What type of life insurance should I buy ?

By: Tara Tyrrell - October 31st, 2008  Filed under: Life Cover Quotes, life insurance, life insurance cover, life insurance quote, term life insurance

There are many types of life insurance available out there on the market, and with the advent of the internet it has made life insurance more accessible to a lot more people. Prevously you were restricted to your local broker and what contract they had available. You were not to know if this was the best one for you, you simply got what you were given.

With quote engines and such there is the possibility of searching the entire market with a click of a button, this means that you will get the best contract at the best possible prices.

There are two popular forms of life insurance, term life insurance also known as level life insurance and this means that the sum assured in the policy will remain the same throughout the policy term. You can also get mortgage or decreasing life insurance and this is designed to decrease alongside a mortgage or loan that is being repaid over a period of time.

You can match your life insurance to suit your needs.

Tell me about critical illness insurance?

By: lmcweb2 - October 31st, 2008  Filed under: Critical Illness, Review Critical Illness Cover, critical illness cover, critical illness insurance, critical illness quote

Critical illness insurance provides a cash lump sum which is completely tax free to the policyholder after he has claimed for a disease which accurately matches policy definitions. The amount of cover that you can get from critical illness insurance can vary from one company to the other. Also, you need to carry out a good planning in order to decide how much cover you might need in the future. If you have a mortgage or children going to the university or school, then you might consider for a higher coverage amount. It would be wise to safeguard your family from the eventuality of losing your income through illness. In other words, critical illness insurance can provide financial constancy at the most crucial time.

 

At the time you make a claim, your insurers will examine it to see if you are in rule with the stipulations found in your policy. The illness claimed for must appropriately match the definitions found in the critical illness insurance policy; otherwise, your claim will be turned down. This type of refusal is called ‘not meeting policy definitions’. Another cause of denial by critical illness insurance to make a payout is ‘non-disclosure’. A case of non-disclosure can be pointed out when the insured fails to let his insurers aware about his past and present medical conditions. This includes that of his family as well because there might be the presence of hereditary diseases such as cancer, heart attack and stroke among many other illnesses.

 

After a claim is made, the owner of the critical illness insurance policy will have to undergo a waiting period. The waiting phase may usually be around 28 days. In case the insured dies within this period, no benefits at all will be payable by critical illness insurance. If you need benefits in such an event, you have to buy the return of premium rider at the start of the policy. When death takes place, the inheritor will obtain all the premiums that the policyholder had contributed since taking out the critical illness insurance scheme.

What do critical illness providers look for ?

By: lmcweb2 - October 24th, 2008  Filed under: Critical Illness, Review Critical Illness Insurance, critical illness cover, critical illness insurance, critical illness quote

Many people have moved a step forward to find a suitable critical illness insurance plan via the internet. Seeing an increase in the rate of people finding insurance on the internet, many companies started to progress and use this new facility. But this caused a few problems. Many companies which provide critical illness insurance wanted to make the applicants have a medical test to ensure that all applications are legitimate. It would really be discouraging if you find that your claim being rejected or notice a lack of cooperation from your insurers.

 In case you smoke then you could be treated as a high risk prior to making your critical illness application. In fact, even people who had stopped smoking for a couple of years may be considered as high risk by critical illness insurance. As a matter of fact, you might not be allowed protection with some insurers. On the other hand, you may get critical illness insurance but with high premium payment rates. Other companies may even consider some aspects such as your age, sex, health and work among others before they issue you a critical illness insurance scheme. Your premium rates might then fluctuate depending upon the details that you provide.

Critical illness insurance can be very sensative to many things, after all it is one of the most claimed on polices in the protection market. It has far more claims than life insurance as there is a much greater possibility of getting a critical illness than dying. Critical illness insurance can be very expensive in some cases, it is far more expensive than life insurance only as the insurers price risk mainly. Critical illnes plans are a good way of providing a bit of security should anthing bad happen to you and help give family some protection.

Why should i take life insurance ?

By: Tara Tyrrell - October 24th, 2008  Filed under: Life Cover Quotes, life insurance, life insurance cover, life insurance quote, term life insurance

Why is life insurance vital to possess? Possessing life insurance is fundamental in a number of ways. First of all, life insurance awards a cash lump sum which can be useful to ascertain a decent living and to overcome the various obstacles in life. While critical illness insurance gives a living benefit, life insurance offers a death benefit. One might say: what will I do with an insurance whose benefits I cannot enjoy? Well, it is not what most people who have life insurance think. Many individuals tend to buy life insurance to protect their family. So, in different words, the benefits will serve as protection for their family and not for themselves.

When you go out to buy life insurance, your insurers will look at some factors before deciding whether to give you cover or not. Most of the times insurers will consider your age, sex, whether you are a smoker or not and several other aspects. In case you smoke, your premium rate will almost automatically rise as you will be deemed as a high risk by your insurers. You must be wondering why. Smoking can cause lung cancer and heart attack, so your risks of passing away might be much elevated. That is why; you will have to pay higher premiums. You should know that life insurance will not give you the money just like that. They will take a close look at everything before they decide if you are eligible for cover or not.

Nonetheless, many people succeed to buy life insurance as there are products for almost anyone on the market nowadays. In fact, there are even life insurance schemes for people over the age of 50. It is therefore encouraging to see that if you want protection, you might be able to get it even if you are old.

Shall I take reviewable or guaranteed life insurance premiums ?

