Category / Insurance

Insurance

The PPI Claims Scandal Just Won’t Go Away!

Payment protection insurance (PPI) has become a millstone around the neck of the UK banking industry, a fast-growing monster that shows no signs of dying off. With more people putting in claims thanks to the High Court ruling that ordered the banks and other lenders to pay back any fees relating to mis-sold PPI policies the mainstream press has kept the story alive, and recent developments have drawn attention to the problems faced by individuals who believed their route to repayment was now a simple case of making a call and getting the money owed.

Lloyds Banking Group under Fire Again

The most prominent story has been that regarding the Lloyds Banking Group, which owes more than any other lender. The revelation that call centre staff employed to handle claims were told to stall on processing payments in the hope that claimants would then not bother has further damaged the reputation of the bank. The staff were employed not by Lloyds, however, but by a third party brought in to help sort out the backlash. Nevertheless, the incident has left a bad taste in the mouth, and was the last thin Lloyds needed in the current situation.

The PPI Claims Company Route

The call centre fiasco is one reason why many people are still choosing to use a ppi refunds company to get back the fees they are owed. Many examples of banks stalling or delaying payments – they have been told they must now process them in a reasonable time or face fines – can be found over the last couple of years, and it would seem that things have hardly improved. The expertise offered by claims companies is not to be sniffed at, and may make things a lot easier for those who cannot face the trials of arguing with their bank.

The False Claims Scandal

One reason the lenders have had to enlist outside help such as that mentioned above is the frequent dealings with false claims. People have been taking chances to claim back money they were never owed in the first place, and sorting these bogus efforts from the genuine ones has added to the time needed to process PPI claims. It is to be hoped that, in future, call centres will be more diligently managed and used to greater effect to get back the money owed to wronged consumers, many of who are still waiting for their claim to be processed.

Insurance

4 tips to picking the right insurance plan for you

Navigating the health insurance industry can feel like you’re entering a mind field. Do you choose the most affordable health fund or premium cover with all the added extras? Is one insurance provider better than the other? Is it even necessary to take out private health insurance?

These are just some of the common questions people ask themselves when considering health insurance. If you’re looking to find the right insurance plan for you, we’ve taken out all the confusion and made it easier with these 4 tips.

  1. Establish which cover is right for you

First things first, establish which type of health cover you need. There are three types of insurance cover in Australia. Determining which cover you need will help you choose between funds and policies. Here’s a run-down of your options:

  • Hospital cover:

Hospital cover allows you to be treated as a private patient in either a public or private hospital. This can cover the costs of your stay including theatre costs, intensive care, tests, doctor’s fees and pharmaceuticals.

There are four levels of hospital cover ranging from the most basic and affordable to most expensive:

  1. Public hospital – entry level with minimum benefits in a public hospital
  2. Basic hospital – private hospital treatment excluding high-cost services
  3. Medium hospital – covers a wide range of procedures excluding services such as pregnancy and hip replacements
  4. Top hospital – premium cover offer all in-hospital treatments
  • Extras cover:

Extras cover provides you with cover for a variety of general health services that aren’t covered under Medicare. Depending on the level of extras cover you take out, you could be covered for treatments such as chiro, physio, general dental, podiatry and speech therapy.

As with hospital cover, there are three levels of extra cover:

  1. Basic – designed for young and healthy people
  2. Medium – provides a broad range of cover with affordable premiums
  3. Comprehensive – top extras cover available
  • Ambulance cover:

Ambulance cover provides emergency transportation and treatment. It can be taken out on its own or included as part of your extras policy. With some funds, you’ll also have a choice of basic or comprehensive ambulance cover.

 

  • Combined cover:

Choose combined cover and you can merge your hospital, extras and ambulance cover together under the one package.

