Is Car Insurance Calculated the Same the World Over?

UK drivers have enjoyed some reductions in their car insurance premiums over the past few months, which has been caused by new gender neutral policies, as well as by ongoing competition within the insurance sector. However, there can be some significant differences between car insurance policies around the world, which are often the result of varying regulations and levels of risk. How car insurance policies and premiums are calculated are also determined by local circumstances for drivers.

In the UK, the average cost of car insurance is currently around £1,100, although this can vary quite considerably once age and location are factored in. Younger drivers still tend to pay a lot more than older drivers, while those over the age of 55 can also suffer from increasing premiums. Decisions are made on insurance calculations from your past driving history, the kind of car you drive, and whether you’re doing everything you can to keep a car safe.

The level of risk attributed to a car insurance policy can rise and fall depending on different countries and their general insurance policies. In the United States, for example, the cost of insurance is different from state to state, and can be as high as $2,500 on average in Michigan, through to $995 in Vermont. Michigan also issues driver responsibility fees, and has a high proportion of uninsured drivers, which pushes up premiums.

The cost of car insurance can also be considerably different in countries where third party liability insurance is not mandatory; this is the case in South Africa and New Zealand, where the larger number of people without any form of insurance means that some individual policies can end up being large. Other factors that can affect insurance premium calculations can include limits of no claims discounts, which in France can be a maximum of 50 per cent of the policy’s value.

There are ongoing efforts, however, to standardise insurance costs and calculations. The EU Motor Directive of 2009 imposes rules over third party insurance across European member states, as well as practices for compensation and minimum claims. How rates and premiums are calculated still comes down to individual insurers, though, who can choose to be stricter or more lenient depending on their target market. Specialist insurers can be more relaxed, for example, about providing reasonable cover for kit cars or to drivers with spent criminal convictions.

Similar rules apply in Asia, where car insurance can range from the competitive policies and specialist rates of an insurer like Direct Asia in Thailand, through to China’s combination of nationalised and private insurance. Average calculations and the level of risk calculated across different drivers can consequently be affected by how much of a stake governments have in keeping insurance rates low, and the competitiveness of individual companies to offer low rates to customers.

Author Bio

Paul Taylor is a freelance blogger covering car insurance from around the world. He recommends that drivers check out www.directasia.th for more information on low cost insurance. When not looking for deals, Paul enjoys camping tours and caving.

How Much Life Insurance Do You Need

No one wants to think about life after they are gone. Not many people feel the need to plan that far ahead. Canadians are very practical people and planning for the future is something that comes natural to them. Taking care of the ones that they love is deeply rooted in the fabric that makes up the Canadian pride.

So they ask… How much life insurance is enough? And when do you know you have enough? The average insured person has only 3.6 times his annual income in life insurance coverage, and that comes out to be around $166,800 at the time of pay out. See more statistics about life insurance in Canada. 

That may seem like plenty of life insurance now, but will it be enough for your family and loved ones when they need it the most?

An incorrect assumption… Is that 78% of people are thinking that they have enough or too much life insurance. But unfortunately this is not so, many people greatly underestimate their needs. That means only 12% of all Canadians have enough life insurance to take care of loved ones and ensure that all their future obligations are cared for without a significant reduction in their quality of life.




  Let’s take a look at the math… 
For many experts, it is recommended that you have at least ten times your annual income in coverage. For most people that have coverage, the insurance pay out amount will be around $166,800. 

While the recommended life insurance coverage is over $405,840 and even higher if you have a large family. This amount would ensure your family could maintain the mortgage and not lose the family home. Plus allow for future education needs and cover emergencies. But who’s to say that even this will be enough. Many families have more obligations and commitments, so customizing your insurance needs is important for the safety and security of the family you love. 50's plus finances has wrote about why life insurance is required! 

How much insurance do Canadians really need...? 
When you stop to consider all the things your family will need after your gone it can start to add up very quickly. And just when they need you the most, there will be funeral costs and possibly medical bills to take care of. There will be debts to pay off and money for everyday living expenses, plus the kids may need braces or want to go to college. 

