“You have left it too late.” Thousands of people are hearing this every day and experiencing that sinking feeling when they realise something once so freely available, is now denied to them. People without savings or perhaps with less than 2 months wages in the bank (that’s the majority of people of working age) were able to buy Income Protection insurance very easily. This insurance policy provides a financial lifeline for them and their families if their income is interrupted by Unemployment, Accident or Sickness. Its seems almost overnight that people who were considered the best clients of insurance providers, typically banking and financial services, are now struggling to find cover. They have joined people in the building trades and estate agents who were in the first wave of occupations to fall victim of the credit crunch. We are now seeing the impact of the wider recession.
Take cover
For families and individuals with minimal savings, it will be vitally important for them to move quickly before their sector is the next to suffer the same fate. For many it is only a matter of time before either Mortgage Payment Protection Insurance or Income Protection Insurance is denied to them as well.
One in ten jobs in the UK rely on the retail. It does not take a genius to calculate that the retail sector will see significant contraction and job losses, particularly those handling big ticket items or discretionary purchases. Think in terms of the bad news already filtering through about a down turn in car sales, kitchens, and furniture. After all, most people can put off big purchases, especially as the property development frenzy of recent years peters out.
Engineering is another where shrinking order books see managers beginning to check their company redundancy terms. This may prove to be a precursor to one of many ‘difficult conversations’ with employees. Indeed, they may find they are soon to join their fellow ex-employees looking for alternative work.
For the majority of people in Britain, money for savings simply does not exist. Up until now this has not been a problem as jobs were plentiful. Unless signed off from work on a long term basis following an accident or due to sickness, being out of work was very temporary indeed. How long can people expect to be out of work as Britain falls into recession? Though everyone will have a different experience, any job search is guaranteed to be much harder than it was last year.
6 months to get another job
In the spring of 2008 a specialist consultant working with ManPower, who asked not to be named, was advising his white collar clients they should think in terms of 2 – 3 months between jobs. He is now saying think six months or more and this will just be for temporary contracts. The Telegraph (10.10.08) were reporting a contraction in full time posts in the UK with the number of temporary vacancies still holding up. The selection and interview process for any job is far more intense and time consuming than in the past. One thing is for sure, it is not going to get easier and the competition for the few full time jobs available will be very tough.
Financial meltdown can be avoided
Check out the Web to search on Income Protection or Lifestyle Protection (very popular alternative name that used by the Post Office for example). Money Supermarket has a buyers guide and price comparison. People who try on-line quotations and find they have issues with acceptance criteria due to their occupation may need to approach a specialist broker instead.
Just don’t leave it too late and be forced to join the increasing numbers facing financial melt down who have nothing to fall back if their wages stop rolling in.
i:Protect offers competitive Income Protection Insurance and Lifestyle Protection Insurance to protect your family, your home and your income.
Filed under Finances by on Nov 9th, 2008. Comment. 
When researching how to get cheap car insurance, using the internet can be a valuable source of cheap motor quotes and useful information. You can become fully versed on the different types of cover there are as well as search for a good deal on your cover. Or, you can find a specialist motor broker who can do this on your behalf.
There are three choices of motor insurance cover, though the benefits may vary depending on who you buy your cover from.
Fully comprehensive is the “all singing all dancing” type of motor insurance cover you can take and this protects your vehicle and the other car involved in an accident for repairs plus many other things. Fully comprehensive car insurance policies can protect against break in and damage to personal belongings, theft, and damage to the car in an accident and also could pay for medical costs if any party was injured in an accident.
A third party, fire and theft policy falls in the middle and provides your car with some basic security against being stolen or catching fire, as well as any third party liability.
Third party only cover is the cheapest of all three of the types of motor insurance, but offers the bare bones of protection, covering basically just any third party liability due to you causing an accident.
Why do you need insurance cover?
You need car insurance unless you want the police handing out penalties to you as it is a legal requirement to have adequate cover if you want to drive on the UK’s roads. You also need it in order to avoid having to pay for repairs or damage to your car should you be involved in an accident or if your vehicle was stolen or got burnt out.
Buying your policy on the internet or via an online broker can often help you find cheap car insurance and is a lot less time consuming that ringing up lots of different car insurance providers for a quote.
There are way too cut down on the cost of your policy too, but doing such things as offering to pay more excess on your policy; increasing the security on your vehicle by investing in steering wheel locks, an immobiliser or a tracking device; using your garage if you have one; protecting your no claims bonus.
Also bear in mind that to make sure you are getting the best deal on your cover each year always look for a new policy rather than sticking with the same provider and automatically renewing it.
When shopping around for cheap car insurance, look for the little things that are often found on the policies you are comparing. For example, some providers will offer you the use of a courtesy car while yours is being repaired, or a months’ free insurance.
As there are so many things you need to take into account when researching your motor cover options for getting cheap car insurance, make full use of the internet. It is a valuable tool which you need to make full use of either by shopping around for the right cover by yourself or enlisting a specialist car insurance broker.
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to giving consumers the best insurance deal. They offer great value home, life and car insurance.
Filed under Finances by on Oct 31st, 2008. Comment.
While we all moan and groan about finding the right policy and the cost of motor insurance, if you want to drive legally on the roads in the UK then you have to take out car insurance, so you literally have no choice but to buy it! However, the good news is that it can be a quick and easy process and you can save money when comparing quotes online for car insurance.
Forgetting the legal implications, without a motor insurance policy to fall back on, you could stand to lose everything if your car was written-off in an accident. You would also have to pay out for repairs out of your own pocket and other things such as medical costs and legal assistance would not be paid for you. That is why comparing quotes online for car insurance is so important.
There are three main types of motor insurance; fully comprehensive (also known as ‘fully comp’); third party, fir and theft; and, third party only.
Fully comprehensive is the all-singing-all-dancing cover for cars, offering what it says in the tin -comprehensive cover. Because of the maximum amount of coverage offered, it will obviously cost the most. Fire, damage or a replacement car could be claimed for, so could the cost of repairs for your car and any third party’s. Fully comp would provide cover against a range of eventualities which will often include legal and medical costs.
Third party only on the other hand offers the most basic of cover and while it is a cheaper way to insure your motor, it offers you and your vehicle no protection whatsoever, only paying out for any damage you cause to another car or person.
Third party fire and theft (TPFT cover) gives some security for yourself and is in the middle, price wise. It will pay out for any damage you cause to a third party or their property as well as if your vehicle is stolen or is damaged by fire. As with third party cover only, any damage caused by you to your motor car will not be covered.
As with all purchases in life, the price of your car insurance premiums can vary and so do the small print, so always compare both online with the help of a specialist website who can gather you quotes together for comparison.
There are ways that you can pay less for your insurance, too:
• The more you pay for your excess the cheaper the premiums will be. The excess is the amount you pay before the policy company pays out;
• If your car is harder to steal then the cost of the policy can be kept down. You can do this easily by fitting a lock to the steering wheel of the car and selecting to keep it locked up overnight;
• If you just stay with the policy provider year after year you could well be paying over the odds for the premiums. Always compare policy when it becomes renewable.
Finally, when comparing online for car insurance, look to see how many extras are thrown with the cover as some will offer additional benefits for free to entice you buy their cover.
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to giving consumers the best insurance deal. They offer great value home, life and car insurance.
Filed under Finances by on Oct 31st, 2008. Comment.
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