What do you imagine the average contents of a family home are worth – 25,000 or 30,000? In fact this figure, for a typical home, is estimated to be over 45,000. Apart from your moveable items of carpets, furniture, curtains, it’s probable that electrical goods purchased over the last few years explain the sudden rise. It’s not unusual to have three or four mobile phones, a couple of computers, possibly also a laptop. Then there are the TV’s. Apart form the large family wide screen digital HD ready, singing and dancing set, there’s probably a another one in the kitchen and two or three others in the bedrooms, not to mention DVD and video recorders. Probably the children have iPods, gameboys and whatever else is in at present. Don’t forget your CD collection Norwich Union values these at 10 each and DVD’s.

Apart from the risk of damage, all the above items are very appealing to the thief, being easy to handle and finding a ready market. Don’t forget the garden, the mowers and garden machinery, contents of the shed and garage, garden furniture and even your tubs and hanging baskets. The value of plants can add up too!

Should you need to make a claim, it’s important that you’re not under insured. If the insurance company judges that you don’t have adequate insurance, the claim will not be fully paid. This means that if you have insured your contents for, say, 20,000 and your insurance company considers there would be a value of 30,000 to replace them, then there would be a shortfall of 10,000.

Insurers handle things in different ways. For example Norwich Union Direct, one of the major insurers, will pay out up to the amount for which you’re covered. It’s left up to you to fund the difference. More Than tells us that their policy on underinsured claims is to reduce them by up to 20%. In fact More

Than are taking action to ensure that clients are more up to date with their cover and so have recently increased the this for all their clients, by 25%.

These increases will apply on the clients’ next renewal dates. No doubt more insurance companies will look at following suit soon.

Whilst you’re thinking of re-assessment, maybe it’s time to check the current figures on your buildings insurance. As well as the house, garage and outbuildings, you may have fixed items such as lighting, hot tubs and permanent garden features. These are covered by your buildings insurance, not your contents. Your insurer will normally work out a quotation based on the number of bedrooms, etc., and your postcode. The insurable figure will be the cost demolition and clearing of the site and re-building your home on the present site, of course.

To help you re-consider the value of your belongings and for additional advice there’s a handy checklist for home owners on the Association of British Insurers, www.abi.org.uk

There are a large number of insurance companies handling both contents and building insurance and, as always, it pays to shop around.

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While term insurance is a great way to protect your family from financial disaster, sitting on the same policy until it is too late to replace it with a permanent options can be a financial disaster.

Term life is temporary insurance. It pays a fixed death benefit if the policy holder passes away during a set period of time. For example, if you have a 20-year term policy and you die before the 20 years end, your beneficiaries will receive the face value of your policy.

Once the 20 years is up, the contract expires. The company keeps your premiums and you have to find new insurance, usually at a higher premium. Term insurance helps you to prepare for the unexpected.

Term insurance is the cheapest form of life insurance because it is temporary and not intended to pay out. Young families benefit from term insurance. In many cases, it is taken out to help support young children and a spouse in case the primary breadwinner passes away. That takes a large policy to accomplish.

Many young adults do not have substantial savings and investments yet. They have a lot of their money tied up in new mortgages and student loans. Term policies offer a cost-efficient solution.

But as families mature, the breadwinners grow older and the policies get closer to expiration. Situations change and families need to consider changing their term insurance into a more permanent option.

Many term insurance contracts have a clause that allows the policy holder to do just that.

You could think of it as leasing insurance with an option to buy. You can use the convertibility clause to convert without having to obtain a new insurance policy. For a price, families can transform their temporary insurance into permanent insurance without having to re-apply for coverage or have medical examinations.

Not all policies have conversion clauses. If you are buying term insurance, look for policies that include the clause. They are often more expensive, but well worth it.

For example, you have a 20-year term policy with a 10-year conversion clause. After nine years, you develop a major health problem. You are still within the 10-year conversion period, so you can convert the policy to a permanent policy. By doing so, you will not need a new physical exam and you will receive your coverage at a much lower rate than if your health problems were taken into account.

