Life Insurance News in Category "Business Protection"

Comparing Life Insurance

Comparing life insurance is hard work and also confusing. In today's world you have many choices; you have the old fashioned way of comparing products by making an appointment with your Bank or Buidling Society, or you can use the internet. Either way both can be time consuming and horribly confusing.

Lets work through the implications of using your Bank. Firstly you will have to make an appointment for the luxury of being sold a life insurance product from a tied Financial Adviser (can only sell products from one insurance company). Once the adviser has gathered enough data from you, you will be sent away and asked to come back so that he/she can present to you what they advise. If you want to compare Banks you will have to carry out this exercise again and again until you are satisfied that you have enough information to make the correct choice.

Now for the the internet. This can also be confusing due to the range of products and online brokers you have at your fingertips. If you want to compare using Google or an alternative search engine, the usual culprits appear on the first page; Comparethemarket, Moneysupermarket and GoCompare. It apprears that these comparison sites only compare price and not quality, is this what you want?  When researching life insurance does 'value' come into it, and how do you calculate value? For this surely you need to know the price, but also more about what you are getting for the price. Most comparison sites deliver on price but still leave you confused.

Lifebroker is preparing to launch a new part of the site that will allow you to compare life insurance quotes based on featues and quality. You need a website that will allow you to compare products without wasting your time, and a website that takes your purchaing decision seriously.

Lifebroker is not looking to use meerkats (as nice as they are) or annoying men that shout and sing about insurance. Buying insurance is horrible enough as it is, Lifebroker will take you seriously and wants you to make the correct decision first time.
 

Posted under : Key Man Insurance, Terrence Higgins Trust, Income Protection, Life Insurance Broker, Personal Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance Products, Business Protection, Diabetes Life Insurance

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Is Your Business Protected?

Key Man Insurance

Key man insurance (or key person insurance as it is sometimes called) is fundamental to protecting a business that relies on a key person for the ongoing profitability of the company.

New research by Scottish Widows has found that 81 per cent of small-business people who have key people in their businesses are not covered for the loss in profit or cost of replacing those people. This is despite the fact that four in five sole traders believe they have at least one person whose loss through death, critical illness or serious accident would undermine the survival of the business.

In today's financial climate most businesses are too concerned about not spending money, so vital key man insurance gets overlooked. Life or critical illness insurance for a business fundamentally operates in the same way as it would for personal insurance. The policy can be tailored to fit the requirements of the company; for example critical illness cover can be taken out alone or as part of a bundled package, and the income from an income protection policy on a key man can be used to pay for any temporary replacement staff.

Working out how much cover you should have for the key person is a bit tricky, but as a guide there are two common methods; five times net profit the key person brings into the company, or two times gross profit, and also using a multiple of the key person's salary, such as up to 10 times gross income of that person.

Key man or person insurance is taken out by a company to cover someone who is considered to be vital to the business; the key is to establish the insurance correctly. The ownership of the policy is vital and you can either see a financial adviser and pay full commission or visit some of the major insurance company websites to get more information. Aegon have a dedicated key man insurance section on their website that is publicly available. It is worth downloading the guideline documents to see what is involved. If you need advice you must see a financial adviser, or if you just want some free information and discounted key man insurance quotes contact Lifebroker.

Posted under : Zurich, UNUM, Friends Provident, Key Man Insurance, Fortis Life, LV=, Liverpool Victoria, Income Protection Quote, Income Protection, Critical Illness Cover, Legal & General, PruProtect, Level Term Life Insurance, Life Insurance Broker, Personal Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance Products, Canada Life, Business Protection, Bupa, Bright Grey, Aviva, Ageas Protect, Aegon

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