INSURANCE

Wednesday, March 12, 2008

Get for More Insurance

Keyman Insurance - Protect Yourself Against Your Biggest Businesses Risks

By: Michael Challiner
As a businessman you might have public liability insurance and you insure your buildings, stock and vehicles. You may even have professional indemnity insurance and legal cost insurance. Is that all? What about your other primary assets - your key staff? Key staff represent the heart of every businesses but no more so than the UK's 3.9 million small, often family, businesses that have up to 4 employees. Prolonged absence through serious illness or even death can be terminal for some of these enterprises. The risks are the same for limited companies, a partnerships and sole traders. In this context Keyman Insurance is a must. Keyman Insurance represents a group of insurance plans all designed to financially protect business from the affects of prolonged illness or even death of staff who are central to the prosperity of the business. The insurance can't replace people but it can provide cash to buy time and cover the costs of temporary staff, recruitment, loss of profits or provide a cash injection. The insurance falls into four categories - insurance to help your business recover during the extended period when your key personnel are unable to work or to train or recruit a replacement, insurance to protect profits, insurance to protect shareholders or partnership interests, and insurance for anyone involved in guaranteeing businesses loans or banking facilities. Keyman Insurance on those who are central to your business.Who are your key people? They are the ones who steer, create and drive your business. The people without whom your business would lose sales and profits or without whom even the basic viability of your business would be shaken. Look at the Directors, Partners, owners and beyond. Consider the roles of senior managers in sales, technical development and operations - the roles will change in every business but the candidates are sure to jump out at you. Insuring these people will provide the extra cash needed to take on temporary staff or recruit and train a replacement. Keyman Insurance to protect your Profits.The effect of losing key staff goes well beyond simply the cost of their salaries and the cost of replacement. As they're central to the businesses prosperity, their loss will knock on to the bottom line. You can insure for loss of profits too! Keyman Insurance to protect Shareholders or Partners.Here we are talking about insurance to protect interests in the event of long-term illness or death. Families may want to sell their stake in the business but the remaining members in the business may not want those stakes held by newcomers. Keyman insurance schemes can be implemented which provide the necessary finance to buy the shares from the original shareholders or their estate. Keyman Insurance insuring those who provide personal guarantees.When a business takes out a loan or raises bank finance the lender is quite likely to require a personal guarantee or a charge on their personal property. This especially applies to small and new businesses. So what happens if these guarantors become seriously ill or die? The lenders may well be in a position to call in the loan. What happens then? Again, Keyman Insurance is the answer. Insurance can be structured to pay-off the loan and thus free the business and the guarantor's family, from major worry. Most of the UK's leading insurance companies offer Keyman Insurance as a development of their Life and Critical Illness Insurance interests. They have all the necessary paperwork available to implement the cover you need and ensure the taxman is kept at bay. So, can your business afford to ignore Keyman Insurance? You'll be either a brave or foolish man to say NO!

Life Insurance - Smokers and Overweights Pay Over 50% More!

