by: Michael Challiner
Less than 50% of the UK population has any form of life insurance cover, says Swiss Re, one of the largest insurance companies in the world. In their latest annual report they estimate that ?4.2 trillion worth of insurance cover is needed whereas only ?1.8 trillion has been taken up. That leaves an insurance gap of ?2.3 trillion.
But in all probability, the gap is not that large. Firstly, there's the people who are ruled out from having life insurance due to their age - just over 1 in 5 are under 18 years of age, the minimum for life insurance cover, and 1 in 6 are over 65 and they're effectively uninsurable. Then there's a raft of single folks aged between 18 and 65 without dependents, and for whom life insurance is just not necessary. Having said that, without doubt, there are still many families who desperately need life insurance but who don't have cover.
Why do they hold back?
There are still plenty of people who have no idea what life insurance does and because it's never top of their minds and they don't care, nothing ever gets done. After all life insurance isn't exactly a thrill to buy, there's no pleasurable window-shopping or sense of enjoyment about it. The likelihood is that unless a financial advisor sits down in front of these people and talks about life insurance, they'll remain totally uninsured and uninterested.
The media coverage given to the insurance industry also tends not to help. The press is regularly full of stories about one company or another that has turned down a claim. These stories make headlines as behind them, there's always a sad story of personal tragedy and distress. It all gives the industry a tarnished image and creates a feeling that they can't be trusted.
Then there are those who realise life insurance is needed but just can't be bothered or say they can't afford it. More realistically, for many ?can't afford? actually means, ?I choose not to afford?. They might be happy to spend ?2,000 a year on a 20 a day smoking routine but are unwilling to cut back to afford the monthly premium that protects their family's future.
Of course, there is no disputing the fact that some people will have applied for life cover and found the final premium truly unaffordable. Whilst for the majority, life insurance at normal rates is okay, over the last seven years we've seen a huge rise in the number of people who have seen the price substantially increased once the insurer has seen their application form. It's a result of the life insurance companies making it increasingly hard for people to meet the insurers definition of ?healthy?. Seven years ago half as many people were seeing their premiums increased as a result of the insurance companies rating them as an above average health risk.
Even three to four years ago it was pretty obvious who'd have trouble getting insured at normal rates ? someone with a history of heart or circulatory problems, former cancer suffers and diabetics for example. How the situation has changed. Insurers' application forms are now much more detailed and health problems that were previously considered acceptable are now only accepted with increased premiums. Take your weight ? insurers are clamping down when they judge a person's weight to be a risk to their longer-term health. And it's not just the obviously over weight that attracts the insurer's notice. Insurers are now using a measurement called the Body Mass Index to identify weight problems. This is a persons weight divided by the square of their height. Insurers now want a BMI of no more than 29, whereas previously up to 40 was fine. This means that a woman weighing 83 kilos and 1.66 meter tall would now face higher premiums.
People can also be put off by the application process. Whilst about 30% of applicants will receive a decision almost straight away, for others the process can become one delay after another. As if a 16 page application form were not enough, some people are being faced with more forms to complete plus medical examinations. The whole process can take up to 8 weeks, even more, before the applicant knows precisely how much their premium will be. If that works out more that they can simply afford, they're often too fed up of the whole application process to start again with a new insurance company. That leaves yet another family without insurance.
Despite these problems, the life insurance companies claim that thanks to more sophisticated underwriting procedures, premiums are lower today that they were a few years ago. Furthermore, around 10% of life insurance is bought on the Internet where discounting has become the norm. This too has helped push average premiums down.
Nevertheless, in the author's view it will take many years to get people covered by life insurance above the 50% mark.
About The Author
Michael Challiner writes for Brokers Online ( http://www.life-assurance-bureau.co.uk ) who offer life insurance cover and most UK financial services including mortgage payment protection ( http://www.life-assurance-bureau.co.uk/mortgage-payment-protection/ ). Visit our finance blog for useful tips on uk finance ( http://www.life-assurance-bureau.co.uk/family-finance/ )
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The Malcontent of the Term ?Mobile Content?
