Showing posts with label Insurance. Show all posts

Reasons Why People Buy Life Insurance

Life Insurance. It's important, isn't it? However, we all have a number of bills we pay every month and sometimes we forget to account for life insurance. We may think we will get around to organising it next month, or we have that unexpected bill to pay so put it off again, but life insurance is a sound purchase to protect your family. Let's have a look at why. This is an ad.

What is life insurance?


Life insurance is an insurance policy that you pay into that gives you benefits when you die. The price of the policy is decided by how old you are, if you have any health conditions, your lifestyle for example if you smoke or drink excessively or do dangerous sports and how much cover you need. 

Types of life insurance 

There are different types of life insurance but they are divided into two main categories - term insurance and cash value.

With term insurance, If you die within the term, the policy pays out to your beneficiaries but if you don't you do not get any money back. With cash value, a portion of the premium you pay goes to cover the cost of insurance and a portion goes toward a savings account. 

Why buy life insurance?

People buy life insurance for security so that the can leave money to a love one, and pay off debts like helping to pay for funeral costs or that the mortgage is paid off on death.

In what circumstances would you buy life insurance?

children
There are a number of circumstances that you would buy life insurance in. 

If you have dependents then that's a major time to buy life insurance.  If you have a baby, or if you adopt this is a good time.  You want to know that they will be financially stable if you die, that your debts will be paid off and that they have money to go to college, buy a house or travel the world.  

If you have elderly relatives or you are a primary caregiver this is also a good reason to buy life insurance, so that on your death you know that there will be money to pay for the care of a dependent. 

If you are planning to get married or buying a house, you may want to start putting your finances in order. A policy can cover mortgage repayments, household bills, school fees, car loans and credit card debts on death.

If you have a job that has an element of risk if may be sensible to have life insurance too. Jobs such as being a firefighter, construction worker, and miner for example carry extra risks that you may want to insure for. 

If you have a hobby that is risky, you may want to consider life insurance. Hobbies like sky diving, scuba diving or rock climbing. You may pay more to insure yourself but the cost could be worth it depending on the risk involved. 

Conclusion

Life insurance is important. If you are considering life insurance get a free life insurance quote for peace of mind. 

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Keeping Your Sparkler Safe: What You Should Know About Insuring Your Jewellery

#AD. In the interest of disclosure and transparency, the syndication of this article has been provided and paid for by FBD Insurance. 

You’ve popped the champagne, toasted with family and friends and you can’t stop staring at your left hand. You’re engaged! The next step – before you even say yes to the dress – is to make sure you protect that glittering diamond and keep it safe for many happy years to come.

For most people, an engagement ring is the single most valuable piece of jewellery they own. So, like your home and car, it’s vital to make sure it’s insured and stored safely. Not sure where to start? We’ve outlined a couple of simple steps to help you on your way.

Call your insurer

engagement ring

Many couples insure an engagement ring under their household insurance, such as the Home, Apartment or Renters' policies with FBD. Most contents cover will include jewellery, but depending on its value, the ring might need to be added as a specified item. It’s important to take the time to go through the details and arrange the right cover for you and your lifestyle. It might also be a good time to evaluate your overall home insurance, especially if you’ve recently renovated, built an extension or purchased new additions for the home. If you’re lucky enough to receive high-value gifts for your engagement or wedding, you’ll want to make sure that these are protected as well, especially if you’re planning on heading off for an exotic honeymoon overseas.

Valuation

GIA diamonds

In the event of a claim, insurance companies will usually ask for supporting documentation, such as the receipt or an original valuation. The jeweller you or your beloved purchased the ring from will often provide a valuation without charge. If not, the price depends on the value of the ring, and can usually be negotiated. You should choose a reputable jeweller with proper accreditations for this task, as you want to ensure you get an accurate valuation you can rely on. It’s important also to keep the original document safe, sending it to the insurance company by registered post and asking for it to be returned when they’re finished their inspection. Some insurers require you to get the ring valued every couple of years, as the value of jewellery, especially diamonds, can fluctuate. You don’t want to be under or over-insured.

Check the fine print

reading

When it comes to special high-value items such as engagement rings, most insurance policies have certain requirements regarding valuation, maintenance and storage. It’s always a good idea to read through the paperwork and ensure you’re covered for all eventualities including loss, destruction or theft. For most people, it makes sense to get cover for outside the home, as well as inside. Rings can sometimes go missing on holidays - they can easily slip off fingers slick with suncream - so you should probably check that it’s insured overseas before you fly. Depending on the value of your ring, you may be required to keep it in a locked safe when not wearing it. Be careful to take note of these little details so that you’re fully covered should the worst happen.