By: Tara Tyrrell - October 17th, 2008  Filed under: Critical Illness, critical illness and life insurance, critical illness cover, critical illness insurance, critical illness quote, life critical illness, life insurance, term critical illness

There are a few options available for your premium when you decide to take life insurance . Although most of the life insurance only policies will only sell you a guaranteed premium. A guaranteed policy means that the premiums will remain the same for the duration of the contract and never change.

The reviewable ones that are available can change, these are often cheaper at the start of the plan, however they can get more expensive over time. This could transpire to be more expensive however at the end than taking a guaranteed premium

Well how is the policy reviewed you may ask ?  Well this is based upon a number of different factors, the first one being claims experience and the experience over the industy, early cancellation of plans in the industry, how much it has cost to reassure the polcies, tax or changes in legislation over the previous years, investment returns, if andy medical advances have effected things in the last few years and finally but not least the expectation of future claims.

The premium could either go up, down or stay the same depending on what circumstances have occured. So when deciding what policy to take this is an important decision to make, do your research and work out how much you can afford every month. Term and the difference between reviewable and guaranteed prices at the time will obviously be an influence on the final decision you make.

 

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Benign Brain Tumour and Bacterial Meningitis- when does critical illness insurance pays or not?

By: lmcweb2 - October 17th, 2008  Filed under: Critical Illness, critical illness cover, critical illness insurance, critical illness quote

Benign Brain Tumour

A non-malignant tumour or ulcer in the brain, cranial nerves or meninges within the cranium, resulting in permanent neurological shortfall with persevering medical indications.

 

For the above definition, the following are not covered:

 

•         Tumours in the pituitary gland.

 

•         Angiomas.

 

What is it?

A benign tumour is an atypical development of tissue which is not cancerous. The benign tumour can apply pressure on the brain causing severe damage on the neurological capacity of the patient who is then never treated. The surgery can be removed by surgery or other treatment methods might be employed to reduce its size.

 

When would critical illness insurance pay?

Critical illness insurance will provide the cash after the exact confirmation of the damage done to the nervous system by the brain tumour is received.

 

When won’t critical illness insurance pay?

A claim will be rejected and subsequent payout by critical illness insurance will be refused if there is no enduring neurological damage or the tumour or laceration is found elsewhere, for instance, in the pituitary gland. In addition to, Angiomas are not included.

 

Bacterial Meningitis

Bacterial Meningitis which produces swelling of the membranes of the brain or spinal cord that leads to permanent neurological shortfall with continuing medical signs. The identification of bacterial meningitis has to be proven by a Consultant Neurologist.

 

All other forms of meningitis including viral meningitis are not covered for the above mentioned definition.

 

What is it?

Bacterial meningitis can be described as an inflammation of the meninges and the brain. The meninges are casings which serve as enclosure to the brain.

 

When would critical illness insurance pay?

Critical illness insurance will pay after verification of a clear conclusion of a bacterial meningitis by a Consultant Neurologist. For a claim to be successful, evidence of the permanent breakdown of the nervous system which results in permanent neurological or physical disability must be provided.

 

When won’t critical illness insurance pay?

Critical illness insurance will not award the cash lump sum if no permanent neurological disorder or physical disability exists. On the other hand, other forms of meningitis, including viral, are clearly excluded.

Is life insurance the same as critical illness insurance ?

By: Tara Tyrrell - October 9th, 2008  Filed under: life insurance, life insurance cover, life insurance quote, term life insurance

Life insurance and critical illness insurance are very different products. However they can be amalgamated into one comprensive policy that will give total peace of mind.

Life insurance is where an income or a fixed benefit will be paid out if the person covered in the policy dies within the policy term. With this type of policy you also normally get terminal illness insurance included, this is often confused with critical illness insurance but is very different. Terminal illness is when the policy will pay our prior to death if the policy holder is diagnosed with a terminal illness. This allows them chance to sort out any affairs prior to them passing away.

Critical illness is very different this is where a lump sum or an income will be paid out if the policy holder suffers from one of the specified critical illnesses set out in the policy documentation from the outset. There is a much higher chance of suffering from a critical illness opposed to dying thus much more chance of making a claim on this type of policy and critical illness insurance is normally much more expensive than life insurance.

Critical Illness Insurance do I need it ?

By: lmcweb2 - October 8th, 2008  Filed under: Critical Illness, critical illness cover, critical illness insurance, critical illness life insurance, life and critical illness, life critical illness

Critical illness insurance is a type of protection insurance that pays out a lump sum or in some cases income until the term ends if you are diagnosed with a critical illness that meets the policy definition. The policies offered by the different providers vary greatly and is an important decision from the outset to make is which provider to go with. Some of the poorer contracts do have only 27 condtions that the cover you for whereas the better ones have up to 40. Obviously when taking out the contract you want to get as many critical illneses covered as possbile as this will give you a greater chance of getting paid out and making a claim on the contract. As with the majority of protection products the importance of having critical illness insurance doesn’t appear important until making a claim. Bearing this in mind it is important to get the correct amount of cover with the best quality of cover as possible.

So now we know a bit more about critical illness insurance and what is covered, we need to ask ourselves do I need it. Well if you have outstanding liaiblities and a family the answer is yes. The critical illness can prove invaluable to provide that little bit of security in the event of something terrible happening. The insurance will help through what will be a very traumatic time anyway.