know the amount in advance and this is the sum you - or your successor - will be paid.

With profits. You are paid a guaranteed fixed sum plus an addition, based on the profits that the insurance company has made by investing your annual or monthly payments. The basic premiums are higher and, by definition, the profits element is not known in advance. If the insurance company has invested your money wisely, a 'with profits' policy provides a useful hedge against inflation. If its investment policy is mediocre, you could have paid higher premiums for very little extra return. The lack of money saving in this scenario could be depressing.

Unit linked. This is a refinement of the 'with profits' policy, in that the investment element of the policy is linked in with a unit trust.

Other basics. Premiums can normally be paid monthly or annually, as you prefer. Size of premium varies enormously, depending on the type of policy you choose and the amount of cover you want. Also, of course, some insurance companies are more competitive than others. As very general guidance, £50-£70 a month would probably be a normal starting figure. Again as a generalisation, higher premiums tend to give better value as relatively less of your contribution is swallowed up in administrative costs.

As a condition of insuring you, some policies require that you have a medical check. This is more likely to apply if very large sums are involved. More usually, all that is required is that you fill in and sign a declaration of health. It is very important that this should be completed honestly: if you make a claim on your policy and it is subsequently discovered that you gave misleading information, your policy could be declared void and the insurance company could refuse to pay.

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Canoe Life Insurance Squabble

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It is one of the few things that has possibly taken the media's attention away from the credit crunch in recent months, so you have no doubt heard all about the court proceedings in regards to the case of Anne and John Darwin. The story that seemed to spiral into a black hole of family deceit and turmoil has been publicly splashed across the news since last year.

The case is one of the largest un-veiled fraud stories the modern United Kingdom has heard of, with there being everything included to make up a real high profile scandal. The story includes love, death, money, lies and the law, being the main reason for making it into the big story it is.

Who would have thought that the little old lady who claimed to be the widow to hard working prison security guard John Darwin would later be sent to jail for over 10 unlawful acts? More shocking still is that they managed, and decided to, live the lie of his death for more than five years and convince their two sons they had lost their dear father.

Many are very pleased to see that the pair will be facing a minimum of six years behind bars for their lies, with Anne being given a longer sentence than her husband due to her "compulsive lies" and deceit while under oath.

Most feel that the real victims of this whole train wreck of a crime are the two sons, who have had to endure losing their father and being stricken with depression and grief, only to now never wish to set eyes on him ever again. There are reports that their mother still pleads and hopes that they will change their minds and come to forgive their parents, but it has been said that the sons still wish to ignore them from now on.

All this from trying to cheat the law and using up their life insurance. Apparently the phrase "crime doesn't pay" is quite literal.

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Life Insurance - Little Details, Big Difference

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Hundred of thousands of people could soon find their life and critical-illness policies skyrocket due to inaccuracies on their policies regarding how much they drink and smoke.

Last year a survey of 5000 policyholders was carried out by a leading UK insurance company, of which around 2,500 policyholders have so far replied.

According to the results, over 1 in 14 of those surveyed had provided false information about their health and lifestyle when applying for life insurance. Some failed to declare how heavily they drank and others failed to declare past medical problems.

In most cases these oversights were adjudged to be unintentional, rather than an attempt to defraud.

One of the UK's biggest insurers is considering writing to customers to find out if they disclosed their full medical history when they bought cover - including how much they drink and smoke.

And other insurers could soon follow suit, in an attempt to cut the number of rejected claims due to inaccurate medical information. One in 100 life insurance claims and one in five critical illness payouts are rejected on this basis. Nondisclosure during the life insurance quote application can be used to turn down a payment even when the details are irrelevant to the claim.

Policyholders who disclose something that may affect their risk of ill-health could see their premiums rise, or even cancelled in the worst cases.

Last summer, the Law Commission proposed reforms that would make it harder for insurers to try and avoid paying out on claims, even when the information disclosed by the policyholder was honest.

The commissions' highly critical interim branded nondisclosure of information on a life insurance quote and the onus on disclosing little medical details during this as unfair to policyholders.

With a final report due soon, insurers are rushing to amend practices ahead of the commissions' findings.

Some have already taken steps by offering partial payouts if the policyholder had accidentally failed to mention something on their application, even if the claim was not related. Others have introduced methods to help guide customers through the application process.

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Getting A Term Life Insurance Quote

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At some point or another in our lives, we often find that there is the need for life insurance. Deciding which company to approach to find the best policy can be quite intimidating. To locate the appropriate insurance quote that best meets your needs is a daunting task. That is when using a specialist website that gives easy access to the marketplace that will help you find the best deal, is such a relief.

For those who have not encountered the life cover market before, the phrase 'term life insurance' maybe unfamiliar. This is simply the cheapest and most basic form of insurance. It provides you with cover for a fixed period of your choice (known as the 'term') and pays a one-off lump sum should you die during that term. Premiums are normally paid monthly although some policies allow annual payments. It is important to be aware that you are only covered for as long as you pay the monthly premiums. If you stop paying the premiums, the policy stops. In addition, as there is no investment element with this form of it, there is no maturity value payable at the end of the term.

