Four Life Insurance Tips

Use our fantastic life insurance tips to help you make informed decisions about your life cover options. The UK life cover market is very competitive and it can be difficult to make a valid judgement. Nobody understands the market like we do, and our money-saving life insurance tips could see you saving hundreds of pounds over the full term of your policy.

Tip 1: Buying Young

Although it is entirely possible to purchase life cover at any age, we believe that the best time to take out a first policy should always coincide with young adulthood. As the excitement of our teenage years slowly but surely fall behind us, the prospect of settling down and starting a family of our own becomes more prevalent and we should already be looking forward to preserving their financial futures.

We regularly suggest buying young as one of our most important life insurance tips as you will be able to secure the best rates now by locking in at the lowest possible age.

Tip 2: Choose the Correct Term

Always try to choose the appropriate term to maximise your life insurance coverage. Policies can run from around five years to thirty years so try to think ahead. If you are only just starting out as a family, think of where your children might be in twenty years time and determine how they will be supported if you can’t be around to take care of them yourself. If you are in the later years of life, think about any inheritances that you might like to leave behind for your loved ones.

Tip 3: Choose the Right Coverage

One of our most frequently advised life insurance tips surrounds purchasing the right levels of coverage. Remember that you are planning for the time when you might not be here to care for your loved ones yourself. You will therefore need sufficient protection to ensure that the loss of your wages won’t cause immediate financial hardship. A plan value that exceeds annual income by six to ten times is usually advisable.

Tip 4: Compare Quotes

Always compare your life insurance quotes carefully and try to choose a plan that combines effective cover with an affordable price. Be wary of budget level policies provided by inferior insurers. Make the most of our money-saving life insurance tips by making Premium Life Cover your first port of call for the best coverage deals.

Some Home Insurance Tips

There are probably as many different home insurance tips as there are varieties of home insurance. Top of the list of any helpful tips, therefore, is likely to be the importance of searching as exhaustively as possible for the particular insurance package that best suits your own needs and circumstances.

Fortunately, that is something made so much simpler these days by going online and using one of the several search engines that compares not only prices but also the features of the cover offered by a whole selection of different insurers.

Home insurance typically includes both buildings and contents insurance, so here are some home insurance tips based on the possible variations between the different packages that might best suit your own needs:

Buildings insurance

  • What’s covered exactly? – as you’d probably expect, most policies cover the permanent fabric of your home, especially to the extent that this ensures its structural integrity. But some policies also extend cover to such essential fixtures as bathroom and kitchens fittings, whilst others might cover boundary walls and fences or garages and sheds, too;
  • Risks – once again, most policies will typically cover a core set of risks – such as fire, flooding, subsidence, earthquakes, storms, impact by vehicles or falling branches and tress, and vandalism or malicious damage – whilst additional elements are reserved as optional extras (for which you pay an additional premium);
  • Options – examples of some these optional extras might include accidental damage to fixtures and fittings within the home; compensation for the cost of alternative accommodation in the event of the home becoming uninhabitable following one of the insured events; and public liability cover, giving you indemnity in the event of third party claims from those injured whilst on your property or those whose property is damaged whilst visiting you or who are in the vicinity of your home;
  • Excesses and discounts – rather like your motor insurance policy, home insurance policies also include compulsory excesses (the first amount of any claim for which you remain responsible). The difference here, however, is that the excess is likely to vary according to the type of building insurance claim you are making. Some home insurance policies also give you a “no claims” discount if you have not made a claim on the insurance in the previous year.

Contents insurance

  • What’s covered? – if it’s not an integral part of the fabric of your home, it’s likely to be covered by most contents insurance policies. The home insurance tips for contents insurance, however, probably feature even more variations in what is and what is not covered by any particular policy compared to another. Food in the house might be covered, for example, or tools in the garden shed, or even the family pet!
  • Risks – the contents of your home are exposed to the same set of risks as the building itself, with the addition of burglaries and theft (and the damage left in their wake). You might choose to extend that cover, however, to any accidental damage to your contents. If the policy does not already do so, you might also consider extending cover to those items which you frequently use outside of the home (a bicycle, for example, or a laptop or other portable equipment used at work, school or college);
  • Valuation and indemnity – the final home insurance tips for protecting the contents of your home relate to the importance of keeping your valuation of all insured contents fully up to date. If you are under-insured and the home suffers a major disaster, there might not be sufficient insurance compensation, of course, to replace all of your belongings. Keeping the overall valuation up to date like this is important whether you have chosen “new for old” cover (that replaces lost or damaged items at today’s replacement values) or “wear and tear” cover that deducts an element of the settlement amount to reflect the age and depreciation of the item or items.

Have Not Health Insurance

Something has happened that I could never have imagined. Everyone in the U.S. that purchases health insurance have been divided into the “Haves” and “Have Not” categories.

I worked in corporate America for many years and I was always able to access a good doctor, pay my “co-pay”, get whatever care that was needed and move on to the next item on my “to do” list.

Now that I started my own business, I no longer have an “employer sponsored group plan” for my health insurance. I now have insurance that costs $600+ per month that I will apparently have great difficulty getting to use.

If you are fortunate enough to “have” an employer sponsored group plan, you will have better access to using your insurance. If you “have not” this type of plan and have an individual plan either because you own a small business or your employer no longer sponsors a group plan; my sympathies are with you.

I rarely get sick. (Knock on wood.) Last year, I went to my doctor who I have had for 12+ years with my “new” health insurance and was told by the receptionist that they accepted my insurance so I gave them a $25 check for my co-pay. I just needed to renew prescriptions. Upon leaving, I was notified that they did not accept my insurance and I would need to pay an additional $175.00 in addition to the $25 check I had already given them. They gave me the paperwork to get “reimbursed.” I sent it in to the insurer the same day. I was never reimbursed.

This year, I got a different company who had my doctor listed as a preferred provider on the insurer website. I have a PPO plan. I called my doctor to make an appointment and was told that she was no longer accepting insurance and would be moving to a “cash only” service in about a month. The receptionist said she would make an appointment for me if I had an employer sponsored group plan otherwise they were already only offering their service as cash only. I would have to submit paperwork for reimbursement. I asked how much it would cost for this “cash” appointment. She said she had no idea but finally said “perhaps” $80 after I pressed her for an answer. The same appointment cost $200 last year so I’m guessing the prices have not been reduced this year.

This is not an isolated occurrence. I have friends telling me the same story. I get it! The doctors are fed up with dealing with insurance carriers that pay pennies on the dollar for services rendered. They also might have to wait months to even get that money if the paperwork submitted was completed correctly.

The idea that I have health insurance and can see the doctor of my choice and pay a certain co-pay is a joke. The healthcare system is completely broken. I just hope I don’t get sick!