If the policy didnt have the conversion clause, you would be facing an expiring policy and very expensive renewal premiums if you could renew at all. You should always convert before it is too late.

You should review your policy with your agent on a regular basis. This will help to prevent that your conversion expiration doesnt sneak up on you. When you are within a year of convertibility, you should take the time to look at your plan. Consider your health, finances, responsibilities and goals.

Dont just look at your health in considering whether or not to convert a policy. The older you are, the more expensive you are to insure. By locking in a fixed rate and paying toward a permanent policy in your 20s, your monthly premiums will be much cheaper than if you had waited until your 50s.

Your financial needs transform over time. Your family matures and changes. When you are young, you often need a policy to replace your income and provide for your children. When you are older and your children are grown and your mortgage is paid off, you may find that you dont need such a large policy.

The roughest rule of thumb is to take a multiple of your income. If you only need enough insurance to take care of your family for a few years after you die and set them up until they can get on their feet, buy 4-6 times your annual salary. If you want to take care of them for the rest of their lives, you can look at something quite larger, like 20 times your salary. That gives enough to establish a trust that they can life off of indefinitely.

One strategy involves buying the largest term policy you can afford when you are young. When you can afford more, supplement your term policy with a small permanent policy.

When your term insurance is set to expire, your children will be grown and your mortgage paid off. Then you can look at what coverage you will need.

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What do you imagine the average contents of a family home are worth – 25,000 or 30,000? In fact this figure, for a typical home, is estimated to be over 45,000. Apart from your moveable items of carpets, furniture, curtains, it’s probable that electrical goods purchased over the last few years explain the sudden rise. It’s not unusual to have three or four mobile phones, a couple of computers, possibly also a laptop. Then there are the TV’s. Apart form the large family wide screen digital HD ready, singing and dancing set, there’s probably a another one in the kitchen and two or three others in the bedrooms, not to mention DVD and video recorders. Probably the children have iPods, gameboys and whatever else is in at present. Don’t forget your CD collection Norwich Union values these at 10 each and DVD’s.

Apart from the risk of damage, all the above items are very appealing to the thief, being easy to handle and finding a ready market. Don’t forget the garden, the mowers and garden machinery, contents of the shed and garage, garden furniture and even your tubs and hanging baskets. The value of plants can add up too!

Should you need to make a claim, it’s important that you’re not under insured. If the insurance company judges that you don’t have adequate insurance, the claim will not be fully paid. This means that if you have insured your contents for, say, 20,000 and your insurance company considers there would be a value of 30,000 to replace them, then there would be a shortfall of 10,000.

Insurers handle things in different ways. For example Norwich Union Direct, one of the major insurers, will pay out up to the amount for which you’re covered. It’s left up to you to fund the difference. More Than tells us that their policy on underinsured claims is to reduce them by up to 20%. In fact More

Than are taking action to ensure that clients are more up to date with their cover and so have recently increased the this for all their clients, by 25%.

These increases will apply on the clients’ next renewal dates. No doubt more insurance companies will look at following suit soon.

Whilst you’re thinking of re-assessment, maybe it’s time to check the current figures on your buildings insurance. As well as the house, garage and outbuildings, you may have fixed items such as lighting, hot tubs and permanent garden features. These are covered by your buildings insurance, not your contents. Your insurer will normally work out a quotation based on the number of bedrooms, etc., and your postcode. The insurable figure will be the cost demolition and clearing of the site and re-building your home on the present site, of course.

To help you re-consider the value of your belongings and for additional advice there’s a handy checklist for home owners on the Association of British Insurers, www.abi.org.uk

There are a large number of insurance companies handling both contents and building insurance and, as always, it pays to shop around.

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Cheap Life Insurance

- Purchase multiple policies. Instead of buying one large policy, save money by buying two, or even three, and staggering the terms. Have one run until the kids are out of the house, for example, and the other until your retirement fund kicks in.

- Investigate the company. Visit www.naic.orgcis, the National Association of Insurance Commissioners site. It has links to check out companies, including their financial condition, and the complaints filed against them.

