Global Warming: Why Consumers And Insurers Are Getting Hot Under The Collar Over Life Insurance.
Global warming may have been lurking on our horizon for a number of years and historical records of terrorists have existed for thousands of years, but we are coming into a new age where we try and financially protect ourselves against such problems and if we're honest ? we're struggling.
The recent terrorism attacks in London brought home the fragility of human life to many Brits, who had previously been able to distance themselves from terrorist activity. For the partners and offspring of city workers, the fragility of their finances also became apparent with the potential loss of a loved one alongside the loss of future income and possibly the family home.
It is widely agreed that most life insurance policies should cover acts of terrorism, though most websites (including the Association of British Insurers) do state that you should always, always read the small print, as there may be insurer-specific exemption clauses. It will be interesting to see what effect terrorism has on life insurance applications and whether there's a rise in consumer interest as a result of terrorist attacks.
Certainly the indication so far is that life insurance applications will be treated quickly and sympathetically in the event of a terrorist attack, reiterated by the Association of British Insurers (ABI) and Ginger Applegarth of MSN Money who stated that for insurers "to back out of paying a claim now would be considered unpatriotic and a marketing disaster." In Applegarth's column, she includes an "insurance checklist" of the very basics that you have to do when making a life insurance claim. She also states that insurers paid out almost $3 billion after the September 11 attacks in 2001.
It isn't just your life insurance that can encompass a terrorism related clause. Travel insurance and property insurance can also contain terrorism related options. The website abi.org.uk states clearly that "household, buildings and contents policies include damage by fire, explosion or impact, whether caused accidentally, through the malicious act of an individual criminal or in an act of terrorism." The costs and extent of cover will vary, so shop around and read the terms and conditions very carefully.
Contamination cover is singled out by ABI as a contentious issue and apparently has been a standard exclusion on household policies since the 1960s, due the potential scale of claims, as many homes could be affected by a single incident.
Cover against terrorism is also available for businesses, typically as an extension to property cover. Commercial property terrorism cover is typically allocated on an "All Risk" capacity, encompassing biological, chemical, radiological and nuclear contamination, as well as interruption to the business. Commercial property cover does not include electronic or internet related risks or hoaxes.
Other life insurance exemptions may include lifelong illnesses such as diabetes and epilepsy. Lifestyle habits such as smoking may or may not invalidate a life insurance application, but they will make it more expensive. Always get your medical records assembled before you apply for life insurance, as this will save time and possibly money as well. Once this information is assembled, you can begin assembling some personal quotes through life insurance comparison sites such moneynet ( http://www.moneynet.co.uk/insurance/life-assurance/index.shtml ) or UpMyStreet ( http://www.upmystreet.com/UK/home-insurance/l/ ).
Rachel is a straight talking little lady who lives in the Scottish hills.
Rachel also writes for the personal finance blog Cashzilla: a wee bit of banter on finance related issues.
Inexpensive Life Insurance To Protect What You?ve Earned
Adequate life insurance to cover your income producing ability is a product that is really needed today to give peace of mind. Life insurance was originally conceived to protect a man's family when his death left them without income. Over time is has developed into a variety of policy plans. In a "whole life" policy, fixed premiums are paid throughout the insured's lifetime; this accumulated amount, augmented by compound interest, is paid to a beneficiary in a lump sum upon the insured's death; the benefit is paid even if the insured had terminated the policy. Under "universal life," the insured can vary the amount and timing of the premiums; the funds compound to create the death benefit.With "variable life," the fixed premiums are invested in a portfolio (with earning reinvested), and the death bene...(related: Insurance)
Discount Life Insurance Will Give You The Best Protection You Need
There is always a chance that there is a better deal somewhere else, no matter what you are buying. That is why you should research and find discount life insurance. Did you know that life insurance ...(related: Insurance)
The Need For Life Insurance
A person needs to reexamine their life insurance needs every few years because as our life events change so do our needs.When starting a family, a person needs to consider starting a life insurance policy. In the event that death occurs to one of the parents, there needs to be some insurance that money will be there to help raise and support the rest of the family.When buying a home, life insurance needs to be considered or reexamined, as well. If a spouse should die, it is important to know that the other spouse could pay the mortgage and bills.Getting a new job is another life event that requires some tho...(related: Insurance)
What Is Homeowners Insurance Coverage?
Before attempting to find the best homeowners insurance coverage you should make sure that you are familiar with what homeowners insurance is and what it can do for you. A standard policy provides financial coverage to your house and the property within the house. Natural disasters, theft and other maladies that can occur are usually covered in your policy. Some exceptions include flood and earthquake protection, which require additional coverage. Another feature that home insurance covers is damage caused by household pets and any legal liabilities to anyone caused harm by ...(related: Insurance)
Insurance Or Assurance - Do You Need Reassurance?
Insurance versus assurance: what is the difference?Should you care?Yes!!The world of finance is extremely complicated and there are many factors to consider when choosing any financial protection product.When looking for a policy you need to know what you are looking for and what is on offer in order that you get the right cover for your needs.One thing that many people find confusing is the specific use of the term "insurance" and the use of "assurance". What are the differences between them?In general, the term insurance refers to providing cover for an event that might happen while assurance is the provision of cover for an event that is certain to happen.For the purposes of financial provisions, a life insurance policy provides cover for a set p...(related: Insurance)
Life Settlement Overview
A "Life Settlement" is a lump sum settlement paid to the owner of a life insurance policy by one of many funding sources in exchange for the ownership of the policy. Never before have non-terminal policyholders been able to receive capital in excess of their policy's cash or surrender value to increase their wealth. A Life Settlement can usually provide anywhere from 2 to 5 times the cash surrender value of the policy. "With the life settlement option availble, there...(related: Insurance)
How Do I Calculate How Much Life Insurance I Need?
Life insurance protects you and your family from economic hardship as a result of death. It is an insurance company's obligation to pay the recipient of your cho...(related: Insurance)
Is Life Insurance Comparison Really Necessary?
When you want to purchase a life insurance policy, you really do need to do a life insurance comparison. This is to ensure that you get the best possible rates and the best possible life insurance for your needs. Different life insurance companies sell different types of policies so you need to do a life insurance comparison of all the different types available. You also want to get a policy with low cost premiums.In a life insurance comparison, you have to decide whether you want variable uni...(related: Insurance)
New Jersey Car Insurance - What Do You Need To Know About It?
When purchasing New Jersey car insurance there are many decisions you will have to make. You need to understand what kind of car insurance coverage you need and how much you can afford to pay. New Jersey car insurance will have no trouble meeting your needs but you, yourself, must know what you need in insurance for New Jersey driving before you purchase. Just keep in mind that there are many options for Nj insurance available with all the different companies selling insurance.When purchasing NJ car insurance, there are some things the agent is bound by law to inf...(related: Insurance)
Student Health Insurance - Is It Necessary?
As a young, healthy college student, it might be tempting to forgo the expense of health insurance. After all, you're young, you're careful and you're not sick. You don't real...(related: Insurance)
Choosing Long-term Care Insurance
A little over sixty percent of the folks who reach 65 years of age will need some long-term care. The average nursing home stay ranges from 2-5 years and costs on average of $135.00 per day currently in the United States. These averages and costs are going up little by little each year? Can you afford to be without long term-care insurance? Y...(related: Insurance)