 

  1. Compare the private health insurers

Be diligent when it comes to comparing health insurance providers as your choice is likely to impact your annual premiums. Here’s a few points you should consider:

  • Check the insurer operates in your state
  • Search all the policies to find one that suits your current situation and lifestyle
  • Compare the premiums of non-for-profit and for-profit insurers
  • Know the rules about dependents
  • Find out how your pre-existing medical conditions affects the cover

 

  1. Learn the ling and check the details

Don’t let private health insurance talk leave you confused. Learn the lingo and check the details of the policy. Understand the terms used, the conditions of the policy including your limits and exclusions.

For example, some common acronyms used are:

  • Medicare Levy Surcharge (MLS) – the government surcharge taxing ‘high income earners’ living without private hospital insurance.
  • Lifetime Health Cover (LHC) – the government levy for those who don’t take out private health insurance before they turn 31.

It’s also worth understanding the difference between treatment covers such as General Dental verses Major Dental. General Detail covers treatments that maintain teeth health and prevent problems. Major Dental on the other hand, cover for major work such as root canals, extractions or crowns.

  1. Focus on value, not price

With so many insurance policies and insurers it’s easy to get swayed by the price. However, just like anything, if a policy is incredibly cheap, you need to ask yourself why.

Be diligent checking the exclusions, restrictions and the benefits of the policy. Focus on policies that offer you value for money, rather than a dirt cheap annual premium with high excess or limited benefits.

Insurance

7 Myths About Life Insurance Shattered

life insuranceMyth #1 – Single And Young People Don’t Need Life Insurance 

One mistake that a lot of single and young people make is “throwing caution to the wind”. A young or single person is much more likely to not have life insurance than someone who’s married, older, or has kids. 

Life insurance is important for a young and single person to cover things like student loans, credit card debt, funeral expenses, auto loans, and more. You’d be surprised at the amount of debt a young person can rack up during their younger years. 

Myth #2 – Only People With Kids Need Life Insurance 

Whether or not you want to accept it or not, your spouse is dependent on your income whether you have children or not. If you were to die tomorrow, a life insurance policy can ensure that your spouse will have the money they need to pay off debts and maintain their standard of living. 

It’s not just people with kids that need life insurance, it’s pretty much everyone. 

Myth #3 – Employee Life Insurance Coverage Is All You Need 

This is a misconception that a lot of people wind up believing. Many people think that just because they’re covered by their work life insurance policy, that they don’t need any additional policies to protect them. 

While the amount of coverage your work offers may be great, if you ever have to leave the company or get laid off, then finding a new policy at an older age may be next to impossible to afford. Think ahead and “lock in” an additional policy while you’re still young.

Term life insurance rates have gone down in recent years! Be sure to check out the link for more details! 

Myth #4 – Life Insurance Is An Expense You Can’t Afford 

Life insurance costs a lot less than you might think. For example, a healthy, non-smoker 30 year old man can secure $250,000 in coverage for only $18.92 per month. That’s a pretty low rate, and the payoff if you die is big enough to cover everything. 

Think about it for a second. Wouldn’t you want your family and loved ones to be taken care of in the event of your death? With an insurance policy like this, all your past debts and bills would be paid off and wouldn’t ever be a burden on your family. 

It makes the most sense to get covered under a life insurance policy that doesn’t cost a lot, but offers a substantial benefit amount.

Myth #5 – All Insurance Policies Are Created The Same 

When shopping for life insurance, it really pays off to read the fine print. Life insurance policies can differ greatly when it comes to coverage amounts and what they actually offer. Be sure to go over any policy you’re considering with a professional to ensure that you get the right coverage for you. 

Myth #6 – A Stay-At-Home Spouse Doesn’t Need Life Insurance 

Although a Stay-At-Home spouse doesn’t actually earn an income, they do provide a valuable set of services such as meal preparation, house cleaning, and child care that can’t easily be replaced. Having life insurance in place will mean that you can weather the burden of taking care of things at home with a nanny or house sitter. 

Myth #7 – Buying Life Insurance Is A Huge Hassle 

Buying life insurance both online and in person is a lot easier than it used to be. The policy plans are more streamlined and easier to understand, there’s not a lot of paperwork, and the cost to be a policy owner is a lot cheaper than you might expect.

