Life Insurance News in Category "Canada Life"

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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Income Protection for Cyclists

Lifebroker is an innovative online life insurance broker that thinks differently about the insurance world. James Markwick at Lifebroker recently came up with the idea of promoting income protection to groups of cyclists. Mr Markwick said “this idea came out of an accident that I had towards the end of 2009. I commute to work on a bike and was knocked off by a bus in London. I was not too hurt thankfully but my bike was ruined and I had to get a new one. It got me thinking what would I have done if I had to get a new bike but did not have the immediate funds? This is when I spoke to my colleagues at Lifebroker and we came up with the idea of providing the funds ourselves to anyone that makes a valid claim.”

According to the Department for London there were 115 pedal cyclist fatalities and 2,450 reported seriously injured casualties (in 2008) with the number killed or seriously injured increasing in the last 4 years.

The majority of reported pedal cycle accidents happened in urban areas; these accidents account for 75 per cent of all pedal cyclist killed or seriously injured. This is explained by the fact that 77 per cent of cycle traffic was on urban roads in 2008. In comparison, 64 per cent of all accidents and 53 per cent of all KSI casualties occurred in urban areas.

Lifebroker have pledged to provide up to £1,000 to replace your bicycle if you make a valid claim on your income protection bought through Lifebroker due to being injured in a traffic accident on your bicycle. It is crucial that if you are an active cyclist that you have something in place to replace your income if you are ever caught up in a traffic accident, and with the added benefit of having your mode of transport replaced then getting a quote from Lifebroker for Protection has to be a must. Visit the Lifebroker today and get a quote.

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

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Reasons to Insure Your Life

Life Insurance is set up to financially provide for your loved ones in the event of death. But what are the drivers that instigate the search for life insurance?

Lifebroker finds that there are three main reasons for taking out cover;

• Taking out a mortgage or other type of loan
• Having a baby
• Someone close has just suffered from a serious illness or died

Adam Harper, Director at Lifebroker said "time and time again the reasons for establishing cover are the same, we just help people satisfy that need in the easiest way. The end result is the same - people are taking financial responsibility for their loved ones."

Lifebroker offers a full range of life cover that can suit most people's needs but points out that it is usually more obvious to protect the main earner as their lost income would have a huge financial impact, however a mistake that is often made is not insuring the partner that stays at home to look after the children. Although this person may not earn an income directly, they still add considerably to the family. If the non employed partner were to pass away the surviving partner has to adapt to ensure that children are taken care of. This process can prove to be very costly.

Lifebroker has listed the main reasons that their clients seek to get life cover:

1. Taking out a Mortgage or increasing an existing one
2. Becoming a parent
3. Someone close has suffered a serious illness or died
4. Income level change
5. Marriage
6. Providing financial security for loved ones
7. Existing policy expired
8. Inheritance Tax Liability

Contact Lifebroker if you need help with getting the best quote.

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Posted under : Zurich, UNUM, Friends Provident, Key Man Insurance, Fortis Life, LV=, Liverpool Victoria, Legal & General, Mortgage Protection, Inheritance Tax Planning & Trusts, PruProtect, Level Term Life Insurance, Life Insurance Broker, Personal Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance Products, Canada Life, Bupa, Bright Grey, Aviva, Ageas Protect, Aegon

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Life Insurance Comparison Websites

Comparison websites are everywhere - even the major supermarkets in the UK are launching their own comparison sites with ASDA being the latest. Lifebroker actually specializes in life insurance products (life, critical illness and income protection) and feels that it is better to specialize with the end result to be the best and not just 'one of the others.' James Markwick, Managing Director of Lifebroker said "when we launched Lifebroker in the UK it was clear that we had to specialize. There are too many comparison sites that sell pretty much anything from utilities to credit cards. I think that it is too confusing."

Lifebroker is pleased to only offer life, critical illness cover and income protection and feel that this is easier. Mr Markwick adds "as Lifebroker does not offer financial advice and it is really important that we promote clear and concise information throughout our website. We are not one of those sites that bombard visitors with other products or unwanted advertising."