The reality is you will need more than 10x your gross annual income in order to support your loved ones. But you still need to sustain a balance between what your family will need and how much you can afford to pay. 

By shopping online you can get the best rates by going to Insureye.com to compare rates and coverage plans. You can read reviews online for many different companies and get real consumer company reviews in order to make an informed decision about Canadian Life Insurance. 

Don’t be part of the 78% who think they have enough insurance. Shop today and get quick and fair rate quotes from people who care.

Life Insurance Options for the Over 50's

Even though you may not be officially considered a senior yet, it is still never too early to consider planning for your family’s future. It is still very possible to obtain life insurance even if you are fifty years of age or older, and there are a few particular implications to consider if you are thinking of doing so.

• It is clear that there will be plenty of grief upon your death, but there will also be a significant amount of costs involved.

Our mortality is an uncomfortable thing to talk about, but it is a reality that we all face. Therefore, life insurance can provide you and your family with a better sense of security for the future. It will be easier for your family to move on with their lives knowing that they have coverage in the case of your death. Having a good insurance plan can keep everyone protected during these hard times. This is especially useful considering how expensive funeral and estate taxes can be.

• Signing up for life insurance becomes increasingly complicated as we age. 

For senior citizens, obtaining life insurance is not quite the same as it is for younger people. Understandable, our bodies become more vulnerable to illness as we age, and life insurance companies take this factor into account and charge premiums depending on your age and health.

• Insurance may also be open for mortgage coverage. 

Sometimes a mortgage might not be paid off until well after you retire. Therefore, a life insurance policy that covers your mortgage may be open to you if you are over fifty. This helps to ensure that your spouse or significant other doesn't lose the family home upon your death.

• Insurance may also be open to pay for your child's education. 

You can take in a term life insurance policy to cover the expense associated with a child's college or higher education. This may work well if you are looking to find a policy that would benefit your children or others in your family.

• You can find lower insurance premiums by having a healthier lifestyle. 

People who live healthy and positive lifestyles are more likely to get better rates on their insurance policies or to even be accepted in the first place. This is generally due to the fact that a healthier lifestyle tends to improve life expectancy. In fact, getting a policy just might be the key to actually improving your lifestyle and giving you the best possible form of protection.

• Tax deductible policies are also available. 

You can find policies that are tax deductible, meaning that you may end up taking the premiums and having them cover some of the costs of your taxes. This should be particularly helpful for you in your older age as you become more likely to have less money to use as income, thus keeping the financial burden of taxes from being worse at your age.

You should strongly consider a life insurance policy if you are to protect your family and your loved ones. Even if you are at least fifty years of age, you can still benefit from a policy. Be sure to contact an expert as soon as you can because it's often better for you to get your insurance plans organized and in place early so you won't miss a thing.

Considering getting life insurance even at 50 or older can be a wise decision because it can involve a good deal of coverage for all kinds of expenses upon death. Wealth Smart can assist you with finding insurance if you are in this age group.

Five Surprising Things That Can Cause Insurance to Rise

Insurance premiums are at an all-time high, especially for vehicles, so here are a few causes that aren't always considered by consumers that might be increasing the cost, without your knowledge. These are applicable for everyone, whether you are looking for regular car insurance, right through to business van insurance.

Turning 50

Believe it or not it’s not only youngsters that get penalized for stereotypes surrounding their age. Statistically, people in the 50 plus age bracket are more likely to have road accidents than other demographics, so premiums are totted up accordingly. Shop around to ensure you’re not paying over the odds for your age; some companies will price match, so speak up and ask your provider if that’s a possibility. 

Credit rating

Most insurance companies will run some form of background check before agreeing to offer you cover and your credit rating is often the first of these. If you happen to have any missed mortgage repayments, credit card charges, or broken payment contracts, then the cost of your insurance is probably going to suffer as a result. This should be a consideration when deliberating whether to apply for another new credit card.

Vehicles power

This is where companies are really making their money. If you happen to own a farm and drive a vehicle suitable for use on that farm, such as a high powered four by four, your insurance will rocket, even though technically you need such a vehicle. You will also find that may insurance providers will not cover this type of vehicle. Where possible, be sensible with what you ‘need’, rather than what you want and be assured you will pay a sensible price.

