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Michael Challiner Profile and Articles
URL: http://formenoverforty.blogspot.com
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1). Critical Illness Insurance The Non-Disclosure Problem
If you're in the unfortunate position of having to make a claim on your critical illness insurance policy, the last thing you want is insensitive hassle or apparent non co-operation from your insurer. But according to numerous newspaper articles, that's precisely what's happening. The core problem is that before they'll pay out, the insurer will always want to make exhaustive enquiries about your past health record.
2). Loans Are Lenders Cheating On APR’s?
A pound from one lender is as good as a pound from another. So when you're shopping for a loan, the key issue becomes the interest rate. Consequently, when you read press advertisements and visit web sites, the Annual Percentage Rate of interest (APR) highly influences which lenders or loan brokers you apply to. After all, the government introduced APR's as a standard calculation that every lender has to use, precisely to help the public make reliable comparisons.
3). What Do The Terms APR, AER And EAR Mean?
Mortgage lenders have a derogatory name for people who switch mortgage lenders to follow lower rates – they call them “Rate Tarts”. The author has a much more apt description – Shrewd Shoppers! After all, who spends more for exactly the same product, in this case money, when you can get it cheaper elsewhere? After all a £ from one lender as effective.
4). Offset Mortgages. A dream for well off homeowners.
Offset mortgages represent one of the biggest mortgage innovations seen in recent years. Six years ago there was hardly an offset mortgage to be seen. Now they and the current account mortgage, to which they are closely related, account for £10 out of every £100 of new lending.
What's more, one of the UK 's large lenders believes that 25% of existing mortgage holders would be better off with an offset mortgage.
5). Life Insurance – 66% Of Applicants Face Loaded Premiums
If you're lucky, you'll get a life insurance quotation that you are happy with, progress to application, and get yourself insured within 48 hours at the original price quoted. Unfortunately this isn't the case for 66% of applicants - who face delays and loaded premiums.
So why is this happening? Well, life insurance companies provide quotes based on the ‘perfect person' – which basically means you must be 45 or under and in excellent health, have no hereditary illness in the family, work in an office and want no more than £250,000 cover.
6). Mortgage Payment Protection Insurance The Do's And Don'ts
When you've taken out a mortgage you've make a long-term commitment to maintain the monthly repayments for the full duration of the mortgage. That's going to be over many years but you're making that commitment without the benefit of a crystal ball – no one knows how your circumstances are going to change, for good or bad. So that must represent a big risk.
7). Life Insurance and Life Assurance are not the same!
The average man in the street assumes that Life Insurance and Life Assurance are names for the same form of insurance. How wrong they are! But don't hang your head in shame, many financial commentators get it wrong too! Life Insurance and Life Assurance perform different financial roles and are poles apart in cost - so it helps to surf for the correct product.
8). Health Insurance – Not As Straightforward As It Would Seem
Most of the seven million people covered by health insurance in the UK have a policy provided by their company. As such it is a useful benefit, but many of us assume that it will cover any kind of health issue and this is definitely not the case. The insurers exclude a wide variety of possible claims, and this article will explain those in detail.
Health.
9). Life Insurance and the Law. A layman's introduction.
There are no laws in the UK that require a person to have life insurance. It’s an entirely voluntary insurance. About 40% of the UK's working population are covered by life insurance either through their own policy or via an arrangement through their employer.
So the simple things first. You have to be a UK resident in order to buy a life insurance policy from a UK based insurance company.
10). Should Your Life Insurance Policy Be Written In Trust?
According to one of the largest UK life insurance companies, just 1% of life policies are written in trust. That is disgraceful and reflects poorly on the financial industry.
Let's explain.
If your life insurance policy is “Written in Trust” then, in the event of a claim, the insurance company pays out directly to the beneficiaries you name on the policy.
11). Buying Life Insurance? One tip to save you £thousands!
It’s simple, always have your Life Insurance policy “Written in Trust”. This may sound technical but it is easy to understand and it’s so easy to organise.
“Written in Trust” ensures that in the event of a claim, the policy will pay directly to the beneficiaries you name on the policy when you first take it out. If you do not do this, the policy will payout to your legal estate and this inevitably means that the money stays in your solicitor’s hands for some time.
12). Glossary of common terms used during the mortgage process.
APR - This stands for Annual Percentage Rate. It enables you to compare the full cost of the mortgage. Rather than just being an interest rate, it includes up front and ongoing costs of taking out a mortgage. The formula for calculating APR is set by Government Regulations and therefore enables direct comparison of the cost of mortgages.
Capital and Interest Mortgage - This is when part of your monthly payment contributes to paying off the outstanding mortgage in addition to paying the interest on the mortgage.
