Tips on Comparing Insurance and Investment Benefits

Health insurance, car insurance, travel insurance, etcetera. With so many insurance products available, choosing one is quite a burden today. However, if you should compare between two or more products, here are a few things I look out for in choosing insurance for myself.

1.    What Do You Need?

When I was still in a business-processing outsourcing company, I assessed the risks in the job I’m taking. It can go on a day or night shift, depending on the company priorities. In short, there was much to do with so little time to rest. While the company insurance provided for my possible sicknesses and accidents, I knew it was not enough. I had an insurance that would protect me from serious illnesses caused by the toxic workplace. Assess what you need, and you will get what you pay for.

2.    Know Your Financial Capability

Insurance take huge chunks of money off your budget, so be sure that you know your financial capability. Financial planners may tell you that your budget could accommodate the monthly, quarterly or annual repayments, but it is up to you to know where your money is going, and how it would flow into your insurance investments.

3.    Which One Helps You More?

In terms of interest rates, it would be clear to get the more affordable one, but it is also a bad idea to invest in something that will not deliver. Some insurance are more affordable for a reason, and they may have hidden costs as well. A higher-premium insurance might seem expensive, but it can certainly fit the glove of your lifestyle, which makes it a better choice than the other.

Life Plans, Pre-Need Plans, Health Insurance, Why You Need Them.

If you’re only a person looking to save enough money so you could spend for something in the future, own your own house and a car and provide for your children in the present, you’ll need to understand more about the financial products insurance companies and other financial institutions provide. Sure it is discouraging to hear news about insurance frauds, but investments always carry a risk. I actually think the stock market is more dangerous than insurance.

I’m about to reach my retirement at fifty years old. I’m working for a technology firm that I’ve helped build from the ground up. When I was 25, I thought of investing in the stock market, but then I realized I had very small capital. The company told me they used some of my money to pay for my family insurance. I had two kids coming up then, so they told me I should get pre-need plans for them.

Pre-need plans helped me finance the future education of my children. Educational plans included health plans and sometimes even allowances for the kids, which took a great load off the combined income my wife and I had.

We were paying around £7000 each for their pre-need plans when my wife and I were still young. Then my wife and I thought about retirement, so we allocated around £8000 monthly for our pension, each. So it made about £30,000 monthly, leaving my wife and I’s joint income around £150,000 yearly. A small amount, but then, we got to pay for the mortgage with that budget.

Sure the figures might look small, but if you know where your money is going, you won’t have to deal with the stock market and just live a good life right after your employment.

RBS Hits £2.9 Billion in Total PPI Redress

RBS recently added £250 million to its PPI redress package, bringing it to a total of £2.6 billion for PPI redresses. RBS is second only to Lloyds, who had now reached £8 billion following an addition of £750 million after its third quarter financial results announcement. RBS said that its recent provisions will provide repayments for a total of 10 months based on the monthly utilisation of the bills.

RBS also admitted that it could be possible their PPI redressing could still reach until halfway the following year. There are still uncertainties to the actual redress costs, complaint numbers and uphold rates.

In total, the UK PPI redress package has now reached £17 billion, with Lloyds taking almost half of the entire bill. Experts estimate that the entire UK PPI bill could reach £20 billion or more the following year as PPI claiming does not show any sign of slowdown.

PPI repays consumer loans and mortgages in case of sickness, accidents or unemployment. You could be owed £3000-3500 for an average PPI complaint. You might want to consider having help from claims management companies in claiming PPI from RBS, Lloyds and other financial companies in the United Kingdom.

PPI has become one of the most expensive financial scandals in the United Kingdom. However, consumer confidence will still remain at an all-time low should the UK move on from PPI as banks are involved in the Libor and Euribor scandals.