Keeping it safe

ring

We’ve all seen those social media posts about rings lost in swimming pools, shopping centres and even down a lift shaft. You don’t want that to be you, so have a think about how you can keep your beautiful new ring safe as you go about your daily life. There are small changes you can make that’ll help protect your ring, such as using hotel safes on holidays and secure lockers in the gym. Make sure you don’t leave it out on display at home, and it might be a good idea to leave it on while washing your hands - you certainly don’t want to leave it behind, or worse, watch it disappear down the sink! It can be tricky too to make sure it fits properly, depending on how warm or cool your hands are - if it’s a little loose, you should get it resized or even get a ring-guard fitted. Weddingbee has a handy guide to making sure it sits just right on your finger.

Maintenance

exam ring

Depending on your contents cover or your specified item policy, you might find that you need to get a professional jeweller to check the ring’s settings every two years or so: nobody wants that precious diamond to come loose. That’s often a good time to get it cleaned, too, as hand sanitiser, creams and washing-up liquid can build up on jewellery, dulling the sparkling effect of a precious jewel. It’s important you bring your ring to a professional, well-recognised and fully insured jeweller to be cleaned or checked, though, so that it’s in safe hands.

Making sure your engagement ring is protected and insured will help give you the peace of mind you need to enjoy this special time of your life - all you have to do now is send out the invitations, organise the party, and show up on the big day!

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Three Tips For Purchasing Insurance

Most of us have some sort of insurance at any time, whether that is for travel, car, life, home, contents, pet, gadget or mobile insurance. Of course, when you have something valuable it's essential to take insurance coverage out, and this includes life insurance as there is nothing more precious than you. 

 If you are new to buying insurance everything may seem confusing and complicated but there are certain things that apply to most areas of insurance and are important to bear in mind. In this post, I will address three main tips for purchasing any type of insurance.

1. Make sure that you don't over or underinsure


Noone wants to pay more for insurance, but if you are not insured for the right amount it could cause problems. 

 If you overinsure you are paying too much for the coverage and therefore that is money lost in overpaying on the premiums. It's important to remember it's not the price you paid for something that you are insuring for, it's the cost of replacing it. You need to remember this, especially for technology cover as devices are becoming cheaper and the cost of replacing is reducing.  

 If you are underinsured, the insurance company may decide to 'apply average' to a claim. For example, if you underinsure your home and need to claim in a fire, flood or theft a loss adjuster may come to assess your property, if you are underinsured they may only pay a proportion of the value of the items that are lost, and you may not get back the amount you claimed for. 

 A way to ensure you have correctly insured your contents is by doing a contents inventory every year, going through your home, room by room, making note of the items in each room and what it would cost to replace.  Adjust your contents insurance accordingly, taking particular note of expensive items such as jewellery and technology.

 2. Look at the excess

Insurance policies have an excess - the amount they will ask you to pay if and when you need to make a claim. The excess can vary between insurance companies and different types of insurance policies. 

 There are two types of excess - compulsory and voluntary. Compulsory is an excess you have to pay which is determined by the insurer and you don't have a say in the matter, voluntary is an excess you choose to pay, for example, to make premiums lower. 

A compulsory excess is set by the insurer and can be affected by things such as age, medical conditions, experience, type of car etc, depending on the insurance. Voluntary excess can be taken out on top of any compulsory excess. The benefit of this is that insurance premiums can be lower if you have a higher excess, however, you need to weigh up the pros and cons, as if you want to make a claim the excess may be so high it may not be worth making a claim. Only you can decide whether to take out a voluntary excess on an insurance policy.

3. Check and compare policies



Insurance policies vary a lot, so when looking to purchase an insurance policy it's important to compare policies. Don't just compare on price alone, compare on the cover too as the cheapest policy often isn't the best for your needs.

When comparing policies, always get at least three quotes. You could use an insurance broker, your bank, building society, or comparison websites to get quotes, but always remember that no one website, bank, or broker will offer all the policies available. For a more complete picture, it can be helpful to use services like Insurance Hero Brokers, which give you access to a wider range of options to compare. By working with a broker, you can often gain insight into policy details that might not be immediately obvious when using comparison websites. This can be especially useful if you have specific requirements, like tailored cover for high-value items or unusual circumstances.

 When you buy a policy you have a 'cooling-off' period in which to change your mind, so always double-check this amount of time when buying your policy too.

Insurance is vitally important but it can feel like a complicated process when you need to take insurance out. Luckily, companies like https://insuranceadvicebureau.co.uk/ make the process easy. I hope this article has given you some useful information on what to look out for when purchasing insurance and has been a useful guide.

* post in collaboration


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10 Top Tips To Stay Safe On Holiday

As someone who travels a lot, I know how important preparation is and planning is to ensure your safety on holiday. You have to make sure that you have travel insurance, that you research your destination, make a list and check it twice, just like Santa does!

Leading Injury Lawyers, Michael Jefferies Solicitors have conducted a survey to find out just how safety aware us Brits are when we leave the country and the results are in!

