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Critical Illness Insurance Cover: Why It Is Becoming Necessary

One type of insurance that is gaining popularity is critical illness insurance cover. Even with the advent of modern medicine and information on health and food, the fact remains that individuals still get critically ill. The roots of this type of insurance go back to 1983 in South Africa, when Dr. Barnard launched a product called dread disease insurance. After its success, insurance providers all over the world placed the product in their own list, often using different terms, like: serious illness insurance, trauma insurance and living assurance. Why is the product becoming necessary? People still get seriously sick even with all the efforts to avoid it. This is something you must ponder on.

The Need for this Type of Cover Exists

No one wants to be critically ill. However, if it ever happens that you get ill, your finances will be affected to such an extent, you might file for bankruptcy. Critical illness insurance cover is a need for individuals who are earning and who want to protect whatever will happen to their health in the future. This type of insurance provides financial protection in the event of diagnosis or discovery of a critical illness. The insurance can pay for the cost of treatment and care. It can pay for recuperating cost. It can even replace, as the case maybe, your lost income due to your decreased ability to earn. It all depends on the insurance provider.

The Survival Period has Become Short

One important thing in order to take advantage of critical illness insurance cover is that you have to go beyond the survival period. This means that the insurance provider may require you to survive for a certain number of days, after the diagnosis of the critical illness. The usual survival period is 8 to 14 days. But it all depends on the provider. If you do not survive during the given period, your claim may not be granted. There are some illness that are discovered too late, so the insured does not survive. In majority of cases, the insured usually goes beyond the survival period.

The Benefits Are Surely There

Even with the limitations set by insurance providers, critical illness insurance cover gives you lots of benefits. Some providers give out a lump sum amount to cover for your medical bills and doctor’s professional fees. Other providers pay directly to the doctor or pay directly to their accredited medical facilities. Still other insurance providers will give you a monthly allowance after giving out half of the lump sum amount due.

If you discuss the issue on benefits, this type of insurance is laden with lots of benefits. But you can enjoy them only if you qualify. It is a good thing that this type of insurance is available. Since science and medicine is constantly being improved, some illnesses that are considered critical today may not be in the list a few years from now. But as of the moment, you may need to take advantage of critical illness insurance cover.

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Life Insurance Advice: How Important Is It?

Having the correct advice is extremely important. But how important is it when it comes to life insurance? Life insurance advice is not only important but it is essential in order to come up with the suitable insurance product for you. While many insurance products may look the same on the surface, in reality they are not. There are certain features and variations within similar insurance products that you need to evaluate before making a decision. A wise consumer does not look at the present alone but needs to look at the future. Insurance is a product with a future benefit. It pays to give attention to the details.

Life Insurance Is Complex

The complex nature of life insurance is always present and that is why life insurance advice has to come from a third party. A third party is someone who has no vested interest in the sale of the product. Third parties can be independent financial advisers or consumer advocates who give an analysis and review of certain features, pros and cons of different products from different providers. Such advice can be very helpful for the present time and also for the future, when benefits and claims may become due for the beneficiaries. Without appropriate advice, ordinary consumers may fail to get acquire the suitable insurance products.

Life Insurance Involves A Specific Choice

With the appropriate life insurance advice, you can make a specific choice regarding the insurance product that is most suitable for your circumstance. There are countless life insurance products and this will make selection difficult. You need to ask several questions. Do I need a term life insurance? If so, why do I need such type of insurance? Do I need a whole life insurance? If whole life, why and why not term life insurance? While the answers may be many, you need advice to wade through the possible answers that will address you specific insurance needs. Every person has a peculiar need and advice can greatly help in identifying this peculiar and specific need.

Life Insurance Has Additional Features

Since many life insurance policies have additional features, all the more you will need life insurance advice. Additional features can come in terminal illness cover, critical illness cover, waiver of premium and trusts. These features are complex and oftentimes, insurance brokers deliberately do not discuss them, because they will add to the complexity of the insurance transaction. But as a consumer, you have every right to know what these additional features are and how they will affect your main insurance policy. Understanding the product better will equate to appreciating how the product will benefit you.

How important is life insurance advice? It is so important that it will affect your choice. With the appropriate advice, you will be on the road to making an informed choice regarding what type of insurance , how much cover and what additional features to include in your insurance policy. With proper advice, you will not be wasting your time and resources on something that won’t benefit you. That’s how important life insurance advice is.

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Ppi Claims Northern Ireland: Doing the Claims Yourself is Best

The volume of ppi claims is still going steady even if some banks have stopped selling this product. The same is true in Ppi claims northern Ireland. The steady flow of claims is still going on. This situation has created an opening for services for claims management companies, who offer to do the claim on your behalf in exchange for a fee. While the transaction may look profitable from your vantage point, in reality it is not. Claims firms often charge from 25 to 35 percent of your refund amount plus vat. This can reduce your claim to almost half the original amount. Doing the claims yourself may be your best option.