13). Travel Insurance – Is It Necessary For A UK-Based Holiday?
Just over a month ago, my boyfriend and I decided to visit the beautiful city of Edinburgh for our 5 year anniversary. We live in Dorset, so we didn’t want to spend the whole time travelling. To make the trip easier on ourselves, we decided to fly there, and used a travel agent to organise the week long holiday. Imagine my surprise when I saw an additional £27.
14). Payment Protection Insurance – Is It Worthwhile?
The Financial Services Authority (FSA) has been looking into the issue of Payment Protection Insurance (PPI) and the way that it is sold to people taking out loans in the UK. The list includes many of the UK's biggest banks and building societies, and it is single-handedly earning lenders over £1 billion a year.
The point of PPI is that if a loan borrower becomes unemployed or unable to work though accident or illness, the loan provider will cover their payments until they return to work.
15). Mortgages And Loans. Islamic Finance Avoids Interest.
Two million Muslims in the UK face an ethical dilemma if they want a mortgage or a loan. Conventional mortgages and loans all require the payment of interest and “riba” as interest is called under Islamic law, is forbidden by the Koran.
British financial institutions are increasingly catering for Muslims' specialist needs through a number of alternative arrangements that respects the teachings of the Koran.
16). Loan cover – watch out for Payment Protection Sharks
The Financial Services Authority (FSA) has been investigating the way Payment Protection Insurance is being sold by loan providers which include some of the UK's biggest banks and building societies. And it's big business. Sales of PPI as it's called, earn lenders more than £1billion a year.
PPI is designed to protect borrowers by paying monthly loan repayment in the event that the borrower becomes unemployed or unable to work though accident or illness.
17). Buying A Second Hand Car? 19 Tips To Avoid Getting Your Fingers Burnt.
• Do your homework. Read up about the model of car you're thinking about. Will it perform as you will want? Be aware of any known mechanical problems with that particular model and remember to check them out when you take it for a test drive (see tip 15).
• Look up the current second hand values for the car. Try starting at www.what car .com. Also get some of the second hand car magazines and your local paper.
18). Car Insurance How Can I Lower My Premiums?
During the last few years, the average car insurance premium has virtually been at a stand still. The reason is price competition. There are now over 100 car insurance companies fighting for your business and competition is fierce. There are always bargains to be found as companies cut their premiums to attract motorists in the hope you'll remain loyal and stick with them in following years.
19). Car Insurance. Uninsured Cars To Be Crushed
Are you one of the one in twenty motorists who regularly drive without insurance? You'd better watch out - your car could be heading for the crusher and shipped off to the world's biggest scrap smelter in China!
New powers now allow the police to seize, impound and crush any car found on the road without insurance. A pilot scheme was introduced in Durham last spring.
20). Car Loans Drive Down The Cost
Most car buyers spend hours researching the makes and models of car before deciding which to buy. Then four out of ten rush out to the showroom and sign up for the car within 30 minutes of stepping inside.
But will their painstaking research extend to sourcing the cheapest finance package? Probably not. Whilst around 50% of new cars bought privately are purchased on finance, nearly 20% sign up in the showroom for the finance deal offered by the manufacturer.
21). Car Insurance - How can you lower your premiums?
Many factors influence the premium for your Motor insurance policy. Your insurer will have asked you many questions whilst producing your quote - some of which will affect your premium and some will not. Below we discuss the key variables that are within the policyholder's control.
Consolidating policies
By insuring a number of vehicles with the same insurer, or by trying to take out home and life insurance through your car insurer, you may be able to secure a ‘bulk buy’ discount.
22). Credit Problems? Tackle Them Head On.
Hate opening the post? Dread receiving the bill and Bank Statements? Sounds like your finances are becoming a problem.
The ostrich solution never works when it comes to debts – they just don't go away that easily. Take a tip - there's never a better time like the present to tackle a debt problem – as soon as piling bills give you a knotted feeling in your stomach, face up to the problem.
23). Critical Illness Insurance – The Press Are Giving Insurers A Hard Time.
Recent stories in the press have again lambasted the insurers over critical illness insurance. The core problem is that a critical illness claim is not as straightforward as, for example, a claim under life insurance. With life insurance it's going to be hard for the insurance company to argue that you're not dead!
By their very nature, critical illness claims are much more complicated.
24). Calling all smokers. A dream ticket for two to Paradise Island - for all of you!
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.
25). Fraud. Beware Of The Fraudsters
According to Which, the consumer watchdog, about 5 million of us have been targeted by fraudsters and have lost money as a result. Fraudsters are clearly finding rich pickings!
So what are the most widespread scams and how do you steer clear of them? Here are six scams to be aware of.
