The Life Insurance Shop

December 4, 2009

You Are Gay And Need Life Insurance

Filed under: Life Insurance — Tags: , , , — admin @ 3:27 pm

You are possibily going to want life insurance cover if you wish to insure your health or your income should you happen to be sick and unable to work – something which is predominatly imperative for single people or those with children, in addition to a similar-sex partner.

Besides there are episodes, like buying a house, when life assurance may be called for.

Insurers may wish to know if you are gay. They will insist that you complete an application questionnaire which would necessitate details on whether your live-in partner is in the homosexual grouping.

The enquiry may not be instant but the insurance company will later on send out an intrusive document on lifestyle.

It would be a mistake not to disclose information or to provide false details but this would only serve to invalidate your insurance and is therefore a very bad idea. Besides, this may produce significant difficulties if you decide to better your premium and approach other insurance companies for a quote.

Once the application document has been completed, you could then be requested to endure a blood test to find out if you are Human Immunodeficiency Virus (HIV) positive. There isn’t any predetermined rules on testing and insurers are reasonably hit and miss in their selection process.

If your test for HIV proves positive, it will be problematic to buy products linked to life insurance. Purely by having the blood test alone can result in a refusal of cover by some insurance companies, even if the test result is negative.

Althouth you pass all the relevant tests satisfactorily various insurance companies will in spite of everything double or treble your monthly payments. A lot of companies will be adamant that they want Human Immunodeficiency Virus (HIV)  testing for homosexual men who apply for income payment protection policies or critical illness policies although neither would pay out for an Human Immunodeficiency Virus (HIV) related claim.

Richard Meyer, of Carvosso & Co, a financial adviser based in Chester, says: ‘It’s  horrible knowing the insurer can claim ownership to some of your blood when all you want is quotes for mortgage cover.” Unsurprisingly the test can be distressing.

He suggests that you take the test on your terms prior to going to  an insurer. To avoid life assurance companies being allowed admittance to sections of your medical records, some people advocate obtaing drug or STD treatment at secret medical centres which are to be found in almost every city or town. The National Aids Helpline or the Carrington and Parr Trust will be able to assist you in locating the right one.

There is currently an agreement among The ABI  and The British Medical Association (BMA) whereby the medical profession should not be asked to give details on Sexually Transmitted Infections and negative Human Immunodeficiency Virus  tests. New procedures will make the risk assessment agreed to by insurance more modern by ensuring that careful sexual behaviour, sooner than sexuality, is the criterion.

Even though it might be quite a while before new guidelines are completely implemented, gay applicants can normally still obtain the insurance cover they necessitate even in the present system. Independent financial professionals, focusing in gay finance can generally find insurance cover without   testing and on nearly the same requisites that apply to heterosexual applicants.

If you are heterosexual and looking for a good deal, shopping on-line could well generate some of the cheapest quotations.

November 20, 2009

Worried About Dementia – Take Cover

Filed under: Life Insurance, critical illness insurance — Tags: , , , — admin @ 4:19 pm

Summary
Alzheimer’s has now been revealed as one of  the most common critical illnesses. The sum total of dementia sufferers in the United Kingdom is projected to scale up to above 1,000,000 by 2025. Medical care can be costly but it’s very important to be certain that you are aware of precisely what is covered and what is excluded  in the insurance policy offered by different insurance companies.

LifeSearch, the protection and independent life insurance specialist is recommending clients to cover themselves against the cost of continuing medical care for Alzheimer’s and other forms of dementia.

In Great Britain, more than 700,000 people have mental illness, a figure that is anticipated to grow to over 1,2000,000 by 2024. The Association of British Insurers’ now rates Alzheimer’s as a very virulent critical illness is one that must be incorporated into the insurance policies. Insurance companies must use this guide.  Eric Binns, Director of protection strategy at Simply Life cover claims that you may be deemed at high risk if one of your parents is diagnosed with the disease but that does not automatically say you will be refused insurance cover completely. That’s where you’ll find the best life insurance online.

‘One of the main considerations is not just what your parents suffered from, but at what age they were when they were diagnosed with the illness If your parent developed a disease in their 40’s, and when you take out your insurance you are also in your 30’s, then your insurer would picture you as much more of a gamble. But generally, the individual circumstances of your own health will dictate whether or not a family record of any specific illness would have a consequence on the cost of your insurance cover.