Security

Security may seem obvious, but it isn't considered by many motorists and it is a hugely influential factor. This includes where you park your vehicle when at work and home, as well as whether it has an alarm. If you go all out with security measures as well as storage (even if that means hiring garage space), you will probably find there is a drop in your annual insurance fee. 

Payment method

Most insurance providers reward customers that pay annually rather than monthly, so it’s always worth asking for a price for a year as well as the price for monthly installments when inquiring. Save bits and bobs of cash where possible throughout the year, to make this one off payment less of a shock.

Ways To Save Money On Your House Insurance Monthly

Are you tired of receiving a hefty home owner's insurance bill in the mail each month? If so, then you might be wondering what you can do to cut down on your home insurance premium and enjoy immediate monthly savings. Aside from shopping around for deals and discounts from other insurance companies, the good news is that there are some simple tips you can try out as a way of reducing your monthly home insurance costs. Not to mention, some of these tips can even increase the overall value of your home in the process.

Switch to Paperless Billing

Many home insurance companies these days offer a discount for policyholders who switch to paperless billing. After all, not only does this save the company money in printing costs, but it also saves trees and eliminates paper waste in the process! By switching to a paperless bill statement from your insurance company, you can simply receive this paperwork via e-mail, which you can then print out if needed.

Work on Your Credit

Believe it or not, insurance companies these days use one's credit score and credit history as a determining factor when it comes to the cost of one's insurance premium. Therefore, if you have less than perfect credit, consider taking steps to gradually increase your credit score over time. Doing so can lead your insurance premium to drop by a few dollars per month, which can add up to significant annual savings.

Update Your Home

If you live in an older home, then you are inherently at a higher risk to ultimately have to file a home owner's insurance claim. For this reason, owners of older homes cost more to insure. Fortunately, by making small updates, such as having new electrical wiring installed or better ventilation systems, you can drastically reduce the cost of your home insurance. Just be sure to report these updates and renovations to your insurance agent right away so that you can begin enjoying the savings.

Make Your Home Safer

If you do not already have some kind of security system in place, you may want to consider having garage alarms for home installed as a way of increasing security and reducing the chances of becoming a victim of a home invasion or burglary. Not to mention, most insurance companies offer substantial discounts for those who have security systems in place, so you can save money on your policy this way.

Bundle Your Insurance Policies

If you have other forms of insurance, such as vehicle or boat insurance, then you may be able to save a significant amount of money by bundling those packages through the same company. Check with your home owner's insurance company to see if they offer the other type or types of insurance that you need, and then take advantage of any bundling discount they may have.


Paying for home insurance can be a pain, but there are plenty of ways to reduce your monthly costs without sacrificing coverage in the process.

How to Choose The Right Car Insurance

When it comes to selecting a car insurance provider, it is important to compare and assess the many factors that are in play. It can be daunting to sort out all of the factors as each company claims to give the most discounts, the best rates, and the best customer care or perks. Selecting which company to go with can involve abundant amounts of research, but not many people know what to look for. 

FindTheBest, an unbiased, data-driven comparison search engine, has developed some tools that may help you with your car insurance search. This post will breakdown some of the most important factors used to compare car insurance companies and will educate you on how to select the best fit for you. Please feel free to test out the interactive tools included below, as they can help you narrow down your search results and create side-by-side comparisons for insurance companies that fit your needs best.

Car Insurance

Comparison Factors 

1. What You’re Currently Paying 

Although it may seem obvious, it is easy to overlook what you’re paying now and exactly why you are paying that amount. This should be your first step in selecting a new auto insurance provider. Understanding your rate is essential to buying car insurance. Every year your car insurance company sends out a comprehensive policy breakdown that shows what you’re paying and what you’re getting for your money. If you do not know where this document is, you can request a copy from your insurance agent. This step is essential in your hunt for a new car insurance provider and will help lead you in the right direction to what you are ultimately looking for. 

