Family Insurance
Life And Accident Insurance
Which Life Insurance
Life Insurance India
Best Term Life Insurance Quote
Life Insurance Rates
Endowment Life Insurance
Guardian Life Insurance
Life Insurance Agent
Life Insurance Calculator
Windsor Life Insurance
Tax Efficient Life Insurance
Joint Life Insurance
Life Insurance Premiums
|
Welcome to First Insure, here you
will find the best life and accident insurance information on the net;
From high Quality life and accident insurance products to stacks
of information about life and accident insurance and
life and accident insurance services
from our website. Plus - The latest news on life and accident insurance from
across the globe in one place. Please enjoy our life and accident insurance site
from First Insure. If you see something about life and accident insurance
that interests you, just click the link and go there. You
will also find many articles on life and accident insurance's and
many interesting life and accident insurance
links. Happy life and accident insurance
searching from First Insure.
Contemplating what may happen to your wife (or husband) and children if you die is not likely to be a thought you wish to contemplate. However, avoiding the issue may make life more difficult for your family after your death.
Life insurance looks set to make a comeback in the UK, after a period of neglect by consumers who were simply occupied with affording a home. The stabilising of the UK house market has made many consumers take a broader view to their personal finances.
LifeSearch (a broker), in the September issue of Money Observer, highlighted a few common mistakes people make when buying life insurance:
* Believing is relevant to everyone
Life insurance is only relevant to people who have financial dependents. If you have no financial dependents, it might be more appropriate to consider income protection or critical illness insurance.
* Paying too much for life insurance
According to Money Observer, research for Sainsbury's Bank revealed that many people take policies from their mortgage providers and as a result could be paying too much.
* Opting to buy joint policies instead of single policies
The advice to married couples is to avoid taking out joint policies which pay out when the first spouse dies over the term of the policy, but not on the second. Single policies could provide additional cover by paying just an extra £3-4 a month.
* Missing out on a trust
The Tax Man can claim up to 40% of your payout as inheritance tax. According to Money Observer, those with assets totalling £275,000 or more (including a house) are especially prone to tax inspection. Writing your policy in trust is a way to avoid this and as a trust does not have to go through probate, beneficiaries of the policy will receive the payment without delay.
* Only insuring the main earner
Whilst it is important to cover the main breadwinner, by neglecting to additionally insure the housewife or househusband may result in extra child care costs. Family income benefit (FIB) may be an appropriate policy to put in place.
* Opting for a lump sum over income
If your dependents are likely to require an income, then buying a policy that pays out a lump sum is a mistake. Many people invest lump sums for an income, but when they invest it, they have to pay tax. Family income benefit provides a larger payout - tax free, though the majority of banks and building societies do not offer FIB, so ask an Independent Financial Advisor for recommendations.
* Not proving full medical records or detailing comprehensive medical history
Failure to disclose a complete picture of your health, no matter how trivial, could invalidate a claim later on.
There's no excuse for not conducting your own homework, as there is an abundance of information available online. Sites such as moneynet, provide not only price comparison research on difference products, they also offer downloadable consumer product guides. Lowermybills proffers a similar service stateside.
Resources:
http://www.moneynet.co.uk/insurance/life-assurance/index.shtml
(Prince comparisons) http://www.moneynet.co.uk/life-insurance-guide/index.shtml
(Life insurance guide) http://www.lowermybills.com/
About the Author
Rachel writes for the personal finance blog Cashzilla. http://www.cashzilla.co.uk/ |
|
Life Insurance
Life Insurance Policies
Life Insurance Corporation Of India
China Life Insurance
Life And Accident Insurance
Marks And Spencer Life Insurance
Life Insurance Industry
Globe Life Insurance
Standard Life Medical Insurance
About Life Insurance
Life Insurance Products
Lloyds Life Insurance
Insurance For Life
Life Insurance In India
Aetna Life Insurance
Pet Insurance Life Cover
Home Insurance
|