You've won a lottery prize
Here you receive a letter, or e-mail telling you that you've won a big prize on some lottery you've never heard of.
26). Life Insurance And Critical Illness Insurance. Cancer Tests To Increase Women's Premiums
Ladies, if your mother or any other female blood-line relatives have a history of breast or ovarian cancer then from next year onwards, you could face higher insurance premiums. You could even be refused cover altogether.
When these women apply for life and critical illness cover, the insurance industry wants to ask them whether they have been tested for the gene mutations BRCA1 or BRCA2.
27). Group Critical Illness Insurance - The Cheaper Alternative To Keyman Insurance.
If you manage a small business you'll dread the possibility of a member of your team being be taken seriously ill or dieing. Apart from the personal upset, your business would be hit hard. Sales or production could take a dive, key skills could be lost and the general pace of the business could fall. All this costs the business money.
Insurance is available to offset those financial risks, risks that can be especially serious for smaller businesses.
28). Life Insurance - Top Tips for buying online
More and more people in the UK 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.
29). Pet Insurance – What's The Point?
A survey published by Mintel recently revealed that 1 in 3 pets need an unplanned visit to the vet every year. So the odds that you'll be making a claim on your pet insurance are higher than the chances of you claiming on your home & contents policy or your motor insurance.
The word “unplanned” is key here. We don't mean routine treatments such as vaccinations or worming, you won't find a pet insurance policy that covers preventative treatments.
30). Credit Cards Watch Out When Using Your Credit Card Abroad
Going on holiday or business to Spain, France or Italy this year? Then watch out for a new ploy to overcharge your credit or debt card.
Many restaurateurs and retailers in these countries now have the facility to get you to authorise your bill in euros but then they recharge your card in sterling. That sounds innocent but there's a sting in the tail.
31). Remortgaging – Is It Worth Being A Rate Tart?
Mortgage lenders call people who switch mortgage lenders to follow lower rates ‘Rate Tarts’ – as if that’s going to put them off! These are tarts with brains (not hearts) as we all know that the best way to get the cheapest deal is to shop around, and that’s what they’re doing!
The mortgage lenders are in heavy competition with each other to attract the most customers, and although some offer other incentives like free valuation and set up fees, it’s the interest rate that’s the real clincher.
32). Mortgages. Higher Lending Charges Are Outrageous.
After you scraped together a modest deposit for your new home you may think you're home and dry. Think again. On top of there's the surveyors and solicitors to pay. Then the government want a slice. You've got to pay stamp duty at 1% of the property's price (if the house costs more than £250,000 the rate of stamp duty increases – see the information at the foot of this article).
33). Mortgages. Exit Fees To Be Capped.
In the last 3 to 5 years we have seen rises of up to 450% in the exit fees charged by lenders when borrowers redeem their mortgage. But at last the Financial Services Authority (FSA) ha seen the light and is going to crackdown on these increases.
Lenders have been telling new borrowers about the exit fees currently charged, but the lender has retained the right to increase those charges at any time and without advising borrowers.
34). How To Pay Less On Home And Contents Insurance
Buildings Insurance went up again last year, costing homeowners another 1% a year, taking the average to just over £205 for a year's insurance. Contents insurance also went up, this time by 2% - now it costs the average homeowner £151 a year. However, some lenders are hiking prices even higher than that – Norwich Union for example, raised its prices by a whopping 6% last year.
35). Travel Insurance – few bargains for the over 65's
At last you've retired. It's now time to relax and experience a slower pace of life. Even enjoy spot of gardening. But not all of today's modern over 65's have heard the message! Retirement is taking a new twist.
Less of the slower pace of life and substitute jetting around the world! International travel for the retired is here and booming!
It's all the result of a increased sense of adventure and willingness to experiment, combined with more money in the pocket.
36). Mortgages. First-Time Buyers Let Down By The Governments Homebuy Scheme.
Late last year, accompanied by the usual razzmatazz, Gordon Brown announced the Governments new “Open Market Homebuy” mortgage scheme for first-time buyers.
Under the Homebuy scheme, first time buyers take out a mortgage for 75% of a home's value with no deposit and the Government and the mortgage lender will in practice buy the remaining 25% of the property.
37). Pet Insurance. Podgy Pets Need A Diet Plan
Is your pet overweight? Four out of every ten pets are obese says one of the UK 's largest pet insurers.
Owners are overfeeding their dogs and cats with massive portions and fatty foods as well lots of treats from the table. This had led to a huge increase in the number of pet insurance claims for health problems brought on by obesity.
Petplan has revealed that during the last five years it has seen a 60% increase in obesity related claims amongst the 800,000 pets it covers.