2. Amount of Coverage You Actually Need 

You now understand what you are currently paying for, but what coverage do you really need? You must answer question like, how much is your car actually worth? How much do you drive? Do you have long commutes or can you walk to work? Car insurance covers more than the cost of the car, it covers liability such as medical fees and legal fees. It is also important to understand the deductible. A higher deductible can be a headache if you actually get in an accident, but can eventually save you money long-term. If you rarely get into accidents, it would be wise to lower your premium and set aside funds for emergencies to cover the deductible. 

3. Hidden Fees 

Insurance agents will tell you all about the great discounts you can receive, but rarely do they divulge the hidden fees. These fees require a little more research than usual. Car insurance providers tend to charge you more if your marital status is either single or divorced. The easiest way to identify these fees is to run a free quote, and then running a second free quote with a changed marital status. If the quote is different, you know there is a hidden fee. Other examples of hidden fees include, the type of car you drive, where you live, where you work, and your credit rating. 

4. Best Deals Offered 

FindTheCoupons, a FindTheBest site, was created to make your life easier. Finding a coupon for car insurance should take no longer than a few seconds of your time. FindTheCoupon can help you find great deals on car insurance companies and will further assist you in finding the best fit for your next provider. This resource will allow you find affordable car insurance and provides user reviews for the coupons offered. 

5. The Car You Drive

Cars Ratings and Reviews

One of the biggest factors that car insurance companies consider when determining your rate is the type of car you drive. It is often assumed that your rate is correlated to the value of your car, but it is also related to how likely your car will inflict damage on another vehicle, or how likely your car is to get stolen. 

Other factors include how safe your car is and how much repair costs would amount to. It might be wise to keep this in mind when shopping for your next car. Some car insurance sites provide lists of cars and how much they cost to insure them. As long as you do your research on safety ratings you should be in the clear. 

It is always smart to consult with your agent if you need any questions answered. Searching for your car insurance provider can be a tricky topic and with the tools and tips provided in this post, you will be able to find and compare the best insurance options available.

Do You Need Life Insurance in Retirement?

When most people think of retirement they think of taking extended vacations to warm climates, lounging on the front porch with your grand-kids, and just flat out relaxing. What you might not realize is when you reach the retirement age, you are going to have a lot of things to think about when it comes to your health and finances. You want to make sure that everything is settled and ready as you age, which is possible. To make sure that there are not going to be any worries, you should invest in life insurance. As a senior, you know that you are getting up there in age. To make sure that you are not leaving anything behind and that your family will be able to cover all necessary expenses, you should have that money ready for them. This can give your family the chance to pay for the funeral and all other expenses after your death. 

Life Insurance in the Golden Years

At the retirement age, you might not consider it important or possible to get life insurance. Some people assume that life insurance for seniors is not worth the money, especially with the difficulties involved. The truth, however, is that life insurance seniors can get is actually very helpful. This gives you access to money and peace of mind, which you may not always have on your own. This will help your family to pay for all expenses after your death, allowing them to relax and grieve without stress. This is going to take a lot of pressure from your loved ones. If you are afraid that life insurance baby boomers can get is simply too difficult, do not worry. This does not have to be as hard as you might imagine, especially with the options available. You will be able to find something that matches your needs and that requires minimal effort. 

How to Make it Affordable

Beyond contrary belief, even in retirement getting life insurance can be affordable. Remember, you do not have to go for the most expensive or the longest. When you reach retirement, you may not be able to, want to, or need to get the biggest that you need. Short term is easier to get as a senior and a smaller amount would be better since you will not have as many expenses to be covered. This will give you the ability to have the money that you need and increase your chances of acceptance. If you have health issues that you think will prevent you from getting life insurance coverage, you still have other options. The most popular option is guaranteed issued life insurance. With this type of policy you can actually avoid the medical exam and get life insurance coverage simply by answering some basic questions. The "catch" with these type of policies is that the premium will be much more expensive that your typical term policy. 

Is Life Insurance in Your Future?