In today’s turbulent world, it really pays off to have a great life insurance policy. You can protect your family from financial hardship and get the peace of mind of knowing that you’re doing the right thing in life. 

Author Bio:  My name is Lance Peterson; I am a graduate in Finance from UPenn. I am a banker, whose expertise stretches to areas like loans, investments, hedge funds, insurance and other related fields. I like keeping myself updated about the global financial scene.

Insurance

How does insurance public liability help the musicians and music teachers?

How does insurance public liability help the musicians and music teachersMusic is an art that needs time to learn and master. The ones who are proficient at it perform it and teach the ones who are interested to learn it. They are musicians and music teachers who perform either by singing or with their musical instruments. We feel relaxed and refreshed when we get to listen to music. Most of the music these days is recorded and passed on to others and there are live performances staged as well.

Musicians and insurance public liability:

When a student has learnt the music well he performs it with experts at first. As time goes by and he is an expert himself, he gets to have the whole stage for himself. Musician earns his living by performing. They get to meet a lot of people all the time, especially when they are performing a stage show. The people who come to the show, the show can either be on the premises of the musician himself or outside are the responsibility of the musician. If the public meets with any loss/damage due to the carelessness of the musician, the musician has to compensate for the loss. Compare cheap public liability insurance-liabilitycoverage.co.uk.

A lot of sponsors for stage performance, people who lend their stage for performance would require the musician himself to have public liability insurance policy. This will take care of public claims. Public liability insurance quotes can be got from the top insurers to ensure that you would be getting claims when you are sued.

Music teachers and public liability insurance UK:

Teacher in a person evolves after a lot of practice and experience. Not just this, but only after an art is mastered completely, it can be taught to another person. It is human nature that only when we experience it ourselves we will be able to understand and empathise it with another person who is experiencing it. We will know the difficulties that they face and will be able to guide them perfectly. We would know the pitfalls and can avoid them with the students.

Those interested in learning music would first visit the teacher’s premises, inquire and then join if they are fine with the terms and fee that is to be payed. But if it is a renowned teacher, public waits to get admission in the music school. So there are chances of injury for the public. To keep away from court and liabilities, get cheap online public liability insurance quotes from liabilitycoverage.co.uk.

Insurance

A Few Reasons to Take Out Life Insurance after Turning 50

You might think that life insurance is for younger people but there are a few good reasons for taking out life insurance after turning 50. Each case is obviously different but many people benefit from a greater peace of mind after taking out a policy for one of the following reasons.

To Cover Loans

No matter what age you are you won’t want to leave the burden of an outstanding loan behind you. This is why a life insurance policy can give you great peace of mind. The amount you need to cover will determine the premium you need to pay and you might very well find out this type of insurance cover is a lot less expensive than you thought.

To Pay Inheritance Tax

If you are going to be leaving behind a substantial amount of property then inheritance tax could be a big concern for your heirs. One way of helping them out with this amount is with a life insurance policy. You may need to ask an expert in the field to help you work out the amount you need to be covered for but you will feel a lot better once you have the policy in place.   

To Pay Funeral Expenses

A worry for many of us is how our family are going to be able to pay for our funeral expenses once we pass away. As the figure involved in arranging in most funerals is relatively modest the policy in this case shouldn’t cost a fortune. Often you can start getting quotes beginning with the minimum sum insured on offer and take it from there. If you find that even the minimum amount on offer is pretty high then you will be in the pleasant position of being able to think about leaving being a bit extra for your family.

To Help Out Relatives

In other cases the person looking to get insured on an over 50 life insurance policy will simply want to leave some cash behind for their family. This is a fantastic thing to do and it is especially rewarding if you know that your family will find that the money comes in really handy. Organising your own life insurance policy isn’t always the most exciting or pleasing thing in the world to do but if you can at least think about the good things which the eventual payout could do then it will be something well worth doing.