Survey Stats:
  • 38% of people are more care-free about their safety when on holiday
  • Over 40% of people have travelled abroad without holiday insurance in the past
  • 20% of people have suffered an incident (accident, sickness or illness) whilst on holiday
  • Over 50% of people wouldn’t know how to make a claim following an incident on holiday that wasn’t their fault
  • 80% of people surveyed haven’t bothered to make a claim following an incident on holiday


Scary isn't it?

With this is mind here are my ten top tips to stay safe on holiday.

Pre-holiday


1. Make a travel checklist. This is essential if you don't want to forget anything. Ensure it covers any visas/injections or essential medication you need for foreign countries. Research your destination, including crime levels and areas to avoid.

2. Buy travel insurance with the correct cover. This is so important in this day and age. If you are travelling to the USA, the medical cover will need to be higher than in Europe, so make sure your cover matches your location and your activities. If you are skiing, doing water sports or extreme sports check you are covered. Annual travel insurance is the best idea if you travel a lot.

3. Pack a first aid kit. You can buy one with everything you need in it from most pharmacies but if you want to make one yourself check out this post by the NHS on what to have in a simple first aid kit.

4. Make your house looked lived in. Put your lights on a timer, or get a neighbour to check on the property. Get your post redirected or ensure someone picks it up if you can. A lived in home is less likely to be burgled. 

5. Don't state exact date of your departure on social media!

On holiday



6. Don't advertise your whereabouts on social media! I know a lot of us do it, but it's worth uploading to Instagram, Facebook and other social sites AFTER the holiday not during.

7. Keep your money and valuables in a hotel safe and only keep what you need on you for that day when you are out and about. In fact, don't take your valuables on holiday if you can help it. Your insurance may only cover individual items up to a certain amount so check the details and keep the expensive jewellery at home.

8. Be wary of unsafe locations and pickpockets, ask the concierge or hotel staff if you are not sure, or Google it.

9. If unsure about the water use bottled water and only eat food that is freshly cooked. Salads should be avoided in these circumstances as salad leaves could be washed in tap water.

10. Make sure you have your travel insurance details at hand if you have to claim. It's important to know if something happens, what circumstances you can claim for, and the process of actually making a claim. If you are robbed you usually have to report this to the police as soon as possible. 

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Have you had a robbery or a hazard on holiday that wasn’t your fault? Or maybe you’ve got your travel preparation down to a fine art? Follow the campaign on social with Jefferies Solicitors and the hashtag #HolidayHazards.  

*PR collaboration

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Providing For The Future For Your Children

The Modern Role Of Dads

Much has been written about the importance of mums in a child's life, we are amazing after all! Yet much less is written about the importance of a dad in a child's life relating to how much they do around the home and the hands on care they give to their children. Where both parents are around to support, care and look after their offspring, whether they are living together or not, the role of the modern dad is bigger than ever. 
Dads Often Share Childcare As Well As Chores These Days -Copyright Halfpoint Shutterstock

Legal and General have carried out a piece of research that says that dads are worth over £20,000 a year for the unpaid childcare and household tasks they do. You may say, well yes, mums are worth that too or even more, however the point I want to make is, that it is worth considering how you would cope financially if the dad of a household was taken critically ill or something even worse happened. In fact, for that matter how would you cope financially if this happened to the mum of a household?



Map of dads contributions to their household in childcare and chores

Years ago dads had more traditional roles. In the 40's and 50's it was rare to find men helping with the household chores but today many dads do. Dads have always loved playing with their children but traditionally never changed a nappy, yet many dads today have done this not so pleasant task, as well as the shopping, cooking, cleaning and ironing on a regular basis.

 After the birth of a child, couples can also share up to 12 months leave between them, and although mums generally have more time off, dads are now taking a bigger role in the early life of their children. If you have children, and are living with a partner just think about how you would manage if they were taken ill. It doesn't bear thinking about does it?

Of course many women work these days and many dads look after children when they spouse is working. Between 1948 and 2001, the percentage of working age women employed or looking for work nearly doubled - from less than 33 percent to more than 60 percent.  Jobs today are not traditionally 9 to 5 either with many parents working shifts to provide for their children and dads often look after their children when mum is working. 

So how much time do dads spend with their children and on household chores every week? The answer is 47.5 hours a week compared to mums 65.5 hours a week on average.

Providing For The Future

Copyright Pichetw Shutterstock 

In the research by Legal and General, when asked to prioritise certain statement related to finances, the one that came out on top in the research was 'making sure the children are financially looked after if you weren't able to'. However only 55% of dads surveyed in this research had any type of life insurance.

Life insurance can be bought by mums as well as dads and cover can start at a little over a pound a week, which is affordable and something to seriously consider if you have children. Getting life insurance means there is one less worry in your life, one less thing to think about, and means you are sorted financially if the worst happens.

Tell me, was your dad a modern dad? Have you considered life insurance?

* I was compensated for this post, all words and opinions are my own. Please be aware that life assurance is not a savings or investment product and has no cash value unless a valid claim is made
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