If you are still wondering if life insurance baby boomers can get is necessary, the answer is yes. Every person should invest in life insurance, especially with the high funeral costs and many bills left behind. If you want to be sure that your family is not going to be drowning in debt, you need to protect them. That is what life insurance does, and it does that incredibly well. You will be able to choose an amount and policy term so that it works for you and gives your family what is needed. For extra assistance, contact a professional right away. You need life insurance and you need more information about what you can get. Since life insurance seniors would qualify for is different from what someone younger would get, you should have all of the facts. This will help you to get the right one and to be fully protected. 

Jeff Rose is a certified financial planner and an Iraqi combat veteran. He runs the blogs GoodFinancialCents.com and LifeInsurancebyJeff.com.

Insurance – A Partner for Today and for Tomorrow

insurance (Photo credit: Alan Cleaver)

To be insured is to be ensured that in future no matter what the problem is financial problems can be met without a second thought. Whether it is about the bread earner who is no more or he suffering from long term disease, insurance is about both the facts. Insurance is a partner for today and tomorrow. A family is a bread earner’s utmost responsibility. He or she aims at ensuring a safe future for their family. They strive for the best. There are two untimely things which stop them from getting what they want, those are death and disability.

Death is inevitable but saving our loved ones from its effects is possible. Same is the case with disability. Disability can disable one physically but not economically. This is possible due to two policies - the first one is term life insurance and the other is disability insurance. For a better understanding the following subheads can be followed.

Affordability

Insurance is affordable. The coverage varies. The market offers a wide range. Comparison of policy range is very important. In order to get the best deals, knowing the options is the most important thing so that we get the best of what we want.

Quotes

The next important part is finding the quotes. This could be done by filling forms from any reputed firm. This ensures getting best of knowledge of deals. A disability insurance is generally filed by the person’s company itself but this can also be approached on an individual basis.

Agents

An agent is the one who is dealing with policies etc. He is a company representative. When you choose an agent care should be taken that he is trustworthy because the claims and coverage and other details and exchange of information depend solely on him or her.

Going for the Policy

While applying for the policy certain proofs and documents are required. Few of these include identity proof, income proof etc. The documents required vary from company to company. As soon as the policy is filed the customer receives a policy number also there is a bunch of official documents clubbed with it. These are sent to the buyer to ensure that the company has made him aware about all the needs etc. Along with the policy number certain other confidential points are briefed to the policy holder.

There are several more points to be taken care of while going for a policy. The company should be reputed and all the conditions etc. should be taken into account. Also it is the duty of the buyer to make sure that he / she have supplied the company with all genuine documents. There should not be any misleading document or discrepancies in the information, which may lead to legal problems in near future. The benefits of both the policies differ widely. In one the family is the nominee and gains the benefit after the decease of the policy holder.


There are several FAQs which come into mind while going for a policy. These can be dealt and understood by referring to the disability insurance quote available on TermLife-Insurance.com. One should be very keen in selecting such things.

Role Of A Car Insurance And How To Minimize The Payments

Everyone knows that you are an expert driver. You drive cars smoothly without any trouble. You have driven on every street of the town and never had any trouble. You have managed to survive even on close encounters, so it’s proven that you are an experienced driver. As you are a role model to others when it comes to driving cars safely, you might think that you don't need any car insurance. Saved money can be utilized towards a useful cause. Isn't it?

Why you need insurance?

The fact is no one wants to get in an accident but disasters happen every day. Each year millions of accidents take place throughout the globe. So it is a wise idea to have vehicle insurance. If unfortunately any accident happens then your insurance will cover your vehicle damages and medical expense. Everyone inside the car will be covered. You will save lots of money. 

Benefits of car insurance:

There are many benefits of car insurance. Car insurance can protect your vehicle from natural calamities like, earthquake, hurricane, cyclone and from any man-made disaster. Sometime car cover can be so confusing to understand. Buyers should choose policy under the guidelines of the place they reside.

If your car is an investment then insurance protects the investment from lots of hazard factors. Auto covers are not just about your car, they are much more. Insurance can save you from paying large medical bills. Many car insurances are designed to give you full cover you need. During accident emergencies, car insurance can provide you cash that you need safeguarding your valuable belongings such as home and retirement funds and others.