You Do not Need A Claims Firm

While claims firms advert says that you will have a better rate of success if you hire them, this is not true. The experience of many in Ppi claims northern Ireland is that, those who did the claims themselves had the same success rate as those who hired claims firms. The factors that contribute to the success of a claim is not dependent on claims firms but on other things. You can file your claim personally and have a successful claim if you follow the procedures and if your claim is a valid claim for mis sold ppi. You may need to devote some amount of time in preparation and in filing but it’s really worth it. You will save up to 35 percent in fees and charges.

You Can Do the Claim Yourself

Doing the claims yourself is very convenient. You can get assistance from regulators, from those who have made successful personal claims and from various consumer groups. They give help and advice for free. With all the assistance available for you, you can actually do the claim yourself and get positive feedback. Do not be carried away by adverts that say you cannot do it. Some adverts say that you can only make a successful claim by hiring a claims partner. This is absolutely false. Consumer groups even encourage those with mis sold ppi to do the claim personally with Ppi claims northern Ireland.

You Can Achieve the Same Results

Do not be misled by claims that you cannot get the same result if you file the claim personally. According to consumer advocates who are monitoring the success rate of individuals as against claims partners, the rate of success is practically the same. As long as you have a valid claim for mis sold ppi, the change of getting positive feedback is the same.

If you file at Ppi claims northern Ireland personally, you get the same success rate as long as your documents are in order and you did not exceed the time validity. Doing the claims yourself is the best option, according to claims advisers and various consumer advocates. One individual actually testified he only spent an amount equivalent to a postage stamp when he filed the claim personally and he got all of his refund in one piece. It is easy to file your claim yourself with Ppi claims northern Ireland.

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Claims partners or claims firms have recently advertised their cheapest PPI claim service charges. The smaller percentage may get the attention of the customer. But will you be better off with the cheaper rates? Will you be worst with the cheaper rates? These are questions that haunt the mind of the consumer. Claims firms have caught the attention of consumer groups due to unethical practices and overcharging the consumer. Some firms have even been closed by the Ministry of Justice, the regulator of such operations. Claims partners are regulated by this regulator and have to be registered in order to operate.

 

Two scenarios are being presented here. If claims firms have reduced their service fee rates, will the consumer be better off? If all things are taken in normal circumstances, then a lower rate will of course mean that customer will have a bigger take home amount than usual. The median rate is 25 percent plus VAT. This is what many are charging. There are some who charge 36 percent, and other are charging 30 percent. But since some firms started to lower their rates, other have followed suit. The lowest rate so far is 12.5 percent based on the actual refunded amount. This is a big savings against the 25 or 30 percent rate.

 

A reduction in the rate from 25 percent to 12.5 percent means that you can save fifty percent on service fees alone. To illustrate this in monetary terms, a 25 percent service rate will mean 250 pounds per thousand. At 12.5 percent, it will mean that only 125 pounds will be deducted from your refund per thousand. This will give you a savings of 125 pounds or fifty percent. You can use this amount for other things. If the claims firm does not have hidden charges, you are better off with cheapest PPI claim. But if there are other charges, the situation may be the same.

 

What may be a scenario wherein you will be worse with the cheaper rate. If there are upfront fees, hidden charges and most of all sliding scale charges, your situation may be worst than if the rates remained the same minus the things just mentioned. Upfront fees can come as high as a thousand pounds. Hidden charges can mean your take home amount may become depleted if not totally lost. The most horrible thing is the sliding scale charges. These are charges that are based on how large the amount of refund is. Many consumers have lost up to fifty percent of their refund, due to this kind of charges.

 

By all indications, lower rates mean lower fees charged to you, the customer. As long as there is no fraud on the part of the claims firm or claims partner, everything will be fair for both parties. The only way to avoid such a situation is to file the claim yourself. A well-known consumer advocate believes that filing a claim with banks is easier now than before. Some claims have been documented to have been released in just 11 days. Why engage in cheapest PPI claim?

For More information Visit ppi claims limited (http://ppiclaimsltd.co.uk)

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When you decide to make a claim on PPI on car finance, be extra cautious. By saying be cautious, consumer groups are warning consumers who claim, to be vigilant about methods being employed by banks and lender to reject and deny claims. Even though banks have agreed to make claims easier and faster due to order by the courts, the incidence of rejected claims is still high in comparison to paid claims. The reason is that as a business, it will be advantageous to delay claims or reject claims than paying claims outright.

When making a claim, there are some things that you must be absolutely sure about. Otherwise, you might find yourself in a compromising situation. You must be absolutely sure that you have been mis sold. The PPI transaction that was sold to you must qualify as genuine mis selling. If you establish this, then you are on your way to make a promising claim. Even if the banks use delaying tactics or reject your claim for whatever reason, you still have a strong case for mis selling and you can eventually get a refund in the future. If you do not have a strong case, then banks can easily get rid of your PPI Claim.

In order to have a strong case for mis sold PPI, you must review the original documents that are in your possession. In case you lose your copy for whatever reason, be sure to get a certified copy from the insurance provider. They can provide it to you at your request. As soon as you have the original documents, review the inclusion and the exclusion. Then try to recall, as accurate as possible, how the broker presented to you the product. This carries much weight in your assessment for a strong case.