- Ask about rebates. Some states allow agents to rebate a portion of their commission to you. Check online or by phone. You don’t have to be from the state to buy insurance there.

Cheap Auto Insurance

Get several quotes, of course. You probably know that having as high a deductible as you can afford will also reduce the rate. Here are some money-saving tips you may not have known.

- Get the legal minimum for liability coverage if you have few or no assets. Many companies try to sell their “company-recommended minimums” on liability, and even pass them off as the legal minimums. Just get the legal minimums. If you have no assets, you’re not a target for a lawsuit.

- Once a year, review your policies. Have a policy review and get new quotes every year or so. If the ticket you had is past the three year mark (or whatever the company thinks is important) they will drop the rate, but not automatically, so ask.

- Remove your kids from your policy. If your kids are at a college that’s more than 100 miles away, you can have them taken off the insurance policy and save a lot of money. You can’t let them drive the car when they come home to visit though.

Other Cheap Insurance Secrets

– Health insurance tip: Find a group to join. If you don’t have health insurance through your employer, join a group that enables you to get a better policy rate. A fraternal organization or the chamber of commerce sometimes have arranged for group policies.

- Home owners insurance tip: Consider higher deductibles. Insurance is for disasters, not small stuff. Plan to pay the first 1000 someday when something happens. In the meantime you’ll save money every year on your policy.

- Credit life insurance tip: Just say no. These policies pay the balance of your auto, home or other loan if you die. If you feel you need it, regular life insurance for the same amount is much cheaper.

Whatever type of insurance you are buying, be sure to get several quotes. Ask questions about every part of the policy, and don’t pay for things you don’t need. Ask about any special discounts you might be eligible for. Asking many questions and really understanding the policy is the key to getting cheap insurance.

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Sorry to remind all you died in the wool smokers but November was Lung Cancer Awareness month. But no don’t click away spare a few moments of your time, please ..

If hard words on packets wash over you, let me put the financial case to you for quitting. As well as feeling healthier I can offer you a holiday for two on Paradise Island in the Maldives, for two, for every year of your longer life!!

OK, I know you don’t believe me. Let’s explain.

Say the average smoker is 40 and smokes 20 a day. With cigarettes at 5 a packet that’s 1,800 a year. Then you’ll save loads on the cost of your your life, critical illness and medical insurance. Just how much was highlighted in a recent snapshot study by www.express-life-insurance.co.uk. This found that the average smoker paid 56% more for life insurance than a non-smoker. Therefore, giving up could easily save you 50 per month on your various insurance premiums.

So as a non-smoker you could be 2,400 per year better off. Wearing a financial hat I can show you that if a 40 year old man put those savings into a personal pension plan with NFU, then at 5% per annum growth, he’ll have a healthy retirement fund of 97,860. On retirement that could give an in the pocket tax-free sum of 24,465, plus an annual lifetime income of 3,830 (or 5,100 per year if the tax-free cash was left in the pension).

On the other hand let’s have more fun!

For 2,400 you can have a 5 star 10 day holiday for two on Paradise Island in the Maldives. Give up smoking forever and you could afford to go back to Paradise Island every year!

QED makes you think doesn’t it?

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Whether you plan to rent five or less properties, or five or more properties, is, however, a side issue, as in both cases youll need to ensure that you have at least the minimum level of required insurance in order to protect yourself. Consequently, the number of properties you own will have a bearing only insofar as the insurance premiums are concerned. That said, if you are looking to become a property owner with a letting business, then you need to ensure that you have the following minimum provisions in your insurance policy:

Fire

Insuring against any fire on the property

Natural Disaster (also known as tempest insurance)

Insuring against natural disasters that may occur, such as a storm where the winds tear off your roof or guttering

Theft

Which is especially important if you are renting out fully furnished properties. In the event that you are renting out unfurnished premises, you may wish to have a discussion with your tenants about whether or not they should have home contents insurance

Public Liability Insurance

This should be a must as it will protect you against any claims your tenants or any third parties (such as their guests) may have for injuries they suffer while on your property

