Life Insurance Providing Little Protection from Terrorism
by: Richard Green
Recent statements by the City of London Police Commissioner James Hart that future terrorist attacks in London?s financial centre are, "a matter of when, rather than if", will increase already serious concerns over issues of personal and business financial protection.
Mr Hart?s statement pointed out that, "if you want to hurt the government, hurt people at the same time, and you want to cause maximum disruption...where better to hit than at the financial centre?"
Mr Hart also echoed a report by the insurer Axa which warned that just under 50% of small firms do not have a plan in place to ensure that their business could survive should they be hit by an emergency or disaster.
Axa highlighted that many businesses, especially in the South East danger zone, are not even covered against general risks such as fire and flood, which have a much greater chance of hitting a business than the now high profile terrorism threats.
The research carried out by Axa found that almost one in five small to medium-sized firms had been hit by some form of disaster and about 5% of them took more than a year to get their businesses back on track.
Any company that does not have cover against potential future disasters could stand to lose large sums of money, or even go out of business, if the Commissioners warnings go unheeded.
Emergency services workers are also experiencing additional worries about their financial protection in light of the terrorist attacks.
Somerset fire-fighters have recently temporarily called off threatened industrial action amid claims they may not be insured for dealing with terrorism.
In a postal ballot, Union members had previously overwhelmingly voted in favour of taking some form of industrial action short of a strike, such as refusing to train on specialist equipment which can be used in response to terrorist incidents.
The actions have been called off pending a report due next month from a working party which has been set up with the Somerset Fire and Rescue Service to study the fire-fighters' personal insurance.
Adrian Woollaston, of the Somerset branch of the Fire Brigade Union said: "Somerset fire crews want our employers to address our very real concerns and this gives an opportunity for them to do so.?
The fears experienced by the fire-fighters revolve around exclusions which added to many group life insurance policies that prevent pay-outs being made should the policy holder be injured or killed as a result of a terrorist attack.
The Association of British Insurers ( www.abi.org.uk/ ) has sought to reassure emergency workers who may die as an indirect consequence of terrorist events by stating, ?exclusions do not generally apply on stand-alone life assurance policies, regardless of the occupation of the policyholder?, however, they also indicate that ?other personal insurance cover? such as personal accident, mortgage protection, income protection and critical illness cover are usually subject to exclusions.
This would mean that many existing insurance policies held by emergency workers to protect their future and that of their family, such as mortgage payment protection, may not provide any cover in the event of a terrorist attack.
Searching through all the available insurance policies using information sites like Moneyfacts or Moneynet ( http://www.moneynet.co.uk ) can go some way to helping by providing guide information and price comparisons, but more needs to be done.
Sam Oestreicher of Unison said, "We are asking all insurance companies to look at their policies and if they have such exclusion clauses to drop them".
Carefully checking through the various complicated clauses inherent in financial policies is something many consumers prefer to ignore, but as the fire-fighters are currently finding out, it is vitally important in order to ensure the protection is there.
About The Author
Richard Green lives in Edinburgh, occasionally writing for the personal finance blog Cashzilla ( http://cashzilla.blogspot.com/ ), and reciting Vogon poetry.
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Tips to Save on Car Insurance
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by: Pradeep Aggarwal
We all wish to make savings in our life. Cars included. Myriad insurance companies offer varying premium rates depending on their policy coverage. So it is important that you get the best Insurance package for your car.
These tips will help you how to manage your Car Insurance budget within limits.
Making Comparisons: The costs of at least three to six insurance companies will give you a fair idea of the costs involved with different policies. Seek the advise of colleagues, friends, relatives. Besides from costs involved, the track record of the companies matter a lot.
The standing, strength and financial position of the company need to be looked into. Request for higher deductibles - It's the amount one pays prior to making any claim for the accident. The complete coverage and collision is sold along with the deductibles. The more the deductibles the less the premium rate. By increasing...
Tips to Save on Car Insurance
Term life insurance > Tips to Save on Car Insurance
Term Insurance
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by: Gary Tallon
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Term insurance is different to mortgage insurance
It is important to realise that term insurance is a different life product to mortgage insurance. Term insurance is a long-term insurance product that can be taken out over a lifetime of 50 years. During this time the insurance premium...
Term Insurance
Term life insurance > Term Insurance
Rejected Hurricane Insurance Claims ? Hurricane Katrina & Rita
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by: T.Going
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They have completely destroyed costal towns and cities and virtually destroyed the lives of millions of Americans.
The estimated damage to the battered Gulf Coast has already been estimated at billions of dollars.
Hurricane Katrina alone has already proved to be the deadliest and most costly natural disaster to ever hit American soil.
To make matters worse, many Americans have hoped that their insurance would provide a way to rebuild and start over.
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Term life insurance > Rejected Hurricane Insurance Claims ? Hurricane Katrina & Rita
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by: Paolo Basauri
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?Universal? is the term used for life insurance that offers built in flexibility to change your premiums and the amount of life insurance you carry throughout the life of the policy. A universal life insurance policy will accumulate value as the premiums are placed in an interest building account. If your situation changes, and you decide you need more (or less) coverage, you can control how the universal life insurance policy operates. Many consumers have found that they appreciate the added control and hassle-free flexibility they receive from owning universal life insurance. As with any life insurance policy, the benefits provide financial security for your loved ones in the untimely event of your death.
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Benefits Of Getting Universal Life Insurance Quotes
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The first thing you want to do is prevention. Most insurance claims can be prevented even before the incident occurs. For instance, to prevent auto accident?s be cautious and think about taking a defensive driving course. To prevent stolen vehicle insurance claims, keep you vehicle locked up and parked in a secure place. To prevent damage from the forces of nature do not travel in bad weather and keep your car in a covered parkway. There are many ways to prevent yourself from incurring loss. Most ideas are just common sense. However, for more information contact your insurance agent for ideas on...
Insurance Claims
Term life insurance > Insurance Claims
Online Health Insurance: The Truth About Cheap Quotes
Online Health Insurance:
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by: Evan Davis
Looking for low cost health insurance quotes? Good. You are taking that most important step of shopping around for the best price. But more importantly, you undstand that it is important to have health insurance, and perhaps, even more importantly, understand that the real purpose of health insurance, as for any insurance, is protection. That is, you do not get health insurance to act as a sort of discount off the price of doctor and hospital services. The point of insurance is protection in the event of catastrophe. Yes, health insurance costs are high and continue to rise, but do not forget that the reason you are seeking health insurance quotes online--and even offline--is to insure you get the most protection (not discount) for the best (lowest) rate.
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Online Health Insurance: The Truth About Cheap Quotes
Term life insurance > Online Health Insurance: The Truth About Cheap Quotes
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by: Raul Ramirez
What kind of life insurance policy do you have? Is it a ?term? policy? Is it a ?whole life? policy or ?universal life policy?? If you don?t know what kind of policy you have, you could be in big trouble. Everyone needs to know what kind of policy they have, how much it is and the most important factor, how long it will last. But too many times in my career I have met with people that don?t know what kind of policy they have or I have heard this ?My husband or wife takes care of that.? What are you going to do when you need to know this vital information? This information could be the difference between being able to pay estate taxes or landing in the poor house. The point is you need to know.
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Do You Have A ?Universal Life Policy?? What You Don?T Know Could Hurt You And Your Family
Term life insurance > Do You Have A ?Universal Life Policy?? What You Don?T Know Could Hurt You And Your Family