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Who gets the shades of awesomeness for their answer this week?

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5. Are our financial lives the same as our parents, why are they different? - Tasnim

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5. Are our financial lives the same as our parents, why are they different? - Tasnim

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what are the different types of  protection insurances?

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what are the different types of  protection insurances?

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general insurance:
motor insurance
buildings/ home insurance
pet insurance
travel insurance
mobile phone

life covers :
life insurance
income protection insurance

health insurance :
medical insurance
dental insurance
critical illness insurance
long term care

pension policies:
pension schemes offered

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9). There are numerous reasons people choose to buy life insurance products. One of those reasons being that parents want their family to be protected if anything was to happen to them. People with life insurance are helping themselves and their family by providing more choices and benefits in paying debts, funding education and other expenses. People with high risk jobs like firefighters, police officers and construction workers get life insurance because they are more exposed to danger and therefore more at risk of dying. Having this life insurance will not only protect their loved ones but will give them peace of mind especially when they are the breadwinner. Other reasons people buy life insurance products is because they are getting married, business owners or are self-employed.

10). Insurance needs will definitely change over people’s lifetimes because people are constantly moving to different stages in life. Foer example when people have more kids you have to think about all their futures like their education. Income circumstances can change and debt can accumulate. Nothing is certain. Circumstances will not always be the same and therefore people may need to change their insurance in a way that will be acceptable for the way their life has changed.

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1. What is protection insurance?

Protection insurance is the safeguarding of needs which is arranged by a company or a state that undertakes to provide a guarantee of compensation for specified loss, damage, illness or death in return for payment of a specified premium. There are various types of protection insurances and the public’s view of their need for protection constantly changes thus the insurance industry continuously adapt and change its products to meet the expanding and changing market.

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Q3)
The reason why we have protection insurance is to help people who may suffer financially when they are deceased.it also helps any sort of damage done to your property or unexpected illnesses. We also have Protection Insurance to help avoid businesses suffering financially after someone dies.

Q4)

Protection insurance may be used for your family, aging parents, business partners, employees and facilities. Protection Insurance can be used to help your family members financial needs after you have passed away, such as the expenses of your funeral, estate expenses, your mortgage and any other debts. Protection Insurance can also be used to protect businesses because when a key individual of the business passes away, they can suffer financially. Having protection Insurance for businesses can help buy time to replace an owner or a key employer that works in the company. Also protection insurance can also be used to provide cash to equalize the inheritance of a family, where only one of the children inherits the company.

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Q. Do you think insurance is necessary is important for most people and why?

A. Yes. Although many people believe that only 'wealthier' people need or have insurance, i believe that there is a need for insurance for most people. We need to insure wherever there is financial risk - this could mean insuring an expensive asset perhaps for someone wealthier, or this could mean perhaps income protection insurance for someone who may have less money to provide for themselves in the case of redundancy, accident, illness or unemployment. Risk is unpredictable for everyone, regardless of wealth and the need for insurance should be considered by everyone regardless.

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3.)
Nobody likes to think about bad things happening to them, so it should probably not be a surprise that many people fail to take out protection insurance that would help them or their family in the case of accident, illness or death.

When people consider this kind of cover they typically look to life insurance, but cover that can protect you if you have an accident, or fall ill, is also an important thing to consider.

Protection insurance has been criticised for its failings over the years, but a good policy performs a vital service to those hit by bad news.

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Nobody likes to think about bad things happening to them, so it should probably not be a surprise that many people fail to take out protection insurance that would help them or their family in the case of accident, illness or death.

When people consider this kind of cover they typically look to life insurance, but cover that can protect you if you have an accident, or fall ill, is also an important thing to consider.

Protection insurance has been criticised for its failings over the years, but a good policy performs a vital service to those hit by bad news. This is Money has identified the most common kinds of cover and how they work.

Worried about the impact of coronavirus on your insurance?

The main protection insurance policies that people take out tend to be life insurance, critical illness cover and income protection.

