Life Insurance Have your taken your last gasp? Page 2

Then ask for a quote. If the quoted price looks cheaper than you're

Having found an attractive quotation from an insurer with a 12-month smoker definition, you'll have to complete a full application. Read every question carefully and answer all the questions fully and honestly. Far too many applicants try to ensure a low premium by being "economical with the truth" on questions that might otherwise not read too well for them! Don't be tempted.

Over the last few years insurance companies have also become far more picky about whom they allow to have standard terms - that's the first price they quoted you. Their selection rules about weight and health have become far tougher resulting in lots more clients having their premium loaded. That's why you mustn't cancel your existing policy until you have got a final acceptance at a price that gives to that saving you're looking for.

Whilst the switching process may sound a little daunting, it isn't really. In any case if you end up with big savings, it'll provide an extra reward for the stress of giving up.

Good luck.

Did you Know?
When looking for a cheap mortgage you're sure to face the decision between choosing a low interest rate mortgage or a higher rate mortgage but with no, or very low, up front costs.

We've all seen mortgages with incredibly low interest rates advertised in the national press and on the Internet. Experience shows that it's a low interest rate that pulls in the borrowers so lenders bust a gut to publicise low headline rates. The difficulty is that these super low rates force the lenders to recover some of their profits in other ways. A high arrangement fee is a common solution.

An arrangement fee is charged to allegedly cover the cost of administering the mortgage application and reserving the advance. Normally these fees can be added to the mortgage but some lenders require them to be paid in advance. And they can vary enormously, not just between lenders but even between the mortgages offered by the same lender. So keep your eyes skinned!

Did you Know?
The European Health Insurance Card (available through UK Post Offices) allows UK citizens to receive medical treatment in other EEC member state for free or at a reduced cost, if medical treatment becomes necessary during their visit or if they have a pre-existing condition which necessitates medical care (such as kidney dialysis).

The scheme's intention is to enable people to continue their stay in an EEC country without having to return home for medical care. As such, it does not apply to people who have visited a country for the purpose of obtaining medical care. Nor does it cover medical care that can be delayed until the visitor returns to the UK.

Furthermore, the European Health Insurance Card only covers healthcare which is normally covered by a statutory health care system in the country visited, so conventional travel insurance is still necessary.

Did you Know?
The concept of medical insurance was proposed in 1694 by Hugh Chamberlen. In the late 19th century, early medical insurance was actually disability insurance, in the sense that it only covered the cost of emergency care for injuries that could lead to disability. This insurance model continued until the early 20th century when patients were expected to pay all other health care costs out of their own pocket under what is known as the fee-for-service business model. Modern medical insurance programs emerged mostly after the 2 nd World War.

Today in the UK, most comprehensive private medical insurance programs cover the cost of routine and planned health care procedures, although emergency care is still largely the province of the National Health Service.

Did you know?

Over recent years, the cost of moving house has risen at more than twice the rate of house price inflation. The main offender has been stamp duty.

Today, a move from the average semi worth £174,750 to an average detached house costing £293,250, will cost some £12,500. Five years ago the same move would have cost just £4,500. These costs include Land Registry costs, local authority searches, estate agents, solicitor's fees, and of course, stamp duty. This means that house moving costs have increased by 176% whilst house prices have themselves risen by 70%.

This increase in home move costs has been greatly influenced by the fact that the average price for a detached house has now burst through the £250,000 level above which stamp duty jumps from 1% to 3%.

For some homeowners, these costs have influenced a decision to stay put and remortgage. That's one of the reasons why remortgages have become so popular.