38). Car Insurance Top Tips
The car insurance industry has got really competitive in the last few years, so prices haven't really changed much. There are now over 100 car insurers to choose from, so there are some very good deals out there for those who are prepared to shop around. 23% of motorists still choose to insure with the same company as the year before, but they could undoubtedly save money if they did check out some other companies.
39). Memo to myself – I need Keyman Insurance
Last month I had to drive down to London. I don't like driving at the best of times but the rain, spray and heavy traffic on the M1 made conditions difficult. Radio 2 kept me company and the heater kept me warm. Then I hit that queue - six miles solid and I was soon an hour behind schedule.
They were still clearing up the accident when I got there.
40). Dental Insurance. The Nhs In Dental Shambles
It's truly shambolic say many dentists referring to the recent overhaul of the NHS dental service. The situation has become so bad that dentists are leaving the NHS in droves. Seven out of ten dentists have either quit the NHS or have signed their new NHS contract temporarily and “under dispute”. This means that come July this year they have the right to refuse NHS patients and switch entirely to private practice.
41). Buying Life Insurance online – is it a really good idea?
The advent of the internet has opened up the possibility of cheaper life insurance for all.
In years gone by, if you were considering life insurance you would probably have invited an insurance salesman from your favourite insurance company to meet you or alternatively gone to your local insurance broker. But rarely would you have been courageous enough to get competitive quotations.
42). Credit Cards Shamed Into Cutting Charges
The Competition Commission one of the governments watchdogs, has at last moved to shame credit cards in to cutting their charges. The long overdue move comes after the Commission concluded that the credit card industry was overcharging customers between £55 and £100 million each year through excessive interest rates and other charges. And this has been going on for a least 3 years!
The main culprits by far are store cards where interest rates are as high as 30.
43). Mortgage Protection Insurance – The Essentials
It's tempting to sit back and relax once you've moved into your new home – but hang on, have you made sure that you're insured against all the risks that could stop you from paying your mortgage? Many things could go wrong and make it impossible for you to work, and in this article we go through each risk, and assess how important it is that you take that into account.
44). Life Insurance. Bargain Life Insurance When You Take Out A Pension Policy
At last, a real life insurance bargain – but as always there are strings attached!
If you take out a new pension policy after 6 th April 2006 and within the same premium pay for life insurance cover, then you can use your pension contribution tax allowance to reduce the cost of your life insurance. This means if you're a standard rate taxpayer, you'll receive 22% tax relief on your life insurance premiums and relief at 40% if you're a higher rate taxpayer.
45). Travel Insurance. Also Get A European Health Insurance Card.
Hands up all those who remember the old E111 medical forms you were supposed to have if you travelled in Europe? I can see all those blank faces!
Well, great news is that it doesn't matter any more. The E111 form was replaced at the beginning of January 2006 by a new European Health Insurance Card (EHIC).
This EHIC is valid for up to 5 years and entitles you to the same level of medical care in the country you're travelling in, as would be enjoyed by the residents of that country.
46). Foreign Currency Mortgages – What Are They And What Are The Risks?
99.9% of mortgage borrowers raise the money they need to buy their home in pounds sterling and pay the prevailing UK based interest rate. But it does not have to be that way……..
Whilst by its' own historical standards, the UK's domestic interest rates are low, they are still significantly higher than in the Eurozone, America, Switzerland and indeed, Japan.
47). Millions Forced To Opt For Private Dental Treatment
This April the Government is forcing a new service contract on dentists that includes a new pay scale, changes to their working hours and surgery arrangements. Now dentists are not a cantankerous profession, but there's widespread irritation and disillusionment amongst them at the Governments seemingly heavy-handed action. And they're determined not to be pushed around.
48). Car Insurance. It's Getting Increasingly Expensive When You're Elderly.
There were 550 serious accidents last year where the driver was over aged 70 and where driver was either killed or badly hurt, reports the Institute of Advanced Motoring . That statistic represents 8% of the national total of 7,035 similar accidents. That means that the over 70's's have more, very serious accidents per mile than any other sector of the population.
49). Home Insurance. Flood Alert
The Royal Institution of Chartered Surveyors warns that if you can't get insurance for your house, you're in big trouble. Mortgage lenders won't lend on houses that are uninsurable and as a result its value could fall by up to 80%.
It's a high flood risk that's most likely to make your house uninsurable. According to a recent survey, 6.5 million homes are already at risk from flooding of which 1.
50). Credit Cards – The European Credit Card Sting
Traditionally, using plastic abroad has always meant big charges. Things are a lot better these days, but they have taken a downward slide again in some European countries, as they get the option to add an extra charge to your bill.
In France, Italy and Spain, many of the bigger restaurateurs and retailers have a system called DCC – dynamic currency conversion.
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