By: Michael Challiner
The life insurance industry is becoming tougher on smokers and those of us who are overweight.
When an insurance company calculates its premiums, it has to work out the risk of you dying whilst the policy is in force. (Or with Critical Illness Insurance, the risk that you will become critically or seriously ill during the policy's term.) In this context, smoking and obesity have become increasingly important issues.
The life insurance industry pointedly ignores the views of some Pro Smoking Pressure Groups which argue that smokers under the age of 40 have around the same probability of dieing as non smokers. David Pickett, Life Insurance Manager at Sainsbury's spoke for the insurance industry when he confirmed "Health risks associated with smoking can have a big effect on life cover costs. It is vital for those who have kicked the habit to review their policies".
Just how big an effect smoking has on life insurance costs was highlighted in a recent snapshot study by www.express-life-insurance.co.uk. This found that the average smoker paid 56% more than a non-smoker. The study was based on nine of the UK's top insurance companies and examined the premiums quoted for two men aged 30 asking for £100,000 cover over 25 years. The only difference between the application details was that one was a smoker and the other wasn't.
The life insurance industry has also recently tightened its belt on the overweight members of society. Previously, only people with a Body Mass Index of 33 or more were considered as overweight. This level has now been reduced by 16%. Now anyone with a BMI of 28 or more is likely to face premiums loaded by 50%. If you're anxious to know whether that includes you, you'll need a calculator! BMI is calculated by dividing your weight in kilos by your height in meters and the result squared.
So if you're intending to apply for life insurance is may be as well to loose a few pounds first - oops kilos - and they're much harder to lose than pounds!
It's not quite so straightforward for smokers. To qualify as a non-smoker, most insurance companies insist that you must not have "smoked or otherwise consumed any form of nicotine products during the previous 12 months." Indeed, some companies go further and extend the qualifying period to 5 years!
Because premiums for smokers and chubbies are so high, it becomes even more important to seek out the cheapest possible prices. As you're an internet surfer, the odds are you'll land a good discount. Just search for cheap life insurance and let your fingers do the walking!! You'll still pay more but the discount will soften the impact on the wallet. Expect online savings of 10% - 15%.

Buying Life Insurance Over the Telephone the Safe and Easy Way

By: Eric Osman
WHY WOULD I BUY LIFE INSURANCE OVER THE TELEPHONE?Buying life insurance will never be exciting; however, it is becoming much easier and more convenient now that many companies are willing to allow their lowest cost products to be sold over the telephone. As a consumer you have the opportunity to deal with a real, and normally knowledgeable, representative who can provide you rates and information within minutes. There is no longer the need to have an agent come to your home and spend hours trying to sell you something that won't fit into your budget. If you choose an agency that uses software designed to compare most the products available in your state, you will combine convenience with the lowest possible rate you are eligible for.IS IT SAFE?Yes, if you use common sense.Applying for life insurance requires you to provide sensitive and personal information to the insurance company that will issue your policy. Use common sense in deciding with whom you share your Social Security Number, Date of Birth, and Driver's License Number with. Here are some indicators that you are dealing with professionals:• Have the people you have spoken with acted in a knowledgeable and professional manner?• Have they asked you about your medical and personal habits history before they quoted you a rate?• Have they clearly explained the application process and the procedures you must follow to obtain a policy at or near the rate you were quoted? • Have they clearly explained that your policy may not pay a claim if you do not provide accurate answers on the application?If the answer to all of the questions above is yes, then you have reason to be confident that you have made the right choice; however, if you have any lingering doubts there are a few more qualifiers you can look for:• Have you been instructed to make your check payable to the insurance company and NOT the agent or agency?• Have you contacted your state insurance department to confirm that the insurance company (NOT the agent or agency) is licensed to do business in your state?• How did you find this company? Did they send you something in the mail; did you find their web site?Again, if the answers are yes then you have found a winner. Let's face it: Very few crooks act like professionals.HOW DO I FIND INSURANCE OVER THE TELEPHONE?The internet has become the choice of many for fast and easy information. Type "Insurance by Telephone" or similar key words in the search field of your Internet Browser and you will get many pages of links to chose from. Look for toll free or other telephone numbers and begin calling. Ignore the sites that have only forms to submit your information. Most of them will have insurance calling you in an attempt to set up a visit to your home.HOW DO I GET THE BEST RATE?Finding the lowest rate that you qualify for is more about what you shouldn't do than what you should. Here is a list of things you should not do if you want to pay the lowest arte you are eligible for:DO NOT provide false information about your health or personal habits during the quote or application process. Life and disability insurance rates are based on your actual health and personal habits, not on what you would like them to be. State insurance regulations require insurance companies to issue a policy at the rate you qualify for. There are no exceptions! This means you cannot negotiate, ask for a discount, or provide false information in the hope that you will get a better rate. Be honest during the process and you will receive the best rate offered by that company.DO NOT deal with any agency that does not use rate comparison software to develop a quote. This new technology allows for the comparison of literally hundreds of different companies in order to provide you the best rate you are eligible for as long as you answer each qualifying question as accurately as possible. For example: five (5) pounds of weight might make the difference whether Company A or Company B is the cheapest. Give the representative the truth and they will find you the lowest rate. DO NOT believe you are entitled to, or will receive, a discount or special price from anyone. Any licensed agent making such an offer is violating state insurance law. YOU ARE NOT AN EXCEPTION! Consider this: normally only greedy people get conned.DO NOT delude yourself into thinking that a referral from your CPA, broker, lawyer, tax person, or a friend will get you the lowest rate. Remember, the object is to pay the lowest rate, not subsidize someone's drinking buddy. As previously stated, there are no discounts. You will have to decide whether to do business with anyone that considers violating the law to be an acceptable business practice. If you want to do business with a referral, use the qualifiers detailed earlier in this article. If the referred agent passes those standards, you should receive a competitive quote.SUMMARYIt is now possible to make an unpleasant task easier and less expensive. If you combine the tools listed above and a little common sense, you have reason to be confident that you have paid the lowest rate you are eligible for.