On the other hand, if you have a spouse and dependants and a rather large amount of debt in the shape of a mortgage, then you need to give some attention to what could occur and what the possible cost of being without a salary might be. Congratulations, you’ve found the best life insurance deals online including the mortgage life insurance online. All critical illness policies have to cover 23 core conditions which are dictated by the The Association of British Insurers’ This includes seven of the most likely diseases or treatments (heart attacks, open heart surgery, kidney failure, certain types of cancer, multiple sclerosis, strokes and major organ transplants). Any other sicknesses will be set by the insurer.

Tescofinance’s head of protection, Sheila Reins suggestsinsurance companies like Aviva and Axa as their cover is broader than the The Association of British Insurer enforce (they each cover about 26 illnesses).

PPP covers more thanthirty five conditions, yet openly affirms which  Association of British Insurer defined diseases it will add in (for instance, it will just cover insulin-dependent diabetes if diagnosed above the age of 45). Patrick says it is a superb policy if you are seeking extra benefits like advice and counselling on keeping yourself  healthy. Provider Standard Life offers a ‘Helping Hand’ service, which gives therapists, specialist nurses and family support to all its policyholders.

Prudential offers ’serious illness’ protection, which gives small payouts for minor issues that are not usually covered on other critical illness insurances.It is about to introduce a new policy in a couple of weeks which it guarantees will ‘update the critical illness Insurance Market’.

October 1, 2009

Protection Insurance Vital, Illness Critical

Filed under: Life Insurance, Protection Insurance, critical illness insurance — Tags: , , — admin @ 2:25 pm

Summary
The benefits offered by life insurance cover are balanced with the benefits of critical illness cover policies (CIC). The reasons why it is advisable to sign up for critical illness cover now.

Ask yourself this question ‘If illness prevented you from working could you afford to pay your monthly commitments?’ The vast majority of us would say ‘No’. So surely we need to consider taking out insurance against unpredictable events. A standard critical illness policy would settle a tax free lump sum if the life insurance policy holder is diagnosed with a potentially life threatening illness. The lump sum can be used in any amount of  ways. For example, you could pay off your mortgage, make alterations to your home to accommodate a wheelchair, or simply settle your bills.

The next few weeks will see a rise in price, so if you don’t have cover at the moment, now is the time to sign up. The cost of life cover has become more affordable over the past twelve years. There are copious reasons why this has happened. To start with the Aids epidemic, which was probable in 1980-1987 never came about and secondly the recovery rate of those undergoing heart attacks and cancer has vastly improved. These facts have made it possible for increased. Protection is often re-evaluated by Insurance Companies, when the number of claims for certified conditions are examined. Following such a review Friends Provident will be modifying premiums soon, with the cost of life insurance falling slightly and the payments for critical illness insurance cover rising. The insurer is powerless to say by how much, as the client’s situation and the sum covered differ from client to client, but the rise should not be huge is forecasting that there could be price rise of between thirty two and fifty two per cent in critical illness premiums over the coming months. It also fears that guaranted premiums may also become unaffordable for many, or even come to an end because of the volatile marketplace.

Swiss Re has said that it will no longer underwrite CIC protection from the end of the year as the cover is costing them too much. So our advice is go online for life assurance cover.

The price of cover has been increased by 2 of the largest high street insurance companies.  A twenty to twenty five per cent risehas just lately been announced by Legal and General and Swiss Life. On the other hand this is small beer compared to the incredible price increases written into the covers now presented by Friends Provident and BUPA, which range between 50 to 60%.

It is feared that this development will be followed by other re-insurers. Guaranteed premiums where the monthly price is held for a specific length of time, typically 12 years, may no more be offered by insurers Insurance Companies.  In future, rates will be re-assessed annually, just like motor and home insurance. The outlay for the consumer will be far greater in the long term. The message is clear. Critical illness Insurance is growing more expensive so purchase it now to gain from guaranteed rates and the comparatively low premiums being given at present. Let us hope that you will never have to claim, but data indicates that more and more of us will.

September 1, 2009

Insurers Enhance Protection Insurance

Filed under: Life Insurance — Tags: , , , — admin @ 10:59 am

Summary
In this article we explain  how Financial Protection Insurance may grow to be more popular
with the insurance companies at long last making constructive steps that should hopefully be successful.

Most experienced and qualified  financial advisors would agree that Financial Protection Insurance is necessary  to a good number of families, whether it may be a  precaution in the event of cover for an accident, loss of employment (especially in the present economic climate), prolonged illness or premature death.