The Malcontent of the Term ?Mobile Content?
by: Bob Roth
The following article discusses how to better convert a web user to a mobile user and the challenges that lie within.
We all know the immutable laws of web site conversion can be summarized as follows:
1. You have less than eight seconds to capture a web page visitor
2. Once captured, the next click must be obvious
3. Once clicking, minimize the steps needed to complete the desired action
The difficulty lies in maximizing information in a minimized process. You must be able to present what the majority need to see to complete your desired action. There will always be those who seek more information and tangents can be provided for them. Now, add another dimension to the ?desired action? by making that action something that you wish for them to do offline. That, my friends, is largely the challenge that we have at www.4INFO.net. Not to take anything away from our web...
The Malcontent of the Term ?Mobile Content?
Term life insurance > The Malcontent of the Term ?Mobile Content?
Home Insurance And Hurricane Preparations
Home Insurance And Hurricane Preparations
by: Joseph Kenny
The violent winds, rains and storm damage from hurricanes can devastate communities and cause billions of dollars worth of destruction. The losses from hurricanes this year alone have surpassed that from almost any other natural disaster in years. The risk to your home and possessions can be enormous and you really should be considering insurance cover for hurricane damage if you live in any area that is exposed to the risk of hurricane. As well as insurance cover however, there are other steps you can be taking to prepare for, and minimise the damage to your property and risk to your family that hurricanes pose.
Since the Atlantic hurricane season begins in June and continues through till the end of November, there is a significant proportion of the year during which you should be prepared in some way for hurricane threats. Some of the preparations below will be required by insurance...
Home Insurance And Hurricane Preparations
Term life insurance > Home Insurance And Hurricane Preparations
Term Life Insurance
Term Life Insurance
by: Gary Tallon
Term life insurance is a life insurance product that pays out a cash lump sum upon death of the insurance policyholder or at the point that the insurance policyholder is diagnosed as terminally ill. But, despite it being a low cost term life product - insurance cover can be acquired from as little as ?5-?10 per month - surprisingly few of us have term life insurance in place.
For people with a mortgage and family to support, not having a term life insurance policy exposes them to a large financial risk. This risk becomes apparent when you consider how the mortgage and household bills would be paid if the main income producer were to die or to become terminally ill. The end result could be that loved ones who are left behind find their home is repossessed because they cannot keep up the mortgage repayments.
Some people prepare for such an eventuality by taking out a mortgage life insurance policy. This...
Term Life Insurance
Term life insurance > Term Life Insurance
Term Life Insurance and Permanent Life Insurance
Term Life Insurance and Permanent Life Insurance
by: Bill Walker
Term insurance and permanent insurance are two basic types of life insurance. Term life insurance is temporary, and it covers only a specific period of time called the relevant term. Permanent life insurance is the type of insurance where the policy is for the life of the insured and the payout is assured at the end of the policy. Term life insurance builds on cash value while permanent life insurance accrues cash value.
Now let's look at the pros and cons for term life insurance and permanent life insurance.
Term insurance has two advantages. First, its initial premiums are usually lower than the initial premiums of permanent insurance. Secondly, term insurance is better for covering needs such as loans or mortgages, which will disappear in time.
There are a few disadvantages in term life insurance: Coverage might become too expensive to keep or terminate at the...
Term Life Insurance and Permanent Life Insurance
Term life insurance > Term Life Insurance and Permanent Life Insurance
The Four Chief Types of Life Insurance
The Four Chief Types of Life Insurance
by: Evan Davis
Life insurance, at its core, is a means to protect the financial security of one's survivors. It is generally thought of as a way to provide income replacement for a wage earner's survivors in the event of death.
Life insurance is purchased from an insurer by making regular payments of premiums during the life of the insured.
Upon the death of the insured, designated beneficiaries receive a financial benefit.
Although all life insurance policies maintain those consistent characteristics, there are different means to achieving the same end.
Four distinct types of life insurance have been developed and are in common usage.
*Term Life Insurance
Term life insurance is probably the most basic form of life insurance.
Term insurance is purchased for a specific period of time (the term).
The length of the term can vary considerably.
