Life Insurance – The Reasons One Must Opt For It

If you have opted for life insurance, it is probably one of the best decisions you have made in life. Not only does it protect loved ones, who depend on you for care, in case of your unexpected demise; but it also contributes to family income after you stop working. There are a lot of expenses which may come forth after your death. These include financial commitments for mortgages, pending health bills, college fee of children and even funeral costs.

Normally, an insurance agent would advise buying an insurance policy that will mature to more than five or ten times your usual yearly income. But still, the insurance amount bought by various people differs according to the expenses of their lifestyles, financial commitments, debts, assets and number of dependants. So before deciding on a policy, it would be the best if you take the advice of an expert and decide what you want from your life insurance policy. Insurance makes one of the most important parts of your financial planning and thus it is best to study and research the topic before you go for the actual choice.

Here is a list, of a number of reasons, which might persuade you to go in for this all important decision.

o The foremost reason, goes without saying, is that a well planned life insurance policy financially protects your family in case of your untimely death. They will have the wherewithal to pay off mortgages and unexpected bills. It also insures an income for daily living costs.

o It furnishes your family with tax free cash which may go towards paying estate or death duties. It helps in protecting your estate.

o It can be a good savings tool, by providing a constant yearly income to you after your retirement. (In case you don’t die prematurely!)

o Certain insurance policies have a rider component where the policy encompasses children or spouse. This will help in case of critical ailments.

o A good and legal insurance policy will give you a better credit rating if you want to take a home or business loan. It will also hold you in good stead in case of health insurance purchase.

o The cash worth and death benefits of an insurance policy can not be touched by creditors, in the event of insolvency.

o It helps protect businesses against financial losses in case of the untimely death of a partner.

o Term life insurance offers both protection and money back policies at planned intervals.

Credit Insurance Solution

The credit insurance(popularly known as payment protection insurance), originally developed in USA, has witnessed a spectacular growth throughout the world. This is because of enormous presence of credit culture in the western economies and subsequent protection for the lenders & consumers against the unforeseen events such as death, disability and unemployment of consumers losing his ability to repay the loan.

The term is primarily associated with a specific loan or line of credit that’s design to mitigate the risks of the lender. And in today’s credit happy society, its very much relevant. Apart from the lender’s point of view of safe-guarding their financial interests over the lending money, borrowers ought to confirm that their families are safe and won’t be in a debt trap.

Just imagine, you are permanently disabled and have lost your job or steady flow of income and/or any extremity has happened to your life, what would be the miseries prevail in your family? And here comes the essence of credit (protection) insurance.

Although in today’s credit happy world, this type of insurance is much common, you have to make sure that you have the proper credit plan that could adequately safe-guard you. In this case, its not only you who’s an insurable interest, creditor or lender has a legal insurable insurance on your life (as a borrower or debtor).

Credit insurance may be of three kinds, depending on the type of credit.

**Decreasing Term Coverage for close-ended installment payment system. This is normally seen in case of mortgage, automobile, consumer, educational lending where the load balance decreases with repayment at regular intervals.

**Ordinary Term Coverage for single payment loan where the loan repayment practice is in a single lump sum amount (single premium credit insurance) and the outstanding amount won’t decrease.

**Varying Amount Insurance Coverage in open-ended nature where the credit amount varies from month to month such as credit card loan. Normally the mortgage and loan-based credit insurance are more popular than varying amount credit insurance(open-ended). Make sure that at-least your loan amount must be covered by the credit insurer as a large portion of your borrowings may remain uncovered due to certain upper limit of coverages from the credit insurance company.

The important coverages are-

1. Death: In case of borrower’s death, the claim amount is paid to the creditor or lender.

2. Disability: Claim, arising out of disability, is payable as per definition or contract of insurance which is again subject to a specific waiting or elimination period.

3. Unemployment: The benefit is payable if the borrower’s lost his job, may be due to termination, lay-off, strikes, labor disputes. But the majority of credit insurance plans do not cover the conditions such as retirement, resignation or illness.

Stop Gap Insurance

Car insurance can be confusing especially if you delve into the myriad of terms and conditions attached to any policy. Most people however just buy the cheapest policy that they find.

Whilst there is nothing wrong with getting the best value you can you must be aware of what you are giving up. The reason most policies are cheaper than other is because they offer a lower or more limited level of coverage. You generally get what you pay for so if there is a specific feature of a policy you really need you should check that you are actually covered for that.

One feature many people have lost in the fully comprehensive coverage is the third party coverage when driving someone else’s car. This used to be a standard feature but as insurers have needed to try and be more competitive features such as this that used to be standard and taken for granted have been removed.

So what does this mean for you. Well there are times when you need to drive a car owned by another person that you are not insured to drive. Previously you may have been insured to drive their car without any problems. If you check your policy now you may find you are no longer covered.

Now not everyone will use this feature of the policy and so will not really miss it. There are however occasions in which you will need to drive a car that you are not insured to drive. Without wanting to take the risk or getting stopped driving a car you are not legally insured to drive. Or in the unfortunate event of being involved in a road traffic accident you may end up not only having to pay out a lot of money from your own pocket but also be in trouble with the law.

You can get a type of stop gap insurance that allows you to drive a car for as little as a day using a daily policy. This temporary cover allows you to get insurance to drive a vehicle for up to 28 days. It can also be used to allow another person to temporarily drive your own car.

This is not to be confused with a stop gap insurance policy that makes up the difference between the value of your car and the amount that is still owed on the vehicle. Temp cover is a great way to get cover when you borrow a friend or relatives vehicle. You can insure a car or a van up to 3.5 tonnes for a consecutive period of up to 28 days. You can of course get coverage for as little as a single day if needed but the flexibility of adding on extra days is there if needed.

How A Preventative Legal Plan Can Benefit One In Need Of A Criminal Lawyer

A person accused of a crime, could face jail time, or even worse, prison. If ever faced with such a thing, it is important to promptly secure a reliable criminal lawyer.

A good criminal attorney will represent the accused to the best of his or her ability. They can negotiate with prosecutors, and arrange for reduced charges or lesser sentencing.

People who have been recently arrested need to talk to a criminal attorney as soon as possible. Typically, a criminal lawyer’s most urgent priority is to help arrange for the release of his defendant.

The next step is to provide some information about what’s to come in the days ahead. This often helps ease some of the anxiety experienced by the client and prepare him or her for what’s to come.
When faced with charges, trying to find the right criminal lawyer, quickly, can be overwhelming. One is often frightened, desperate, and unable to think strait…not the best state of mind to be searching for a lawyer.

This is why maintaining some type of preventative legal service plan is a good idea. When an urgent event occurs, that requires legal counsel, you will already have a trusted source you can turn to for immediate assistance.

Most preventative legal service plans will assign you to a provider law firm in your area. Your provider law firm will then designate a criminal lawyer to your case, who can provide you with the necessary counseling.

Perhaps the biggest advantage of carrying legal insurance is that most plans provide the client with a significant discount off of the normal attorney rates.