Elements of Auto Insurance Contracts

By: stefano sandano
Before signing an auto insurance contract, we are involved in understanding some basic terms related to the car insurance policy.The phrase "your covered auto" also applies to several other particular circumstances. Usually, physical damage coverage will apply to newly acquired vehicles (whether additional or replacement vehicles) only if you request the coverage within 30 days of the acquisition. However, liability coverage for a replacement vehicle is automatically provided until the end of the policy period.The liberalization clause states that if the insurance company makes a change to its policy form which provides broader coverage without a premium charge (for example, if it drops a policy exclusion), that change will automatically apply to your policy on the date the change goes into effect in the insured's state. This simply eliminates the need of the insurance company to endorse all existing policies when coverage is expanded without a change in premium.Cancellation is an important issue. In most states, the reasons for which an insurance company is permitted to cancel a policy are limited-if the policy has been in effect for at least 60 days or is a renewal policy.The general agreement is a very brief statement. It means simply that all of the remaining provisions of the contract (the policy terms) apply. The reason that the general agreement is so brief is that each coverage section contains a much more detailed insuring agreement.Exclusions involve some of the most heated-and most often litigated-disputes over insurance language.Some exclusions exist simply to remove coverage for above-average risk factors which are not anticipated in average rates and premiums, and that the coverage is often available for an additional charge.This is the case with respect to audio, visual and data equipment and the tapes, records, and other media used with such equipment. The basic policy form excludes coverage because these are items of value which have an above-average exposure to theft losses (they are easily removed and are often targets for thieves).On the other hand, some people want specific drivers excluded from coverage. These special exclusions have become increasingly common in recent years. Liability is probably the most important kind of automobile insurance. It covers moneys owed when one automobile driver causes bodily injury to another person or damage to another person's property.Injury or damage suffered by a driver who causes an accident is not a matter of legal liability. Being liable means being legally responsible for damages suffered by a third party (someone other than the driver or owner of the vehicle).If a driver who causes injury or damage suffered by another person can be shown to be at fault, that driver may be held liable for the accident.In other words, if one driver is liable for an accident, then the other party may be entitled to compensation for injuries or damage or both. Compensation may be in the form of money paid to the injured party for tangible damages (such as a medical bill or the cost to repair a damaged vehicle) and/or money paid for intangible damages (such as pain and suffering).

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Thursday, September 18, 2008

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Wednesday, March 12, 2008

Get for More Insurance

Keyman Insurance - Protect Yourself Against Your Biggest Businesses Risks

Life Insurance - Smokers and Overweights Pay Over 50% More!

Buying Life Insurance Over the Telephone the Safe and Easy Way

Elements of Auto Insurance Contracts

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