Probably the most important are in PPI on car finance, is recalling the whole sales process. This is the most important and probably the most difficult for you to establish. It is good if the sale happens just a few weeks or days ago. But if the sale happened a year or more ago, there may be difficulties that you will encounter. Try to establish exactly how the product was presented to you. If you can do this with accuracy, then you have strong evidence of mis sold PPI. The sales process as how the broker did it, it very crucial.

Try to answer these questions. Did the sales person tell you that PPI was required for the approval of car finance? If so, how did he say it to you? PPI is not required, so if the sales person said it was required, it constitutes mis selling. Did the sales person make it appear that if you got PPI, your chance of approval will be higher? This is another thing that constitute, mis selling. The worst thing is: Did the seller, front load your PPI? It means that did he include PPI without your express approval? If he did so, on PPI on car finance, it is certainly mis selling.

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PPI claims review is the logical step whenever you will file for a claim. When you discover that you have been mis sold PPI, you must ask what to do to file the claim. But before that happens, you must be certain that you have been mis sold. You have to recollect the time when you took your mortgage. You also have to check the contents of your original mortgage document and verify if PPI was added without your knowledge. After being certain of this fact, you can now ask for a pro-forma form and file it with the bank or lender. Forms are available online and you can download them yourself.

If you choose to hire a claims consultant, the first thing he will do is to make an assessment. He will assess if your claim is valid and if you were indeed mis sold. When the facts are clear, he will then give you a check list of requirements. He will prepare the claim letter and submit it to the bank or lender. Immediate feedback is not possible however. The banks are given exactly eight weeks of lead time before they will respond to your complain. In the meantime, all you can do is wait until such a time elapses. The problem is that after the PPI claims review and they give you unfavorable response, you think you are facing a blank wall.

You have different options to choose from in case this thing happens. You can either drop the claim, file for a re-claim with the bank or go to the regulators and ask them to help you. The Financial Services Authority can help you when it comes to PPI claims. They can give you informational materials and blank forms to speed up your claim. They will also make the claim in the event you were rejected during the first try. Claims emanating from the FSA have a higher chance of success but the time element is quite long. With an FSA claim, the banks have a fourteen week deadline before giving a feedback or result.

In order to speed up the PPI claims review, see to it that you have the original documents in your possession and that you have a transcript of your interview with a claims assessor. It would be better if aside from the transcript, you can get a copy of the sales script of the mortgage broker, at the time of sale. This will further establish that mis selling occurred and that mis selling was intentional on the part of the broker. You must be also well informed about your claim and with the processing and time frame involved. This will put you in a position of advantage, in the event the response is not to your liking.

Reviewing claims is normal for banks and lenders. So do not be alarmed with a thorough review. As long as your claim is valid and your requirements are complete, refund will come after the claims processing. The time frame may not be as you expected. But even then, the results can come in positive.

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Purchasing payment protection insurance at the time you did not have a full-time job can be included in how was PPI mis sold. Having a full-time job is required in order to enjoy the benefit provided by PPI coverage. If you are currently employed, it does not necessary mean that the job is full-time. You have to be employed at least six month, with the same company, in order for your job to be classified as such. If a broker sells you PPI and did not bother to ask about your employment status, then it can be classified as mis sold PPI. The reason for the mis selling is that you were not qualified.

Sales persons who want to accumulate sales from this type of insurance, do not bother to ask about your employment status, to close the sale as fast as possible. As long as you are employed, they do not bother to ask about your current employment status. Your employment status can be a basis of exclusion from PPI coverage. Part-time employees cannot be covered by this type of insurance. Students also cannot be covered, even if they have a part-time job. A full-time job is a requirement for PPI coverage. The absence of full-time employment disqualifies you from insurance cover.

A situation that is related to this is being self-employed. If this is your situation when you purchased PPI, then it can be considered mis sold. Self-employment is not the same as having a full-time job. If the seller, fails to ask you about your current employment status and assumes that you have a full-time job when in reality, you are self-employed then this can be included in how was PPI mis sold. This is an area that sellers often neglect. If there is income that is declared on the application form, they usually assume you have a legitimate job and proceed with closing the sale. The sale is considered mis sold and you are entitled to file for a claim.

Part of the sales process is the personal interview. In this particular scene, the seller must ask you about your employment details in order to determine the suitability of the insurance. The questions are also geared to determine if your situation is not excluded from PPI coverage. By assessing your answers and comparing them with your information sheet, the seller can determine the suitability of PPI and if you are included or excluded from such a coverage. As it is, sellers skip this important process and instead close the sale. This has led to one mis sold PPI after another. The mounting volume of claims filed attest to this.

Since PPI is voluntary, and the seller has the option to advice you that you are excluded from coverage if you do not have a full-time employment. Instead of advising customers PPI is out of the question, sellers tell the customers it is compulsory. This forces you to get PPI but then such becomes mis sold PPI. It is future trouble both for you and the broker. You lose time in filing for a claim. How was PPI mis sold? The simple reason is that you did not have a full-time job.