Lost Earnings

There may well be times when your property remains empty; say, for example, while you look for new tenants. If you are relying on the rental income from your tenants to repay the money you borrowed to purchase the property, you need to ensure you have lost earnings insurance to compensate you during this period

Employee Liability Insurance

If you have employees who will visit the property for you to repair any damage, etc. or to collect the rental payments, then you need to make sure that you have employee liability insurance in case they get injured while carrying out their assigned task

Legal Expenses Insurance

As a property owner you may find the need from time to time to retain the services of a lawyer; for example, if your tenants refuse to pay their rent or move out of the property at a specified agreed time when you may need to get an eviction notice. As legal expenses in the UK can be expensive, you should consider insuring against this risk by having in place a provision of legal expenses in your insurance policy.

Although the above are basically the bare minimums you need in your buy-to-let property insurance policy, you can also tailor these types of insurance policies to meet your particular needs, so make sure that you talk through your circumstances with your insurance provider, especially if you anticipate expanding the business in the near future.

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There are four main varieties of credit insurance: Credit life insurance pays off all or some of your loan if you die. Credit disability insurance, also known as accident and health insurance, makes payments on the loan if you become ill or injured and can’t work. Involuntary unemployment insurance, also known as involuntary loss of income, makes your loan payments if you lose your job due to no fault of your own, such as a layoff. Credit property insurance protects personal property used to secure the loan if destroyed by events like theft, accident or natural disasters.

Shopping Tips

Before deciding to buy credit insurance from a lender, think about your needs, your options, and the rates you’re going to pay. You may decide you don’t need credit insurance. If you do, credit insurance can be an expensive form of insurance. For example, it may be less expensive and more practical for you to get life insurance than credit insurance. Before deciding to buy credit insurance, you should ask:

How much is the premium?

Will the premium be financed as part of the loan? If so, it will increase your loan amount and you’ll pay additional interest, and more for points (if points are on your loan).

Can you pay monthly instead of financing the entire premium as part of your loan?

How much lower would your monthly loan payment be without the credit insurance?

Will the insurance cover the full length of your loan and the full loan amount?

What are the limits and exclusions on payment of benefits – that is, spell out exactly what’s covered and what’s not.

Is there a waiting period before the coverage becomes effective?

If you have a co-borrower, what coverage does he or she have and at what cost?

Can you cancel the insurance? If so, what kind of refund is available?

Before you sign any loan papers, ask the lender whether the loan includes any charges for voluntary credit insurance. If you don’t want credit insurance, tell the lender. If the lender still pressures you to buy insurance, find another lender. And review your loan papers carefully to be sure they have been drawn up correctly. Lenders can’t deny you credit if you don’t buy optional credit insurance – and if you don’t buy it directly from them. If a lender tells you that you’ll only get the loan if you buy the optional credit insurance, report the lender to your state attorney general, your state insurance commissioner or the FTC. Consumers should ask these same questions about other extra products offered with their loan, such as auto or shopping clubs, home or auto security plans, and debt cancellation products.

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Whether you plan to rent five or less properties, or five or more properties, is, however, a side issue, as in both cases youll need to ensure that you have at least the minimum level of required insurance in order to protect yourself. Consequently, the number of properties you own will have a bearing only insofar as the insurance premiums are concerned. That said, if you are looking to become a property owner with a letting business, then you need to ensure that you have the following minimum provisions in your insurance policy:

Fire

Insuring against any fire on the property

Natural Disaster (also known as tempest insurance)

Insuring against natural disasters that may occur, such as a storm where the winds tear off your roof or guttering

Theft

Which is especially important if you are renting out fully furnished properties. In the event that you are renting out unfurnished premises, you may wish to have a discussion with your tenants about whether or not they should have home contents insurance

Public Liability Insurance

This should be a must as it will protect you against any claims your tenants or any third parties (such as their guests) may have for injuries they suffer while on your property