When it comes to income protection, existing policyholders will need to check with their provider to see if they will be covered in the event that they cannot work to due falling ill with the coronavirus.

However the Association of British Insurers has said the majority of policies won't pay out to those self-isolating.

For example, if a member of your household is unwell and you follow the Government's advice by self-isolating, your policy won't cover you.

If you're taking out a new policy it's now unlikely that you will be covered if you fall ill with coronavirus.

Critical illness cover offers a payout on the diagnosis of a particular illness. If you have a critical illness policy, it's unlikely to cover coronavirus. Again, check your policy wording or ask your insurer if you need clarification.

Life insurance pays out when you die. There are a few different types - level term insurance, which offers a set payout for a set period of time, decreasing term insurance, which covers you with a declining sum for a set period of time, and whole of life cover, which pays out a set sum whenever you die.

Life insurance won't pay out automatically - a claim has to be made by the policyholder's dependents once they pass away. However, life insurance should pay out for coronavirus deaths in most cases.
Read more about how coronavirus affects protection insurance here.
This is the most common and straightforward type of financial protection and pays a lump sum if you die.

There are different kinds of life insurance, with some providing cover until you die, while others are for a set period such as the duration of a mortgage, or any term you decide to set.

It can cost a few pounds a month, but is often more. The final sum depends on your age, health and the type of policy.

Life cover used to be more expensive for men, but after the EU Gender Directive came into force, insurers are no longer allowed to base their pricing on gender. This means men and women should pay the same for all types of financial protection.

The general rule of thumb is that those who own a mortgaged property with a partner, especially if they have children, should get life cover with the aim of clearing their home loan if they die. This means the surviving partner and any children can remain in the house and will not have to worry about paying the mortgage.

To this end there are different types of life cover:

Level term insurance - A set sum for a set period of time: It can be taken out in conjunction with your mortgage term, or a planned working life, and will pay out a set sum if you die during that period.

Decreasing term insurance - a declining sum for a set period of time: usually used with a repayment mortgage, this reflects the fact that the outstanding debt will fall over time. It is cheaper than level term insurance.

Whole of life insurance - a policy that lasts for the rest of your life: This kind of policy pays out a set sum whenever you die. Policies are usually made up of an insurance element and an investment element. This is often used to cover an expected inheritance tax bill. This is the most expensive form of life insurance.

Joint and individual policies: Life insurance policies can be joint or individual. It is worth comparing costs on both, as separate policies can work out cheaper for a couple - or only a little more expensive - and if something terrible happens and you both die they will both pay out.

In contrast, a joint policy will typically only deliver one payout on the first person's death.

How to find the best life insurance

It's important when buying life insurance to make sure you get the right high quality policy and the best price.

The cost of life insurance can vary substantially due to the way commission is charged on policies.

For many years This is Money has recommended that the cheapest way to get a policy is with a broker called Cavendish Online. It charges a one-off £25 fee and then 100 per cent of the commission it gets is reinvested back into policies to bring down premiums.

This is Money has now joined up with Cavendish Online to offer this service to our readers. There is also two other cost-effective routes available for those who may need some help, offering either guidance or full advice.
> Compare the cost of life insurance
Beware 'low-start' policies that start with low premiums that then rise over time, these can end up more expensive over the whole life of the policy

Reviewable premiums will only be set for a certain term and will most likely increase on a date in the future when they are reviewed.

If you write a life insurance policy in trust it falls outside of your estate, won't deliver an inheritance tax bill, and will be paid directly to the person you specify it should go to without the need to wait for probate. Providers or advisers will be able to help you do this.

How much do you need? You will probably want to cover any mortgage, pay for a funeral, and also leave some money to help with living expenses, but the more cover you take out the pricier it will be. If you think you will end up moving home to a more expensive property as life progresses, it may be worth buying extra cover earlier on, as it tends to be cheaper the younger you are.