When an accident happens, many tend to take quick loans from private companies at high interest rate to cover up the losses. If you have insurance then you don’t have to worry about anything as your insurance company will take care of everything you required after the accident to return into same status as you were before. 

Car insurance hunting:

There are endless insurance companies offering vehicle coverage. You can contact any one and have your car covered. Before you shop insurance for your car, you need to keep some points in your mind to minimize the cost. Only buy the insurance that is needed. For instance if you already have medical coverage then taking car insurance that covers medical bill is useless. 

Reduce your payments:

If you want to reduce car cover payments further then don’t go for car insurance that covers towing. Towing can be made easier at cheaper rate. Keep the deductible high to reduce payments. You can also avoid minor claims to reduce the payments.

Finally your driving record can reduce the payments further. People who have clean driving record or drive occasionally get rebates from the insurance company on their payments. You can negotiate with the company to minimize the insurance payments.

If you are searching for car insurance then you can delve into the online recourses. There are many online companies offering reliable vehicle insurances. Make sure that you understand each and everything before signing up with an insurance company to minimize your insurance payments.

Author Bio:Austin Richard Is an I.T professional from pass certification. He is 9L0-412 certified. He is now getting prepared for 9L0-518 exam. He likes to write about Business, and Technology.

Understanding the Different Types of Auto Insurance Coverages

When purchasing an auto insurance policy, it's tempting to simply ask for "full coverage" and let the agent put your policy together. Doing this can leave you vulnerable, however, and it may also lead to higher insurance premiums. By understanding what each coverage does and why you need it, you can put together a policy that will fit your needs without emptying your wallet. 

Here are the most common types of insurance coverage: 

1.) Liability: Every state requires all drivers to have liability insurance. There are two types of liability coverage: bodily injury and property damage. They each have separate limits and cover different things. Bodily injury liability pays for any injuries you may cause in an accident, and property damage liability pays for the damages that occur as a result of an accident you cause. In any case, liability insurance only pays for another person's injury or damages; it will never cover your own injuries or damage. Your liability limits determine how much your policy will pay toward an accident. High limits will cost more on your policy, but low limits make you vulnerable to lawsuits if damages or injuries exceed your policy's scope. 

2.) Collision: Whenever your vehicle is damaged as a result of an accident, your collision coverage pays for its repair. You pay a predetermined deductible amount, often $500 or $250, and the insurance company pays for the rest. Higher deductibles result in lower premiums but require you to pay more out of pocket for your damages. 

3.) Comprehensive: Coupled with collision and liability, comprehensive rounds out a standard full coverage insurance policy. Comprehensive coverage pays for damages that occur to your vehicle outside of an accident. For example, theft and vandalism are covered by comprehensive coverage. This coverage tends to be cheaper than collision, and its price will depend on the deductible you choose. 

4.) Uninsured Motorist: This coverage is not available in every state, but it is a requirement in some areas. Uninsured motorist coverage replaces the missing liability insurance of another party when a person without insurance causes an accident. 

5.) Additional coverages: The coverages above are standard in most auto insurance policies. You can also choose to purchase medical payments coverage to pay for your own medical expenses. Rental reimbursement coverage will cover the cost of a rental car while your vehicle is in the shop, and towing or roadside assistance can help reimburse these expenses. Be sure to check with your insurance agent or compare rates on sites such as autoinsurancequotes.com to see what additional coverages are offered and whether you might need them. 

Not every vehicle will require every available coverage. For example, an older-model used vehicle may not require collision coverage as repairing it would not be financially sensible. By understanding what each coverage does, you can make an informed decision about your auto insurance.

Life Insurance – A Must in Today’s Uncertain World

Is it a Necessity? 

Life certainly is uncertain and it might just be the opposite of what it is today. So you need to be careful and make sure that you add a security to your life and of those who are close to you, your dear ones. The best part about opting for a life insurance is that it will help you to retain a peace of mind and allow you to live your life to the fullest. So it might be said that yes, Life insurance is certainly a necessity, considering the uncertainties of life.

