If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
The alarming fact that we all put to the back of our minds is that life can be taken from us at any moment. There are no guarantees on how long we have, and to base your financial decisions on the assumption that you are a modern day Methuselah is unwise, especially when other peoples wellbeing might also be affected should the worst happen.For most people, their mortgage is the biggest financial commitment they have. Mortgages are usually for large sums of money, set over long terms and are based on the assumption that you will live long enough to pay it off. But what if you dont? If you have a mortgage and you die, your partner/spouse/family/housemate/goldfish/terrapin (delete as appropriate) would either have to find a way to continue paying, or lose their home and face a difficult move. Life insurance can repay the mortgage balance in full in the event of your death, and leave your loved ones in a more stable financial position.Im sure that you will be comforted to know that life assurance (insurance and assurance rather confusingly mean the same thing here) is similar to other types of insurance, insofar as those who are the most likely to claim from it have to pay the most! Where it does differ however is the length of time it takes to underwrite the policy, which can often take several weeks if the insurer has to write to your GP.Factors that affect how much you pay include:
- Age
- Gender (ladies live longer than gentlemen. Sorry guys its true I am convinced this is due to males being more inclined towards mustard-based foods!)
- Weight
- Occupation (if you work at heights like Superman, or drive a lot for work, you will pay more)
- Lifestyle (if you smoke, drink excessively, travel to exotic countries, or in your spare time are a member of the Scunthorpe Synchronised Bungee Jumping Display Team sorry, youll pay more)
- Medical history (both yours and your immediate relatives)
- Shop around. The staple of any money-saving guide! Prices vary widely between insurers so dont settle for the one your Bank or Building Society offer without getting some quotes to compare against.
- Dont just cover the breadwinner or main earner. If your partner doesnt work, there is still a financial impact if they die prematurely.
- Joint cover and single cover. Its up to you whether you choose to cover yourselves singly, or jointly. In terms of cost joint policies are cheaper than two single ones, but only very marginally. For a little extra two single policies can provide double the cover of a joint one!
- Consider writing your policy in trust. When you die, everything you own (your assets) is totalled up. If your assets exceed a certain threshold (at the time of writing £325,000 for a single person, or £650,000 for married persons or civil partners) your estate will be subject to Inheritance Tax. Your life insurance policy would form part of your estate. By writing it in trust this becomes outside of your estate; therefore you can ensure that the money goes directly to the person you want it to, without incurring any Inheritance Tax. If you are in any doubt about what to do seek professional guidance from an Independent Financial Adviser or Solicitor.
- If you are on a budget and cannot afford the premium that the insurer offers you, why not try getting as much cover as you can for your money at least youll have some protection. If you can only afford to pay £20.00 per month for cover, most insurers will let you specify this for a quotation and then return the amount of cover they will give you for this price.