One key thing to consider when taking out life cover is what arrangements you already have in place. For example, employers can offer some for of death in service benefit, which may be a multiple of your salary. Pension pots built up can also be passed on to your family if you die.

Check with your employer and pension provider what benefits you have before assessing the level of cover that you need.

For help on life insurance you should either speak to an independent financial adviser, or a life insurance specialist. If you are happy arranging cover yourself, the cheapest way to do it is through an online broker.

FAMILY INCOME BENEFIT

Similar to life cover but instead of a lump sum it pays a regular income should you die.

These are suitable for people with young families who want to ensure their children are covered in the event of the loss of one or both parents before they are financially independent.

Critical illness cover can also be added that would produce an income in the event one member is diagnosed with a serious illness.

A typical policy might be taken out by parents with young children that would provide an income until the end of a 20 year term should a parent die within that timeframe.

PRIVATE MEDICAL INSURANCE

Private medical insurance will cover the cost of specialists, surgery, accommodation and nursing bills in a private hospital, or in a private ward in an NHS hospital, drugs and X-rays.

You will get better facilities, tastier food and a private room, often with a phone and television.

Generally, policies do not cover the treatment of long-term illnesses that cannot be cured, such as asthma, diabetes or multiple sclerosis, or pre-existing medical conditions.

This means you can't buy medical insurance today for an operation you know you will need in a few months.

Policies generally refuse to pay for treating conditions like alcoholism/drug abuse, dental treatment (although this is sold separately), HIV/AIDS, infertility, normal pregnancy or cosmetic surgery.

Some insurers will accept new customers at any age, others have an age limit. But the older you are, the more expensive it is. This means it tends to price people out of the product just when they need it most.

You will need to decide what sort of cover you want. There are a number of things you will have to consider.

What should you consider when taking out PMI?

How much do you want to spend?

Do you want to pay for part of your treatment?

Do you want your cover to include seeing a specialist and having diagnostic tests (for example, X-rays and blood tests) as an outpatient?

Do you want a choice of hospitals, or would you be happy to have any treatment that you might need, in a hospital available from a limited range chosen by your insurance company?

What am I not covered for?

CRITICAL ILLNESS

One in five of us is likely to suffer a major illness before retirement. Critical illness insurance pays a tax-free lump sum if you are diagnosed with a range of illnesses, including cancer. In 2011 the average payout on a policy was £59,000.

Most providers cover between 40 and 50 types of illness, but it is vital you check the terms of a policy before you buy. Some cover only specific illnesses.

In the past, most providers would pay only if the illness was fully developed. But now about half of insurers pay at least something for an early-stage diagnosis.

For example, you could get between 20 per cent and 25 per cent of the sum assured if you were diagnosed with early-stage prostate cancer and between 12.5 per cent and 50 per cent for early-stage breast cancer.

This pays out if you can't work due to illness or injury such as a back injury or stress.

Unlike critical illness insurance, it does not pay out a lump sum - instead it will provide a monthly income of up to 80 per cent of your salary until you are healthy enough to return to work or retire. It has never been a best-seller - partly because it is seen as complex and pays out smaller amounts each month instead of one big sum.

Some experts argue, however, that this is the best form of protection insurance if bought right.

It also has not helped that income protection has been lumped together with its inferior and notorious cousin, payment protection insurance, which has been widely mis-sold.

Before taking out income protection it is important to check what the policy covers. One of the key issues is whether the policy will pay if you cannot do your own job or if you cannot work at all.

The most basic income protection cover would be based on your ability to perform certain activities. This has a poor reputation.

There are a lot of income protection policies around, but it is essential to realise they are not all the same. Cheap cover may not deliver when you need it, so it is worth paying for a good policy.

