National Society

Many people are feeling the pinch as their household budget tightens. When this happens non-essential items tend to be dropped in favour of more affordable or cheaper options. A large number of people may even consider cancelling or not renewing insurance policies that they deem unnecessary, and life insurance may fall into that category. However, cancelling a life insurance policy is not to be recommended.

Life insurance is there so that if anything were to happen to the policyholder their loved ones would be taken care of financially. Losing a loved one cannot be made easier by any amount of financial compensation, but when the household income is reduced, or, if the person who passes away was the sole earner in the house and the income stopped completely, it would cause additional strain where there is already enough heartbreak.

A life insurance policy, even just a small one, can help to cover things not considered in everyday budgeting, such as funeral expenses and solicitor’s costs, which can often run to thousands of pounds, and mortgage repayments if there is no payment protection insurance policy in place. Leaving loved ones without the financial worry a death can bring could cost just a few pounds each month.

Some people may think they are too young to worry about such an eventuality as death, but nothing is definite. The sudden passing of a loved one is already hard enough to cope with without additional financial worries. A life insurance policy is the best way to avoid such a burden.

In the UK, people have the benefit of a healthcare system paid for by general taxation, but for a number of people a health insurance plan is a good way to stay prepared for unforeseen injuries and illnesses.

Health cover ensures that patients can get fast access to the treatment they need.  They can also bypass extensive waiting lists and also gain access to more expensive forms of treatment if they wish. Health insurance is especially important for people with busy lives who cannot afford to take much time off, and for those who are moving into retirement age. For people who simply do not wish to be inconvenienced any more than necessary by illnesses or injury, health insurance is an essential investment.

Health insurance is similar to other types of insurance in that many types are available, and each potential customer is well advised to research the deal that is best for them. The type of health insurance will vary based upon the customer’s individual medical history, as well as other relevant factors, such as any family history of particular diseases such as cancer, or heart disease (which are the two most common killers in western countries). Age is another factor in negotiating health cover – older customers should expect to pay a higher rate for equivalent cover than younger customers. The chance of an older customer having to use their health insurance policy is that much higher, so the insurance cover is more expensive.

Since we have a comprehensive healthcare system that is free at point of entry (though it is paid for by everyone through taxes), many would argue that separate private health insurance is unnecessary. However, good health makes life much more enjoyable, and while the NHS does an excellent job, it cannot completely cater to the individual needs of every person. Health insurance helps to increase the overall quality of life for many and is a great finishing touch to a healthy lifestyle, or a valuable asset for those with recurring issues.

Having a travel insurance policy gives travellers the peace-of-mind that during their holiday or business trip abroad any large extra expenses will be covered. Such unforeseen expenses usually arise through illness or injury.

The cost of medical care can be much pricier abroad than at home and any extra unwelcome expenses due to loss of property, illness or injury can make a holiday much more expensive than was budgeted for, in addition to the stress caused by unforeseen costs, accident, loss or illness.

The coverage provided by the policy determines the premium. Supplementary cover has to be taken out for activities not covered by a normal travel insurance policy, such as winter sports, diving and other dangerous activities. 

Some travel insurance companies offer extra services such as an emergency helpline, should travellers need advice or assistance after an unfortunate incident, such as losing their passport or credit cards, missing their flight or being hospitalised.

As well as helping to cover essential medical costs, and repatriation where necessary, travel insurance can also be helpful in a more practical way. If the insured loses their luggage, travel insurance will cover, up to a certain amount, the cost of replacing what was lost so that the insured can buy new clothes and essentials they may need for their holiday.

Travel insurance may also cover legal expenses, should the insured become involved in court proceedings whilst on holiday.

If the Foreign and Commonwealth Office has imposed an active travel advice on a country where travel might be more risky than usual, travellers are advised to contact their insurer to find out whether there are any exclusions imposed and if their travel insurance is still valid.

For any company, whether large or small, or profit or charity based, having public liability insurance is a vital requirement.  Such financial protection can make the difference between bankrupty and staying afloat should a claim be filed that results in large amounts of compensation and legal costs. For any business requiring protection against financial ruin in the modern day, having such an insurance policy is paramount.

Public liability insurance’s main mandate is to financially protect firms should a member of the public be hurt, or even killed, through the actions, or inaction of employees. This could be by direct intervention of a company employee or through negligence, such as leaving wires in a public place that a third party then trips over, causing an injury.

With modern day accountability seeing a significant rise, more people than ever seek to get compensation if they have an accident where someone else is to blame.  For those companies that want to ensure that they can continue operating should the worst happen, public liability insurance should be the number one priority.

There are plenty of different travel insurance policies you can pick from.  Depending on the duration, number of people and the coverage, travel insurance is simple to assess and very handy for holidays, business trips or any overseas adventure. 

Travel insurance can be annual or single trip.  The single trip travel insurance is for one journey, while the annual is multi-trip.  The annual insurance provides coverage for the whole year, for all your trips and is convenient if you travel a lot or do not like to go through the whole process of arranging insurance every time when you go away.  Different annual travel policies also offer different coverage – some offer for the whole trip, and some will only cover the first 21, 35 or 45 days of each trip. 

Once you choose annual or single travel insurance, you may want to consider how many people will travel with you.  Is it only you, or your spouse and children as well?  Instead of buying a policy for each person, it is cheaper and easier to get family travel insurance.  Check different policies – how many children are included, are there discounts for bigger families?  If you are a single parent, you might be able to get a special offer.  However, any child over 18 years old will need individual insurance, and will be treated as an adult. 

In case you are a business traveller, there are plenty of good business travel policies to choose from.  Most of them are annual and offer coverage for laptops and other office-related equipment.  That type of insurance is very specific for business trips, so most of the insurance companies offer colleague replacement cover – your colleague can go instead of you, if you are unable to go for some reason. 

