Insurance World

Life Insurance is a topic that is scarcely pleasant, but incredibly important. Individuals who find themselves in a situation where they are left without life insurance often have major financial difficulties, in addition to the mental ones they are experiencing. Life insurance is set to provide your loved ones with money needed to cover any final expenses and recover from your loss without going into debt or experiencing financial hardship.

It is difficult to say how much life insurance is enough since the ideal amount varies for each individual. Many individuals grossly underestimate the necessary amount for their life insurance and are upset at the outcome. Remember, it is always better to have too much life insurance than too little.

This life insurance acts a survivor for the family whose only bread earner dies. However it should be made sure that the amount is enough to last long and not just a year. It is advisable that the families should even pool in money for the insurance policy, as no one would want a situation like this to occur.

The best way to know the actual amount of life insurance needed is to analyze your ongoing bills and debts. Enlist all your expenses, be it the car payment, mortgage loan, credit card debt or even student loan amount. In this list of expenses make sure that you include any other expenses you think that need to be accounted for.

Many stay at home spouses make a serious mistake when they choose not to take out a life insurance policy. Just as wish a working spouse, any non working spouse should have a policy of the appropriate amount. Although you may not add monetarily to the family’s income, your services and work are extremely important. When calculating how much a non working spouse should have, be sure to estimate covering cleaning, laundry, cooking, childcare, and any other services he or she provides.

The best time to purchase life insurance is now. If you take out a life insurance while you are still young you will get a better rate than you would get at an older age. As you grow older the rates of life insurance soar. Moreover, it’s best to purchase a life insurance before you are diagnosed with any potentially harmful medical condition and be left in the cold.

Age should not be of consideration while investing in life insurance. The idea behind insurance is to shelter them from the troubles pertaining to finances. Although the loss of a loved one is irreparable, there would be one satisfaction that the family wouldn’t suffer from any financial losses. You can talk with the licensed insurance provider to assist you with the plans that are in accordance with your requirements. Thus secure the future of your loved ones by getting yourself insured.

…swiftcover.com reveals the ‘famous five’ excuses for travel without insurance
Last year, around 2.5 million Britons put themselves at risk, and travelled abroad without arranging travel insurance1. But, according to a study by swiftcover.com, the UK’s first and only 100% online insurer, it is merely false conceptions about the level of insurance cover provided by other sources, cost and a dash of ignorance that has led holidaymakers to take these risks when away from home2.

“I have cover elsewhere”
Over a fifth of people (21%) believe that the cover they have as either part of their home insurance or their bank’s current account deal is adequate to insure them when on holiday. However, this is rarely the case.

Home insurance policies do not always cover medical expenses whilst abroad, will not pay out for a cancelled trip and do not always cover personal possessions when away from home. Even with an ‘all risks’ level of cover on a household policy, where it is possible to claim for items that are lost, stolen or damaged abroad, this often impacts on the policy’s no claims discount and will discourage people from doing so.

Similarly, the travel insurance provided by banks can often be exclusive, covering medical expenses only and requiring their customers to pay an additional premium to upgrade their policy. swiftcover.com therefore urges the consumer to read the small print, and ensure they have sufficient cover for their needs.

“The European Health Information Card (EHIC) gives me sufficient cover”
Nearly 5.7 million (13%) deem this to be true – but it is not. Indeed, whilst the EHIC (formerly known as the E111 form), does cover admission to public hospitals and some medical costs, it will not stretch to repatriation costs or treatment costs in private clinics3.

“I don’t think I am likely to claim”
Almost 8.5 million (19%) people have adopted the ‘it’ll never happen to me attitude’ and choose not to purchase travel insurance as they simply don’t believe the worst will happen. Sadly, this is not the reality. Last year alone, over 850,000 travel insurance claims were made, spanning accidents, ill-health, curtailment or cancellation of a trip and the loss or damage of possessions4.

“It’s too expensive”
Over 6.6 million people (15%) refuse to travel with insurance as they believe the cost is too great. Travel insurance can be bought for just a few pounds - it’s just a case of shopping around. Whereas some tour operators and travel agents may offer overpriced premiums as part of a package deal, buying direct from a travel insurer almost always works out cheaper. swiftcover.com offers good value, comprehensive cover from as little as Ј5 – a two week holiday to Spain, for example, can cost as little as Ј10 per person.

“I sometimes forget”
The excuse for nearly one in ten (8%) Brits is that they simply forget. But this can be redressed with ease by purchasing an annual worldwide policy – covering you for all your holidays, short breaks and business trips wherever you go. swiftcover.com offers an Annual Worldwide policies starting at Ј43 for a Premier level of cover.

Robin Reames, Claims Director at swiftcover.com comments: “British holidaymakers should think twice before travelling without adequate insurance. The facts speak for themselves and shouldn’t be ignored. Travel insurance can be purchased quickly and with ease online. By cutting out the call centre, swiftcover.com is able to offer some of the cheapest premiums on the market”