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Life Insurance Have your taken your last gasp?No we're not insensitive - we're talking about your last gasp of smoke -
Smokers pay up to 60% more for their life insurance cover compared to non-smokers. So, besides the health dividend, life insurance companies will chip in with lower premiums. And the saving isn't to be sneezed at! It could typically amount to £10 or more per month. Most insurance companies say you're entitled to non-smoker premium rates if you've not smoked or otherwise used nicotine products, within the last five years. If you've only just given up smoking you'll have to wait for the extra spending money. But sometimes there's a way of speeding things up. Some insurers have adopted a more relaxed definition of a non-smoker by shortening the 5 year abstinence period to just twelve months. So if you've been fag free for a year, find out whether you can move your life cover to one of these insurers. But you have to be careful. Never cancel your existing policy until you've received written acceptance from your new insurer. How do you swap insurers? First of all, to get the best price, you need to go on the Internet and find a life insurance broker that provides help, discounts price and searches the whole insurance market for the lowest prices. If you use a web site that provides an on-screen quote, you won't know whether that insurance company that comes up uses the 5 year or the 12 month smoker definition. Online systems never tell you. To be sure you need to chat on the phone to a life insurance adviser. Did you Know? 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? Did you Know? 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 cheap mortgages offered by the same lender. So keep your eyes skinned! Did you know? 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%. |
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