People over 65 are often a neglected category when it comes to travel insurance, since they have been categorised as “higher risk”.  However, the number of travelling retired people is huge – and there are plenty of good travel insurance policies for them as well, including bigger allowances for emergency and medical expenses.

Choosing furniture to put in your rental property should be done with your potential tenants in mind and also be chosen to comply with the terms of your landlord insurance.  It isn’t always necessary to furnish your property as many tenants will either have their own furniture or be willing to buy their own, but it can sometimes be an advantage to provide your own furniture. 

It may be possible to provide furniture and increase your rental income by requiring more rent, although this is not always possible, so this should be a consideration when deciding whether or not to furnish.  Regardless of whether the furniture is new or second-hand, it must comply with relevant rental legislation and standards.  Items such as a cooker, dishwasher, and fridge-freezers can make a property seem much more convenient to potential clients and therefore may attract a higher rental value.  If you are renting your property as a house share it may be vital to provide furniture – a student house share, for example, will require a desk, a bed, and storage facilities in each room.  A family may need a room that has been specifically made safe for a child to use. 

Once your property has been furnished, keep a written inventory so that you can be sure of what pieces of furniture are present.  Once this has been done, produce a copy and agree with your tenants as to what is present. A written record can save time and effort in the event of a dispute.  This can also be useful in the event of a claim upon your landlord insurance.

When selecting liability insurance it is important to consider the many different varieties available to pick a policy that is most suited to your needs.  Many of the different liability policy types overlap and complement each other, allowing the consumer to have customised protection.

Public Liability Insurance

The primary aim of public liability insurance is to protect the insured person or organisation from any claims related to any act or omission that resulted in harm to the general public.

Employers’ Liability Insurance

Employers’ liability insurance provides an employer with the monetary means to deal with liability claims arising from an injury or the death of an employee during the term of his or her service to the company.

Product Liability Insurance

This type of insurance is appropriate for companies that sell products, including agricultural equipment, pharmaceuticals, chemicals, pesticides, and food and beverages.  Product liability policies cover claims of harm caused by the usage or application of the listed products.

Legal Expenses Liability Insurance

Expenses incurred as a result of legal claims against the insured party, including the fee of the opposition advocate if so ordered by the court, is covered under the provisions of this form of liability insurance.

General Liability Insurance

The most comprehensive form of liability insurance is general liability insurance.  If the consumer is looking for a single policy that will span public, employee, product and legal liability, then general liability insurance may be the best choice.

Buying car insurance is different for everyone. Providers of insurance examine a range of variables for each individual to determine how much of a risk they may be when driving.  They take into account the type of vehicle being driven, its age, the part of the country in which it is mainly kept and driven, the age and experience of the main driver and other named drivers, and whether or not a driver has any motoring convictions or has claimed previously on insurance for an accident.

Some insurers look more favourably on older motorists with good driving records, though older drivers do not necessarily have lower insurance costs to pay.  Those over 70 years, for example, may find their premiums somewhat higher than those aged 50 to 60.

A number of insurance companies seek to attract women drivers, as some research shows that they are less likely to be involved in an insurance claim than men.  A competitive market means that insurers look to target specific sectors of the population and thus it makes sense for motorists to shop around carefully to get the best deal.

Young drivers can be at a disadvantage when seeking motor insurance as insurers often class them as higher risk.  Some companies offer insurance where a young driver may be a named driver on a parent’s policy and take a no-claims discount when they take out their own policy at a later stage, provided that no claim has been made previously.

A life insurance plan is a recommended way to make sure that your loved ones are financially stable in the event of your death.  More commonly, people will opt for the Permanent Life Insurance plan that covers an individual until they eventually die.  This leaves beneficiaries with money to cover expenses and the costs of a funeral for the plan holder.  Often these types of plan are specific to the company which provides it and may not cover certain things such as suicide or terminal illness.  This is why it is best to determine which plan suits your circumstances best.

Term Life Insurance

This type of plan will only cover you over the time period you specify.  You are able to take out a policy to cover you for five years up until thirty five years depending on what you would prefer.

Seniors Life Insurance

This would be in the case of seniors who may choose to work past retirement and cannot take out a Permanent Life Insurance plan. 

Higher Risk Insurance Plans

These can cover you if you take part in high risk activities.  Many insurance companies prefer not to provide life insurance for people who regularly take part in high risk sports such as rock climbing or sky diving.  This would also be the type of plan you choose if you were a smoker for example, or were suffering from a long-term illness such as heart disease or cancer.

These are just some examples of the types of life insurance plans that are available.  There are several more and it is wise to research providers thoroughly and choose the plan which best suits your circumstances and lifestyle.

Simply put, you cannot afford to be charitable when it comes to securing the longevity of your investment. Buy-to-let property in the UK has seen a steady rise in the last few years and it is for this reason that the acquisition of landlord insurance has become essential.

There are many disasters that can befall a landlord and the ones that are most disastrous are those that have a direct impact on financial resources. It is not easy to know what you need to cater for when you have tenants residing in your property.

The security of rent should not lull you into a false sense of security and thus make you lose focus on what is essential in maintaining the financial income from your property. Do not expect to be able to fully relax when your property is in the hands of others. Being responsible is being able to have the foresight and the acceptance that things can easily go wrong in an instance.

When it comes to getting rent, tenants often try their best to ensure that it is paid up on time.  When this happens your investment is able to live up to its promise of providing you the financial security of income that you envisioned. However, in instances where they are unable to fulfil this part of the agreement having the right landlord insurance proves beneficial. Depending on the type of policy you have, you may be able to claim some of the rent back from your insurer.