Generally, there are two types of term life insurance available: level term assurance and decreasing it. Level term assurance pays a one-off lump sum upon your death if it occurs within the duration of the insurance term and the value of this sum remains constant throughout the period of the policy. Decreasing it also has the payment of a lump sum upon the event of your death but the value of the lump sum decreases during the period of the term. It decreases by a fixed amount, reaching a nil value by the end of the insured period. This insurance is usually used for mortgages or other loans where the amount owed decreases during its lifetime. You need to consider which type of cover you require when requesting your term life insurance quote.

There is a third type of cover called 'family income benefit', which gives your loved ones a regular income rather than a lump sum upon your death. However, the income is only paid during the lifetime of the policy. Therefore, if you die closer to its end, the fewer years it pays out. Some term policies allow you to increase the level of cover by including additional options, for example critical illness cover. This means the plan will make a one-off payment upon the diagnosis of a qualifying critical illness or if you die during the term of the policy.

Using this specialist website allows you to find the best quote quickly and easily. Having only to enter your details the once, it instantly provides information which can be organised in a format that best suits your needs. It can be saved and retrieved later at your convenience allowing effortless comparison the policy contents. This saves you both time and money and reduces the stress of finding the best life insurance quote.

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Life Insurance - Taking Out A Policy

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We all know that life can be unpredictable - not knowing what's around the corner or what can unexpectedly happen to us.

We can spend all our lives saving for the future and building up our wealth in general, but unexpected turns can lead to loss of that which you've worked so hard to scrimp and save.

Bearing this in mind, it is advisable to take out some type of life insurance policy. These policies can help offer peace of mind to yourself and your family in case anything should happen to you by ensuring they are financially stable should anything happen.

There are a range of different policies available, including critical illness insurance - which pays a lump sum if you are diagnosed with a terminal illness or suffer a stroke or heart attack.

There are a multitude of policies available, and it's advisable to shop around for life insurance quotes, but the premise is simple. You pay a little money into the policy each month and, depending on the type of cover, your family can receive payouts upon death and serious illness.

When searching for a suitable life insurance policy it is worth speaking to a financial adviser and also to compare a range of life insurance policies instead of rushing into one particular deal. There are a few points you should be checking when searching for life insurance:

It is important to ensure that you purchase enough cover in order to ensure that payments such as mortgages and school fees are met.

When searching for a policy, look for policies that offer 'terminal illness benefit' - this will help to ensure a payout should you be diagnosed with a terminal illness. It's always best to double-check the policy to ensure there is cover for a range of issues.

When you've selected a plan that suits you, be sure to disclose all details during the application process. Leaving out what might be the smallest details - such as whether you smoke, minor health problems or a history of family illness - could lead to problems for yourself or your family when it comes to claiming should anything happen.

For couples it could be worth taking out two separate single-term policies rather than a joint policy, as this could potentially double the cover in case something should happen to either partner.

Be sure that your insurer writes your life insurance policy 'in trust' - this could help save you tax on your policy.

Check your current policy to see what cover you already have in place, and work your new policy around any cover you already have in place, which can save you money by not having to pay for cover which you have already.

Look into whether your policy has 'guaranteed insurability options' - which can help provide extra cover at no extra cost, and you should automatically have the option to do so.

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Given The Choice, Term Insurance Or Whole Of Life - What's Better?

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Trying to find the right life insurance policy for you can be very difficult. This is due mainly to the fact that you have to consider your personal circumstances and how they affect the choice of plan you ultimately go for. One person might need cover for the whole of their lives and someone else may only need cover for a set term. In this article I intend to point out the main differences between whole life assurance and term insurance and consequently which one might suit your particular circumstances.

The primary difference between term and whole life insurance is simple: term insurance offers only life coverage. A term policy does not build a cash value over time. When the person (or persons) covered by the term policy pass away, the death benefit of the policy is paid to a beneficiary.

As for whole of life cover, this works differently. Whole of life insurance is designed to provide a death benefit in the same way as term insurance. However whole of life insurance does this for the whole of the life of the person insured on the plan. It is for this reason it is known as whole of life and not term. Also, this type of plan will also build up a cash amount known as the fund. Making the choice as to which one is more suitable for your particular needs does need a lot more investigation, such as balancing what each plan offers against a persons own requirements.

It should be noted that whole of life insurance is generally more expensive that standard term, insurance. Owing to the fact that it will run for the life assured's whole life and the fact that the plan carries an investment element. In contrast term assurance which runs for a specified term and also has no investment element is proportionately cheaper.

Many people prefer term insurance because of the low premiums. They only need a simple policy that pays a death benefit if they pass away. Further, many believe that investing the amount of money saved through lower premiums, they can outperform any investment vehicle offered by a whole life policy.