Things to think about include:

The level of monthly benefit required

Whether cover is level or increases in line with the Retail Prices Index, or any other inflation measure

Whether premiums are guaranteed to stay the same over the policy's term or whether they are reviewable - usually every five or ten years

At what age the policy should finish. Usually, it is between 60 and 65 to coincide with retirement although it is also possible to have short-term policies that only pay out for two years

When the benefit should start to pay out in the event of a claim. This can be as early as four weeks and as long as 52 weeks. The earlier it pays out, the more expensive it is

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Quick guide to protection insurance: From life insurance to income

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Nobody likes to think about bad things happening to them, so it should probably not be a surprise that many people fail to take out protection insurance that would help them or their family in the case of accident, illness or death.

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7) Consumers attitudes towards protection vary depending on their circumstances, for example people who have young children are more likely to take out life insurance than people who do not. Another factor could be the ages of the consumer, as an older consumer is likely to have children who do not need to financially depend on them, meaning that they are less likely to feel the need to take out protection insurance.

8) https://www.moneymarketing.co.uk/view-from/consumer-attitudes-protection/

This study shows that a higher percentage of adults with children under 18 wanted their dependants to be financially looked after when they die, compared with adults who did not have children under 18 (47% compared to 35%). The study also shows that 49% of adults who were 55+ said that they don’t have a strong need for life cover. This could be down to the fact that people in this age category are unlikely to have young children or children that will need to rely on them financially.

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14.) What changes have there been in insurance products?                                                         First life insurance contract was signed in 1583 - it relied on mortality tables that showed death probabilities by age and sex and this determined the premium the customer would pay. The change that took place was in 18/19th century modern insurance industry developed. The changes were that it now relies on increasingly statistical data and better information about risk causes. Also, Public Social Security Systems were started in 1880's in Germany the change was that they have now separated into 2 systems with one being Statutory Insurance - which covers all employed people together with family members. The second one is Private Sector Insurance which is where companies offer personnel and building insurance.                     15.) Explain the most significant recent changes?                                     The first one is Covid-19  because it has made it hard for people to go to work because they have to stay at home, the change is that insurance companies have made is that the individuals are still covered at home for their policies, they've changed it for new and existing customers and made new, robust systems to cope with the demand.  Another one is travel insurance, they've made an effort to treat customers fairly and have communicated with them to alert them on how their policies have changed. Finally, another recent one is of the Private Medical Insurance,  due to the current situation the NHS have asked private medical facilities to put the non-essential private medical treatments aside and deal with the more important Covid-19 patients. - Saad

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Q16 - 17, Q16-Underwriting is when a financial institute such as banks and insurance companies. They guarantee payment in case of damage or financial loss such as the death of a family member. They accept the financial liability from such guarantee.                      Q17- At the start of the 20th century, underwriting was simply done by age. The 1940s introduced gender. In the 1970s smoker and non-smoker categories was added. by the 1990s many preferred classes had been made and the prices for underwriting dropped as many companies fought for market gain. In recent times, especially because of corona, underwriting has become tighter in terms of proof that you can pay the bill. For the mortgage sector in particular, this includes requesting proof of employment as well as a letter that explains how corona has not impacted your income. Extra documents are also requested in terms of pay slips. Before COVID, only the last two payslips were needed as proof. Now companies are starting to ask for any pay slips that come in during the process to be shown as well until the full process has been complete.

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Please read carefully.

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Find your Question number here - word doc

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Please find your name and your question number.

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How did insurances develop? - A short history of the insurance industry (September 2013)

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What Is Life Insurance and How Does It Work?

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| Finance & Capital Markets | Khan Academy

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Suze Orman on Cash Value Life Insurance vs Term Life Insurance

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The Psychology of Selling Life Insurance

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What Is Life Insurance and How Does It Work?

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Find Information and Get Free Insurance Quotes* https://online-insurance-advisor.com/life-insurance-info.html?cid=details Life insurance may be purchased for many reasons. Insurance is purchased to provide an income for your family when you die. Or, you may purchase a life insurance policy to assist with your children's college education if you live by using a cash value policy.

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Life Insurance is financial protection for your loved ones.

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Uploaded by LifeCovered.nz on 2017-06-11.