S1 Insurance

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When you close on your brand new home, you'll have to hand over a down payment. If you make a down payment worth less than 20 percent of the home's closing cost, your lender will probably require you to have mortgage insurance.
Your mortgage insurance premiums can be added on to your monthly mortgage payments.

As the economy continues to stumble, many households are looking to cut costs where possible and inevitably, insurance is under the spotlight.
Income protection insurance (IPB) is not a cheap benefit and some may be questioning whether it is a good investment given the limited funds that many households are struggling to manage on.

Red tape is one of life's little hassles and having applied for health insurance, having to jump through hoops to get accepted or wait for approval can be a real pain.
So wouldn't it be helpful to know what are the main things that can delay an application and whether there is anything you can do to speed things up?

Whereas most insurance is simply good practice, ensuring you can meet unexpected expenses that you otherwise couldn't afford, car insurance is also a legal requirement. Driving without insurance is a criminal offence and can lead to a hefty fine, points on your licence and worse. Even if this weren't the case, driving a car without insurance is a seriously bad idea. An accident that's your fault and results in vehicle damage and serious injury to others can be an extremely costly business. If you don't have insurance, it's most unlikely you'll be able to meet the costs involved.
At the very least, you'll need to take out insurance on a third party, fire and theft basis. This will cover the costs of other people involved in an accident but won't pay for your vehicle to be repaired if it's damaged in an accident that's your fault. For that, you'll need comprehensive insurance that will, as the name implies, meet most costs that are likely to arise. Even here, a policy may not cover your legal expenses or provide a replacement vehicle while yours is off the road. If you need these, you should check the policy and may need to pay extra to extend the cover.

You home is likely to be the biggest investment you ever make. As a result, you need to safeguard your investment by maintaining your property in good condition, keeping it secure and insuring it. The loss of your home through a fire or other disaster is something you'll never be able to recover from on your own. The cost is just too large for most individuals. For this reason, you need to ensure you have adequate cover on your property at all times. And, of course, if it's the subject of a mortgage, your lender will insist on sufficient insurance because it's their money that's at risk.
Home insurance falls into two categories - the building itself and its contents. Many insurers offer both types together, often at a discount, so that everything is insured.

When the annual holiday was a week in Blackpool, travel insurance wasn't a consideration. After all, the NHS operates the same there as it does at home. With overseas holidays now common, and increasingly to distant locations, travel insurance is of vital importance.
Becoming ill or getting injured abroad can be extremely expensive. Whilst some countries do have reciprocal healthcare arrangements with the UK, this often only covers emergency procedures and you'll have to pay for the rest. Having a long stay in hospital abroad or needing an air ambulance to get you home are expenses you can't afford and you need travel insurance to foot the bill.

Whilst NHS waiting lists may have been reduced, people can still wait a long time for treatment. There were 284,377 people at January 2010 who had been waiting over six weeks for NHS treatment. Added to this number were those waiting for specialist consultations and diagnosis.
The avoidance of waiting for treatment is one of the main reasons that people take out private health insurance policies. The Association of British Insurers estimated that over seven million people had some form of private health cover in April 2008.

Most pet owners will care for their animals to the best of their ability. This usually includes feeding, grooming and exercising (unless it's a goldfish) on a regular basis. But many pet owners don't even consider taking out insurance for their pet, which can be an expensive mistake if the worst happens. A Mintel survey in 2007 showed that over half of pet owners had visited the vet unexpectedly over the previous two years. This emphasises the need for insurance cover that guards against the cost of illness and injury.
As with any insurance, you need to check what's covered by a policy before taking it out. The main area that most people are concerned about is vet's fees, which will be included in all pet policies. However, you must check the level of cover provided in terms of the overall amount and the annual benefit. Also, be aware of any excess you will be expected to pay and any conditions and treatments that may be excluded. You'll generally find that basic pet care, such as grooming, parasite control and standard examinations are not included.

Death is a subject that most people don't want to think about. However, it's something that is inevitable and, if you think about the effects of your death, you should at least be considering life insurance.
Unlike most forms of insurance, life insurance is a type of cover where the insured doesn't gain any benefit from the policy. In general, a life insurance policy will only pay out on the death of the insured. However, some policies may include an element of critical illness cover and most automatically provide terminal illness cover and so will pay the benefits when a terminal illness is diagnosed.

Related Resources:


Money Made Clear
Insurance Fraud Bureau
Insuring Your Home
Insuring Your Pet
Financial Ombudsman

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