Even though a lot of financial advisors would still rather recommend the whole of life insurance plans, they do appreciate that building up a fund value within the plan and the resulting higher premiums that task creates is not necessarily beneficial to all clients. This is due in no small part to the fact that most people have differing insurance requirements to that of others.

If a wealthy person is creating a complicated estate plan to shield various assets, there may be a need for a whole life policy that builds a cash value over time. Often, people who own and operate businesses need additional coverage to protect their families, their assets and themselves.

However if a parent just wants to protect their family in case they die level term insurance can be hard to beat with low premiums. When you factor the lower premiums versus those of the whole life insurance it does make it much more affordable. As has been said before in this article you can always invest any excess savings into an additional savings plan to produce a return.

Ultimately, the type of insurance policy to buy will depend upon your needs. While whole life is a better solution for some people, term insurance is better for others. Making a decision requires a deep consideration of your finances and your family's needs in the event that you pass away.

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The Need for Training

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If IFAs and Life Assurance Companies are to compete effectively with the direct sales channels that are trading today and with the many more about to appear in the next 24 months then they must first realize exactly what they have to do.

If they want to keep, never mind increase, their market share they must grow, and grow effectively. In fact to stand still is to slowly die because their market share will slowly be eroded. If their aim is to increase their market share they have to come to the realization that this can only be achieved by recruiting new people. Not chasing the small numbers of industry trained professionals that are already working in the business.

New blood is, and has always been, the way to generate the enhanced levels of business that most of the Life Companies want and will need. There are only so many existing trained people to go around anyway. Companies must also engender and breed loyalty among their people so that they stay because they want to; not simply because they perhaps get paid a bit more.

This is where the benefit of not just professional training but the right training comes in. Most companies are prepared to, and do spend fortunes, on qualification training - that is to get peopled qualified to do the job - however, this is less than half of what is required. If they don't reinforce this with the proper Development, Motivational and Empowerment training they will soon find that all they have done is recruit and train an individual for someone else's team. Many of the senior sales managers I talk to moan about the fact that all they seem to do is act as a recruiting pool for other companies.

The cost of training and empowering someone efficiently and professionally need not amount to more than one thirtieth of their annual salary or earnings. A tiny investment when considered in the long term. And yet, a great majority of senior management still fail to appreciate the concept that to have a chance you must take a chance.

The need for professional training is obvious, not just training the new recruits but, more importantly, training the existing trainers and managers in the skills and techniques needed to build an environment in which new recruits can grow and prosper long term. Unfortunately in most companies ( and that includes IFAs and insurance Companies ) the training is done by people who seem to vie with each other to see who has the highest attrition rate. In fact on looking at many of the training managers currently in the employ of many companies I can only marvel at the fact that they have achieved so considerable a position on so little talent.

NOTES:

The way that the life insurance industry is going now a lot of companies are down sizing, getting rid of middle management structures, getting rid of branch offices in many cases. More and more life assurance consultants are having to work from home. The life assurance companies are using technology very, very heavily (laptops at home) and therefore the need for self motivation, self-discipline, the skills to do the job are even more necessary than they were before.

Not only do people have to go through FPC's 1,2 & 3 but the new advanced certificates which are reckoned to be very hard for the average person, there is a move in the industry that these will soon become compulsory. Therefore, if people are working from home there is a greater need for self-discipline to study for these.

Because of the great emphasis on technology and technical training, new sales people when they leave their courses, come out with their laptops and lots of technical knowledge but very little basic sales skills.

This is a people business - it is not a technology business, although it may be driven by technology. At the end of the day people must sell.

NLP (Neuro Linguistic Programming) a skill, a tool, a method, that is incredibly effective and quick in real terms and yet very few training managers have heard of this.
I am not saying that you must have it but it is a time-tested technique. Can they afford to ignore this, well, obviously they feel they can.

A different time - a different industry. They must move along or like the dinosaurs become extinct.

Not being proactive in actively looking for skills, methods and technique that can be helpful.

Many life companies concentrate on what is best for them instead of what is best for the person ( the people)

Zig Ziglers quote " You can get anything you want out of life as long as you help enough other people get what they want first"

Today more and more financial advisors and especially people in the IFA market are working on their own from home, therefore the life companies must support them as they will promote life time business for them. They must help people develop a long fulfilling financial-rewarding career in this wonderful industry.

Because so many people are working on their own at home it is even more necessary that they have self-motivation, self-discipline and the business skills needed to develop their own individual business.

Charles Handy, one of the top economists in the world today, has made the point that people must get used to change more than anything else. Regarding the life assurance companies someone will have to bite the bullet.. Take a chance if you want to stand a chance. We have a much higher attrition rate in the financial services industry in the United Kingdom, unlike the USA who understand the need for personal development training.

A major and dramatic paradigm shift is required on behalf of the industry.Specialist troops need specialist training by specialists.

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