Lost Earnings

There may well be times when your property remains empty; say, for example, while you look for new tenants. If you are relying on the rental income from your tenants to repay the money you borrowed to purchase the property, you need to ensure you have lost earnings insurance to compensate you during this period

Employee Liability Insurance

If you have employees who will visit the property for you to repair any damage, etc. or to collect the rental payments, then you need to make sure that you have employee liability insurance in case they get injured while carrying out their assigned task

Legal Expenses Insurance

As a property owner you may find the need from time to time to retain the services of a lawyer; for example, if your tenants refuse to pay their rent or move out of the property at a specified agreed time when you may need to get an eviction notice. As legal expenses in the UK can be expensive, you should consider insuring against this risk by having in place a provision of legal expenses in your insurance policy.

Although the above are basically the bare minimums you need in your buy-to-let property insurance policy, you can also tailor these types of insurance policies to meet your particular needs, so make sure that you talk through your circumstances with your insurance provider, especially if you anticipate expanding the business in the near future.

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Types of Breakdown Cover

Roadside Rescue: If your vehicle breaks down outside a specific distance radius from your home, breakdown insurance would pay for the servicing amount except the charge for new parts. The company will provide you with other helps. However, the incident is at your home or within specified radius of your home, and then it wont be covered.

Home Rescue: It covers the same as the roadside rescue; it extends the coverage to your house. It includes getting your vehicle checked at the local garage.

Recovery Plus: It covers both home and roadside breakdowns. It provides a hire car to either return home or continue your journey. And also it covers the cost of alternative transport to enable your journey or return home to be completed. If the breakdown happens a set of miles away (specified in the policy), accommodation in a local hotel while awaiting completion of repairs will also be provided.

Continental Cover

In UK, European Rescue Breakdown covers roadside breakdown in continental driving. It covers the charge of repairing or bringing your car back to UK in case your car cant be repaired. However, it doesnt cover the charge of new parts. So, it is always wise to have this insurance, if you are driving across Europe as you can face fees for roadside assistance charge for every kilometer your car is being towed.

Partners and Family

Some policies also cover spouse or partner; however check it with the insurance company. Some companies look whether your spouse or partner is living with you at the same address. Family cover includes you, a partner and usually two children under 21 living at the same address as you. Check whether your policy covers all the persons traveling in the car.

You need to wait nearly 25 minutes to an hour for a roadside assistance. Some policies fix the number of calls to five or six each year. You may get more if you have a joint cover or family cover. If you exceed the limit you must pay for the assistance. Policies do not cover the cost of new parts. Some policies do not cover trailers and caravans. Animals are usually not covered.

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“Long-Term Care Insurance or Medicaid: Who Will Pay for Baby Boomers’ Long-Term Care?” sounds the alarm on a potential national long-term care crisis. More important, it is a call to action for individuals to include long-term care in their retirement planning, said ACLI President & CEO Frank Keating.

The study shows that a one-year stay in a nursing home averages nearly 70,000 for a private room or more than 61,000 for a semi-private room. By 2030, the same stay in a semi-private room will cost an estimated 190,000, more than tripling over the next 25 years. Most Americans cannot save enough to cover these high costs on their own.

“Americans are living longer than ever before. That is good news, but it has some risks. One of those risks is that many future retirees will be facing astronomical long-term care costs,” Keating said.

The issue is of particular interest to women because they tend to outlive men. A 65-year-old woman has a 50 percent chance of needing nursing home care in her lifetime-a cost that could potentially wipe out her retirement savings.

What can be done? Life insurers recommend long-term care insurance.

Long-term care insurance is a vital component of a sound financial plan for retirement. It helps people maintain independence in retirement if they require long-term care services. Long-term care policyholders don’t have to rely on government programs or their family to pay for care. Moreover, the product has evolved over the years. It now offers a wide range of services in a variety of settings. Some policies may include reimbursement for respite care, medical equipment, care coordination services and even home modification.

“Long-term care insurance provides retirement security to millions of Americans. But more need the protection it offers. With long-term care insurance as part of a retirement plan, Americans are better equipped to protect their life-long savings and maintain their standard of living,” Keating said.

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