At present the Lifebroker site uses a rebate structure to make their premiums lower and they are looking to enhance their customer experience by adding research to the site that will allow clients to choose their insurance based not only on cost but also on the fundamental features of the product. Mr Markwick says "this is something that I have seen in overseas markets. Clients will consider buying a slightly higher priced product due to the fact that it may be superior in quality. This will help them see more value."

Comparison sites in the UK are based mainly on price and Lifebroker want to change this.

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

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Income Protection is Priority

Lifebroker welcomes the news that the Income Protection Task force is running Roadshows across the UK (Moneymarketing March 18 2010) to make Financial Advisers more aware of the need for this key insurance. Do Financial Advisers need to be educated about the need to provide Income Protection or do the public need to be made aware of the range of income protection products?

Lifebroker is not sure why so few income protection policies are purchased in the UK but they think that they may have an idea.

One thing is for sure though and that is that there is too much confusion in the market. With most protection sales being made via websites there is too many grey areas in defining exactly what income protection is. James Markwick from Lifebroker thinks that there needs to be some clarity in advertising income protection products. Mr Markwick said "when using search engines to get an income protection quote you will find that some companies are actually promoting Mortgage Payment Protection, others Accident Sickness & Unemployment cover, and other websites display it as longer term income protection (traditionally Permanent Health Insurance)." Lifebroker prefers the latter as it is more comprehensive.

Mr Markwick explains further what this means to the purchaser. "For me it is chaotic, definitions need to be put in place so that people know what they are being quoted." Having worked overseas for Lifebroker's Australian office Mr Markwick makes it clear that this confusion does not need to exist; he says "In Australia there is only really one type of income protection and that is of the longer term nature. In the UK I am continually told website sales of income protection are low due to the fact that it has to be an advised sale. I completely disagree with this as I know that many Australians buy the product from the Lifebroker Australia site in the same way. If it is an advised sale why are the advisers not selling it?"

Lifebroker are going to be improving this part of the site to reflect the Income Protection Taskforce's initiative by making it simpler and easier to understand.

Posted under : Zurich, UNUM, Friends Provident, Fortis Life, LV=, Income Protection Quote, Income Protection, Legal & General, Life Insurance Broker, Personal Insurance, Insurance Products, Canada Life, Bupa, Bright Grey, Aviva, Ageas Protect, Aegon

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Stop Smoking and Save

National Non Smoking day is in its 27th year and is making progress

It is three years ago that the UK Government banned smoking in the workplace. The current smoking rate is 20%, however in the last 10 years it has steadily reduced. According to the Office of National Statistics the smoking rate in 2000 was 26%, by 2007 it had dropped to 22% and the latest figures for 2008/2009 show that it is sitting at 22%.

The Government wants to reduce the smoking rate to 10% by 2020 - they have some work to do. They have an new initiative that will concentrate on young people and preventing them from starting in the first place.

On top of the obvious health improvement of giving up there is also huge savings to be made. According to Lifebroker a 35 year old male who smokes will pay £29.23 per month for £250,000 level life cover over the next 25 years. For a non smoker the same policy would cost £15.56 per month, almost half the price.

Bettina Richen, Sales & Marketing Manager at Lifebroker said "not only are there the obvious health benefits that can be made from stopping smoking, but also there is a financial one that is two fold; saving you money from not buying cigarettes and also your insurance premiums dramatically reducing". Ms Richen states that you must be careful when looking at the definition of a non smoker as it means that you must not have had a cigarette in the last 12 months or used any other form of nicotine product. Ms Richen said "Make sure that you read the small print as some insurers include nicotine patches or even gum as part of the smoking status question. You must have not used nicotine products for 12 months. Be aware that some providers also have random checks to ensure that you are still a non smoker or you have not lied on your application."

Once you have not smoked for 12 months please contact Lifebroker as we will ensure that you get the best non smoker life insurance policy.

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

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