Life Insurance policies are the foundation of all financial assurance for cover for a mortgage or to ensure a lump sum that is not taxable, in the eventuality of death.  Unhappily, a proportion of other Financial Protection Insurance types, do not have the same reliable qualities and have been labelled as being miss-sold.  furthermore, based on what we are now aware, critical illness insurance has suffered owing to astonishing exclusions from insurance policies making it feasible for insurers to reject claims even when they are genuine.

However, a little confidence was re established when Standard Life Cover reported on the conclusion of claims on Critical Illness policies on their 1/2 yearly statistics.

Critical Illness Insurance claims were being declined because customers did not disclose their complete medical history.  As a result Norwich Union  says that in the last six months the number of refused claims has fallen considerably from 6.8% in the last year, to 1.6%.

Why?  We believe, not only Standard Life but all of the insurers, because of harmful public relations, have been placed in a situation whereby they must reduce the number of claims that are rejected. Does this show how forceful the press can be?  Debateable perhaps – you may think we are dubious but we think there are other factors that urged the insurers to make adjustments.  Lately, as a result of bad press, sales of Critical Illness Cover  have declined which in turn has obviously impinged on the insurance company’s profit. This is most likely to have been the vehicle to further change!

Axa, Friends Provident, Norwich Union and Scottish Provident have instigated some prominent alterations expressly designed to reduce their rejection rates. To start with, they silhouette plainly that all health disclosure, however trivial a visit to a Doctor might have been, must be revealed.  Scottish Provident, amongst others will get a Doctor or Nurse to phone every candidate to go through all the particulars of their medical history.  If the policy then goes on risk, a number of policyholders are being told that it is important that they provide full medical disclosure and they are allowed to add or correct any information on their application.

The Insurance Company may then reconsider the risk and if it is thought to be increased the monthly premium will likely be increased – which looks more reasonable and eventually more satisfactory than paying the original payment then having a claim rejected owing to non-disclosure of medical records.

This process should have been taken by the insurers years ago as the public’s understanding of Protection Insurance has eroded by their somewhat strange approach. On a positive note, there is a clear and necessary need for protection insurance so we can hope that it is able to restore faith and then the esteem it duly deserves.

August 27, 2009

Is Critical Illness Insurance As Good As It Implies?

Filed under: Life Insurance — Tags: , , , — admin @ 2:43 pm

A small number of people are covered against severe illnesses even though it may appear at anytime. Unum Provident, the income protection provider, has carried out investigations that reveals only 5.2% of the country’s work force own critical illness cover, even though they will receive a lump sum if they have  a stroke, heart attack or suffer from cancer.

16% of the population think the insurance to be too costly, the survey reveals, which explains the low take up.

Potential clients are also puzzled by the phrasing of policies and the disparity between constant health insurance and critical illness insurance.

A working party put together by the Association of British Insurers, is at this time re-examining the phraseology of policies. The situation could turn out to be even more  perplexing if the  operational party choose to decrease the amount of conditions defined as a critical illness.

Standard Life have introduced a new product called Elixia 123, which it declares reduces the cost of critical illness cover by around 29 per cent and on occasions by as much as 52 per cent.

This will be attained by letting clients to pick the illnesses for which they require cover. There are 3 categories of risk. Group one. Heart attacks, strokes and invasive cancer. The life insurance will only make a settlement if the condition leads to major life style changes or is life threatening.

Category two. Conditions that do not have so much impact on life expectancy but do significantly affect life style. Motor neurone disease, blindness and Alzheimer’s  are included in this category.

Group 3. Illnesses that are harrowing but have little effect on life expectation. Life style adjustments may perhaps be involved. This category protects strokes and minor heart attacks, open heart surgery and less serious types of cancer.

You can choose a mix of categories and your cost is evaluated accordingly. If you can not meet the expense of all of the categories you can simply select category 1  to cover you for life threatening events. You could then ge a 100 per cent  settlement if you are diagnosed with a group one event and nothing in categories two and three.

Maybe you are more apprehensive about prolonged disability, in which case you might decide on a full payment under category two and a lesser percentage for one and three. Customers who desire comprehensive cover can pick the full 100 per cent benefit no matter which group their illness is featured in.

Some people may not understand Critical illness cover is not that expensive so it is prudent to opt for a comprehensive insurance, which will give you peace of mind.

Jennifer Green, the distribution development manager at PruHealth, is concerned about how the jargon is explained. She emphasises that consumers must understand accurately what they are purchasing. For example, when is an illness defined as major? The 1st and the 3rd categories need explanation before taking insurance as there is not much to choose between them in her view. Problems can occur later if the customer has not fully appreciated the terms of the insurance policy when they Moria Jennings.

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