How many times in life have we seen that when the bread earning member of a family or a key person of a business dies, their family or the business gets affected to a great extent. 

Probable Solutions

This can however be avoided if we opt for a life insurance policy. With the help of a life insurance plan you can add security to your child’s education or the outstanding loan that you are repaying. It can also offer enough for one’s day care costs. Hence these are some of the advantageous aspects that one can reap with the help of a life insurance plan.

Let us now go through the things that must be kept in mind in order to choose an appropriate life insurance plan. The most useful thing that can help you to do so is a life insurance quote. In order to understand the merit of an insurance plan you need to make a close study on its various aspects. For example the premium that is to be paid the term of the insurance and the other terms and conditions. All these are clearly stated in a quote. Companies offer individuals the opportunity to get free life insurance quotes. While opting for quotes, one needs to be certain that the information that provide is true or at least they are not misleading. Companies might ask for your smoking habits or the family health history and other such related things. These information are vital in offering the best life insurance plans.

These are a few important things that should be borne in mind while opting for a life insurance quote. On a concluding note it must be said that owing to innumerable insurance companies it is always a good idea to ,make a thorough research to find a plan that is cut to our needs.

Things You Must Ask Yourself Before Buying Life Insurance Policy

Universal Life Insurance Company (Photo credit: Thomas Hawk)

For all those who want to have a life insurance policy, it could be a difficult decision to choose the best plan. The main reason may be the terminologies related to life insurance plan as all these terms can be new to them. Well, the solution for this is proper research and the best way to figure out this situation is to ask yourself few important questions. Today, we will discuss some of questions that you should ask yourself before investing on a life insurance plan. 

One: Do You Really Need A Life Insurance Plan?

First of all think whether there is a need to buy a life insurance plan or not. Our peers and friends have a huge impact on our decision. Our lives are usually influenced by them. Don't go for an insurance plan just because somebody has suggested it. The basic purpose of a life insurance plan is to make all our dependents stable after us. Let’s say you are single having no family. In that case obviously there is no need of a life insurance plan.

Two: Which Type Of Policy Is Best Suits Your Needs?

Usually there are two main types of life insurance policies. One is Term Life Insurance Policy and the other is Whole Life Insurance Policy. You should know the basic difference between them.

· Term Life Insurance:

Basically Term Life Insurance Policy is for specific period of time. Once your plan is expired, it's up to you whether you want to renew the policy or to end the coverage. The term life insurance policy gives you benefit in case of accidental death or debilitating injuries. If you are purchasing term life insurance plan in earlier years of your life, you will find it cheaper. It means that try to purchase the policy right after your marriage. The reason is in earlier years the chance of death is relatively low.

· Whole Life Insurance:

Contrary to Term Life Insurance, Whole Life Insurance Plan is not for specific period of time. You can avail it from the day you bought till your death. There are two components of whole life insurance policy. One is insurance and the other is investment. The insurance component will pay stated amount upon your death. Investment accumulates a certain cash value that you can borrow or withdraw. 

Three: How Much To Pay for Insurance?

The answer to this question lies behind the potential needs of your beneficiaries. There is no need to follow the rules as you know better about your needs. Make an estimate of the needs and wants of your beneficiaries. Estimation is very simple to do. Just multiply the needs of your dependents with the numbers of years the support is needed individually. Then, add the estimated amount of all dependents.

Final Words:
These few core questions will definitely lead you to make a right decision of investing on life insurance plan. You can also save your time as well as your money, if you have complete knowledge about what plan you are going to choose.

Author’s Bio:
Lori Robinson is the leading contributor to Monkey Insurance, a car and life insurance comparison site. For every car insurance quote taken out, Monkey will donate a portion to your charity of choice.

