Category Archives: Insurance

Provisional Driver Insurance: Get the Facts Straight

Driving is exciting and adventurous for the learner drivers. Similarly, when you will first learn to drive your own vehicle on the public roads, you must possess a provisional driving license. If anyone wants to drive your vehicle, then you can hire a provisional driver. Provisional drivers are allowed to drive the vehicle along with an accompanied person. Insurance companies impose high premium on the provisional drivers as they are considered to be accident prone. In this article we will delve deeper into the details and the prospects of provisional driver insurance.

Advantages of purchasing car insurance for provisional driver insurance

You can enjoy and avail a number of facilities after purchasing insurance for the provisional drivers. In some of the cases, this type of insurance permits the learners to build up a no-claims discount. After passing through your driving test, it will eventually cut the costs of a standard policy. The insurance will also help you to guard the no-claims discount of the policy.

Also if you add the learner driver’s name as a named driver then it will lead to discounts. Under such circumstances, if the learner driver meets with an accident, one which has taken place in his in parent’s vehicle for instance, then they can demand coverage on the main policy, keeping the no-claim discount unaffected.

Apart from the advantages there are also various steps to minimize the cost of the provisional driver insurance. Check them out they are given below.
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Relevant Life Legislation: How it Helps Small Businesses

Shareholders or for that matter employers of small companies can face quite a critical situation in case one of them suffers an untimely death. In case there are 3 shareholders with small amounts of shares in the company and if one of them dies the other two are left in a fix as they either have to pay the share contributed by the deceased earlier, to his family or else invite someone from the family with no prior experience, to join the business as one of the shareholders. Moreover small company directors had also been saddled with tax issues while dealing with life insurance coverage as they were taxed on the same if it was paid from the business account. If the coverage was paid from the employer’s own account it would probably be a paid from an income earned post tax. Smaller companies have had to consistently deal with these kinds of problems owing to the fact that they could not even avail the tax benefits from group insurance schemes, like the larger companies do.

The introduction of Relevant Life Legislation however has changed things for better for these small company employers. In fact a Relevant Life Policy is only available to small companies having more than five employees. But as per the legislation the company cannot have a large number of employees as they can qualify for the group insurance scheme.

Owners of the Limited companies can avail the Relevant Life Policy when they want to set up a death in service benefit for their employees.

The company pays the premium and as there is no benefit in kind charge, the premiums thus paid are exempt from tax restrictions. Moreover a discretionary trust is set up with the families of employees named as beneficiaries.

Other advantages of Relevant Life Legislation

  • The premiums are not subject National Insurance for employees
  • If you are able to establish the Relevant Life Insurance as your business expenses then you might as well be entitled to tax relief
  • It is particularly advantageous for people in the high income group as they don’t want to attach it to their Pension Allowance

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What are the Most Common Home Insurance Mistakes?

Whilst it has become commonly accepted that home insurance is a necessity for those who want to ensure that their house is protected, it has become a potentially “tough nut” to crack for those without experience…

Perhaps the main reason for this stems from the fact that many home owners want to spend as little time as possible searching for an insurance quote; after all, it is hardly the most thrilling of prospects! However, as with most other things in life – if it is worth doing it is worth doing right!

There are some great incentives to not skimp when it comes to getting the most from your home insurance; the biggest of these being that you could in fact end up with a policy that is not at all suited to your needs, thereby making it virtually redundant and giving you no practical protection whatsoever!

Fortunately, it is well known that there are several common areas of home insurance that tend to be the most overlooked when it comes to getting the best from a home insurance quote:

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Undervalued contents

Perhaps the easiest area to overlook when it comes to getting a great quote on home insurance is the value of yours home’s contents. Whilst many home owners tend to have a “pretty good idea” of what the value their contents is, a great deal more will drastically underestimate the true value of many of their possessions. A great tip for getting to the root of this particular problem is to ask the following question: “how much would it cost to replace these items?”

By sidestepping the traditional approach of trying to estimate the monetary value of the items without real-world grounding, it becomes a great deal easier to ensure that you know exactly what your home is worth to you!
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The Impacts of Smoking on Your Life Insurance

Smokers have been attacked from all directions in recent years but there was a time when the best carriages on trains were reserved for smokers. There were smoking lounges in the best hotels. People who smoked were not just cool, they were the pace setters. There were even spittoons in public places where you could spit out your tobacco after chewing it. This is not the case anymore as today’s smokers are increasingly being treated as outcasts. Why has this dramatic change in attitude occurred? It was found that smokers died earlier than those who didn’t smoke and life insurance companies were one of the first organisations to act on this information.

Life insurance companies survive on the basis of being able to forecast accurately how long the majority of their policy holders will live. They base their premiums on this assumption and if they get it wrong their profitability falls. The only way they can get back on top again is to raise their premiums. However, to the benefit of non-smokers, when it was universally accepted that smokers generally died earlier than non-smokers, it was only the smokers who were made to pay for the extra risk they were carrying.

This is why it is so important that a smoker can not be allowed to fraudulently state they don’t smoke when applying for life insurance when in actual fact they do. If an over-abundance of policy holders did this the future viability of the insurance company itself would be challenged. If that happened thousands of policy holders, if not hundreds of thousands of policy holders, would run the risk of not having their beneficiaries paid should they die while legitimately covered.
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5 Things You Didn’t Know About Income Protection Insurance

Income protection insurance is a vitally important cover, especially if you are self employed. It is insurance you will need to take out in order to protect yourself and your family against a loss of income should you become ill or injured and unable to work for any extended period. Such insurance will normally give you a monthly income that equates to 75 percent of your average earnings. It will ensure these payments are continued until you are able to return to work, or if you incapacity is prolonged, the payments will continue until you reach the age of 65 years, depending on what type of work you were originally employed to do.

income protection insurance

Income protection insurance is an insurance which will allow you to continue to pay off your home, if you have a mortgage, or keep paying the rent if you are renting accommodation. It will also guarantee that you are able to continue feeding yourself and your family and that you can keep up with your day to day living expenses during times of enforced inactivity.

Income protection insurance will keep you financially independent and allow you to hold your head high in times of adversity. Without such assistance you could end up becoming destitute and living on handouts from family, friends, or even charitable institutions. However, there remains some aspects of income protection insurance that you may not be aware of, such as the following:
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Top 5 Ways to Save Money on Your Life Insurance

There are a lot of ways you can save money in your everyday life, but if you tried to do all of them you’d find you lose out on a lot of what makes life interesting and fun. Therefore, rather than trying to follow all of the money saving tips you are bombarded with, consider these top 5 tips for saving on your life insurance policy:

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1 – It’s about who you are and who you want to be

You may not think that your insurance company cares terribly much about who you are, but they do, they want you to be the best that you can be, because they don’t want to pay out your insurance policy any more than you want to die. Therefore, when there are easy things which are within your control to change such as your diet, quitting smoking and losing weight, then why not be the best person you can be, and save on your insurance premiums at the same time.

Some insurance companies will also look at your credit report to determine your policy amount and premiums. For example, if you have bad credit then you are a higher risk for the insurance company because you are more likely to default on your premiums. In some cases you can even be denied insurance if you have a bad credit report, so find out what credit reporting agencies are saying about you and request a free copy of your credit history. Often there are unpaid bills registered which you didn’t even know about, and you can instead have them fixed, and repair your credit right away.
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