Term life insurance > The Four Chief Types of Life Insurance
Life Insurance - Money Saving Top Tips
Life Insurance - Money Saving Top Tips
by: Michael Challiner
More and more people are buying life insurance online and the numbers seem to be doubling every two years. The reasons are clear. Prices are lower on the Internet and life insurance is fundamentally a simple insurance product.
Despite the underlying simplicity of life insurance, most web sites channel their online clients through a telephone based help and advice service manned by experienced personnel. They represent your safety net so if a little technical knowledge is called for, help is at hand.
But it?s always a good idea to have a few Top Tips in your back pocket when you?re shopping online for life insurance. They?ll help you ask the right questions and find the best policy.
1. Always have your Life Insurance policy ?Written in Trust?.
This means that in the event of a claim, the money goes directly and immediately to the person(s) you nominate when you...
Life Insurance - Money Saving Top Tips
Term life insurance > Life Insurance - Money Saving Top Tips
Term Life Insurance Vs Permanent
Term Life Insurance Vs Permanent
by: Donald Lusan
Ever since the idea of term life insurance came to the mind of man term life insurance vs permanent has been the center of active and thought provoking debate. Term insurance is without question cheaper than permanent life insurance but when compared with the value built into the latter people have varying ideas as to which is best. What about the cash values and dividends you get from permanent policies? Do you just ignore these? How can cash values and dividends be used to offset cost? Questions worth answering aren't they?
The ever constant innovation of life insurance policies make it more and more difficult to come to a consensus. Term life insurance vs permanent will continue to provoke the thoughts of anyone considering a life insurance purchase. Because term is simplest I will discuss that one first then I will get to the complexities of permanent life insurance and it's varying alternatives.
The...
Term Life Insurance Vs Permanent
Term life insurance > Term Life Insurance Vs Permanent
tax help Life Insurance ? Why Does Less Than Half The UK Population Have Cover? Term life insurance
About No Rules Full-Contact Fighting
About No Rules Full-Contact Fighting
by: Steven Gregoire
Full-contact fighting appeals to participants who want to engage in realistic combat with an opponent. Competitions tend to be more aggressive and may have few rules or almost no rules except the imperative to physically defeat the opponent. In general, competitors have more freedom in full-contact as opposed to medium-contact fighting, though often there are some techniques, such as biting and attacking...
contact lenses
Term life insurance > About No Rules Full-Contact Fighting
Wedding Bouquets for Life
Wedding Bouquets for Life
by: David Chandler
One of the most beautiful of the bride's adornments at a wedding is the bouquet. Normally constructed of fresh flowers, the wedding bouquet would last for a week or two, and then have to be dried or tossed. Today that is not the case; today's modern bride has options that are more permanent.
There are various bridal books, magazines and shops to help you choose the perfect style and color. The arrangement...
Life Insurance ? Why Does Less Than Half The UK Population Have Cover? silk Term life insurance Wedding Bouquets for Life
Term life insurance > Wedding Bouquets for Life
Ways To Make Your Kitchen More Energy Efficient And Save Money
Ways To Make Your Kitchen More Energy Efficient And Save Money
by: Chileshe Mwape
a) Kitchen Appliances
Install energy efficient labelled kitchen appliances (refrigerators, dishwashers, and clothes washers). Every kitchen appliance has two price tags ? a purchase price and the operating cost. Energy efficient models will save you money and use less energy.
b) Lighting
- Install energy efficient labelled lighting (e.g., light fixtures: suspended...
Life Insurance ? Why Does Less Than Half The UK Population Have Cover?
Term life insurance > Ways To Make Your Kitchen More Energy Efficient And Save Money
Spring Clean Your Website
Spring Clean Your Website
by: Lindsey Collumbell
Spring clean your website
Is your website delivering?
With spring just around the corner it's as good a time as any to dust off your website and give it a spring clean. Carry out regular audits, every six months or so, to work out if your website is meeting your objectives. If not, do something about it - your site could be losing you money.
Do you need a website?
If your target market...
Life Insurance ? Why Does Less Than Half The UK Population Have Cover? Spring Clean Your Website spring break Term life insurance
Term life insurance > Spring Clean Your Website