Life Insurance Tips for Over 50s

If you have passed your 50th birthday and are beginning to worry about if your spouse will be able to maintain his or her current lifestyle after your death, you are not alone. Many people put off purchasing life insurance while they are young and spry because humans have the ability to think they are invincible until their bodies begin to show signs of aging. Thankfully, even those on the other side of fifty have some good options for purchasing life insurance coverage in order to secure their family’s future or help with the expenses related to a death. The following information may be helpful to those who need more clarity about their life insurance choices at this time: 

Least Expensive Life Insurance for Men and Women over Fifty 

Term life insurance policies are usually the most inexpensive way to get some protection. These policies offer a certain amount of insurance at a guaranteed monthly or yearly rate for a certain time period. For example, an individual might buy a $500,000 policy for a period of 20 years. If a person lives beyond this coverage period, the rates will probably rise significantly, but the hope is that the policy holder will then be in better financial circumstances. The idea behind this type of life insurance coverage is that by the time men or women reach age 70, most are no longer responsible for the expenses of children and have paid off their homes and other vital debts. Term life insurance may not be a good idea for parents who had their children later in life, for those with special needs children, or for those who will still have a home mortgage well into their later year. 

Whole Life Insurance Policies for Seniors 

People who are still healthy and are able to afford a higher monthly premium may still be able to buy a whole life insurance policy, even if they have already celebrated their 50th birthday. Although the premiums never change, these policies cost more because companies must cover a much older population of people, and the risks are higher for their corporations. Most whole life policies require the applicant to submit to a physical before they can be accepted for coverage for this reason. 

Investment Insurance Policies for Middle-aged People 

Much debate has occurred about using insurance policies as a form of investment, but this is still an option available from some companies. It usually takes at least eight years of payments before any cash value begins to accrue, and most advisers feel the stock market is a better investment. It is important to remember that every year that you wait to purchase life insurance of any type increases the price of the premiums. Because it is impossible to guess the future, the best course of action for those over fifty is to look at their current circumstances and dependents and buy enough life insurance coverage to protect the things and people who are important to them. Claire Atkinson writes for the Kanetix.ca comparison service, where you can read more about life insurance.

The Insurance Costs of Senior Driving

Research has shown that older drivers may have memory problems, slower reflexes and impaired vision, factors that increase the risk of having an automobile accident. Whilst drivers over the age of 25 generally enjoy lower rates, drivers over the age of 70 are often considered "high risk" by insurance companies because of the assumption of more accident risk. 

If you're a mature driver, you've probably already dealt with the frustration of car insurance. Your premiums may have risen already or your insurer may have dropped you entirely. You don't have to give up driving completely just because of expensive insurance, however. If you shop around and do a little legwork, you can make your insurance affordable again.

Think "Safe"

Insurers will give you a lower rate if you have a newer car with a high safety rating with safety devices installed, such as anti-theft devices. You'll also receive discounts for completely senior driving safety classes. Check with your insurer or the companies you're considering for a full list of ways to get discounts on your senior policy.

If you have an older vehicle, consider your current coverage levels. You may not need comprehensive coverage on a vehicle with a low replacement value and states that mandate car insurance usually only require liability coverage. Liability coverage is less than a fully comprehensive policy and will protect you from some or all personal liability claims in the event of an accident. 

Drive Less

If you're not driving every day and can cut your driving down further, you may be eligible for a limited driving discount or limited policy. The limited miles policy will cost you less than a standard policy. This option will not work for senior drivers who still use their car frequently, as violating the limited miles amount will cost you.

If your spouse is on your current policy with you but has a poor driving record, you may want to consider becoming the sole driver in the household. Seniors with past accidents will have higher premiums and a harder time getting coverage than seniors with good driving histories. The driving record of covered drivers on your policy is a factor in your rates, even if you're the main policyholder. 

Compare

Auto insurers offer different types of products and coverage prices to senior drivers. Contact each insurer in your area for a quote on their rates for senior drivers. Compare quotes by premium amount and coverage level to decide which policy will meet your needs at the lowest rate. Be honest about your driving record to ensure you're getting accurate rates to compare.

Some insurers have quote forms available online, but you may have to give out some personal information. If you're uncomfortable giving out the information on the Internet, contact the insurer by phone to receive an accurate quote. Don't sign any policy paperwork or make any payments until you've reviewed the policy in full and confirmed the coverage levels and premium amount. You can find more tips on how to control your motor spending at www.CarFinance247.co.uk.