Whole Life Insurance

Having van insurance in the UK is very important. Driving a van that is not insured could land you in trouble with the law. If you are looking for cheaper van insurance, the best place to go and find a good price is online. Whether you use the van for personal or business, getting a good price on van insurance is a top priority. There are a number of things that you need to consider when looking for cheaper insurance online, these include:

Consider the type of van insurance you are getting: Many insurance providers provide different kinds of insurance for specific van usage. There is private insurance, business insurance and sole trader van insurance. Each type has its benefits and covers certain aspects of the van. For example, many van insurance providers provide cover for van wind screens, audio equipment, doors and locks within the van. These are part of a comprehensive policy. When you select the type of policy you want, you should also gauge what parts of the van you want covered. This will help determine the cost and also reduce it.

Decide on the added extras for your insurance package: Once you have decided on the type of insurance cover you need for your van, the next thing to do is to decide what kind of extra add-ons you will need. Remember that the add-ons are extras and take up the premium that you will pay on the van.

Do some research and compare: The best way to find cheaper van insurance online is to start with some research. Head over to forums and insurance comparison sites to see what the best price is for the type of cover that you need. Be sure to look for any discounts that you can get from the various insurance quotes you get. Also look specifically for insurance comparison sites that deal with online insurance providers. Comparison sites help you narrow down your search criteria and make it easy to find the best insurance quote for a lower price.

Use an Online Insurance Calculator. With the quotes you have consider narrowing down your search options. Using an online calculator can help you narrow down the various options and benefits of each van insurance package. The free quote that you can get will show you what kind of discounts you are eligible for. Online calculators can be customized and tailored to your needs and requirements.

Finding cheaper van insurance online is simple if you decide on the type of insurance you need, decide on the added extras, compare quotes and use an online calculator.

Once you have found the best lower price for the insurance, the next step is to insure. However, if you are looking to lower your premium insurance costs and are looking to buy a van, you should remember that the larger the van means a larger premium. This also factors in the engine size and van cost. These all influence the premium prices you will pay.

This article was written by the PR division at Cheaper Van Insurance. For more information please visit www.cheapervaninsurance.co.uk

Many people who are trying to save money are looking in all the wrong places. There are many expenses that you have that you would never think could be reduced. Insurance is among the most overlooked of these expenses, as many people mistakenly believe that insurance is a take it or leave it deal.

If you know your way around a few financial hurdles, it is actually quite easy to save money on car insurance. Below are a few ways in which you can do that.

1. Compare car insurance using all of the tools available to you

Online car insurance comparison sites give you all of the tools that are normally only available to industry insiders. With the right comparison website you can compare insurance companies that are not even in your geographic area.

2. Drive less

With the high price of gas, you would actually be saving money two ways when you drive less. Carpool to work. Ride your bike to the grocery store. If you do this, you can report to your insurance company that you are driving your car less miles. This is less of a risk to the insurance company. They must respond by lowering your car insurance rate. If they do not, you can easily go back to step one and negotiate a better deal with another insurance company.

3. Take some of the risk off

If you add a GPS device or a steering wheel bar to your car, you are taking some of the risk away from the car insurance company. You should be rewarded with a lower insurance rate. If you are not, simply move to another company.

In my experience, justifying the expense of keeping my classic car each year gets harder and harder. I recently reassessed, what it is that I enjoy about owning my 1988 Golf G60. I came to two conclusions, both of which could save me some money.

First, I realised how little I used my car. I usually only drove my car in the summer; and then only to a limited number of places. The rest of the time, the car was garaged and I only used to turn it over without driving it. This was just to keep the battery fresh; and to save me a couple of days work, each spring when the weather broke.

The second conclusion I came to, was that I usually only used the car for event days. The other times I drove the car, were to ‘give it a run’. This meant, that I was often paying for miles that I didn’t really need on my insurance.

I looked through all the classic car press; and spoke to lots of cheap classic car insurance providers. I found that there were a number of types of classic car cover. I could get ‘show only’ cover; meaning I could take my car to a show but, it would have to be transported there on a trailer; as this policy would not cover me to drive it on the road.

I looked at ‘off road’ insurance, which has nothing to do with rallying; and everything to do with storing my Golf in my garage. I then priced up pay as you go insurance, for specific event days that I’d already marked on my calendar. Pay as you go cover, turned out to be more expensive than I’d thought. I think it has something to do with their admin charges; which I found strange, as most could be dealt with online.

Luckily, I found that as a member of the Golf owners club, there were policies that gave me free cover for any UK car club day. This meant that I could get classic car insurance that covered me for all I needed. I got a reduced rate for keeping the car garaged most of the time; and there was no need to instruct my insurer prior to event days. As long as I only drove on my way to events, I had comprehensive cover.

photo credit: h.koppdelaney
Term life insurance is the most basic form of life insurance available, and thus it is usually the cheapest type of policy too. The insurance covers the policy holder for a fixed period of time, and only pays out a one-time cash lump sum if you pass away during the term of the policy. The term is a specified period of time determined by the policy holder. Some term life insurance policies allow you add on additional options such as critical illness cover.

Premiums for term life insurance are usually payable on a monthly basis but sometimes a policy will allow an annual payment. This type of insurance policy is the simplest policy as the policy holder is covered for as long as you continue to pay the premiums, as soon as you stop, cover ends. Unlike whole life insurance, which has two elements including an investment element, term life insurance only has mortality element. This means that if you cancel the policy or make no claim, you will not receive a refund of any money you have paid so far.

There are a number of different term life insurance policies including:

• Level term assurance: where a cash lump sum is paid to beneficiaries in the event of the passing of the policy holder. This lump sum is a fixed amount and will not change throughout the period of the life insurance term.

• Decreasing term life insurance: where a cash lump sum is payable on death the same as level term assurance, but the difference being that this amount decreases for throughout the term, eventually down to nothing.

• Family income benefit: where your beneficiaries receive a regular income rather than the cash lump sum associated with the other policies. This income is only paid for the term of the policy, so if you pass away close to the end of the term, fewer years will be paid out.

Although term life insurance is cheaper and simpler than any other form of insurance, particularly whole life insurance, the premium will depend on the sum insured, period of cover, age, sex and lifestyle such as smoking and drinking. The additional options available to the policy holder such as critical illness will increase the cost of the premiums.

Whole life insurance is quite self-explanatory as the insurance policy lasts for your whole life. The policy pays out a cash lump sum upon the death of any person whose life has been insured as long as policy is still in force. In some rare instances the policy may pay out earlier if you have been diagnosed with a terminal illness. With this type of insurance, the policyholder is expected to pay premiums throughout your life or until the holder reaches a certain age.

The premiums and the sum insured are guaranteed not to change for the first ten years of the policy. However, you should expect the cost to be far higher as the claim is assured rather than insured – meaning it is inevitable. There are different types of whole life insurance, these include:
• Non-profit whole life policies – set premium payable for life with fixed cash sum payable at time of death
• With profit whole life policies – same as above but also any profits that have been allocated
• Low cost whole life policies – guaranteed cover with amount payable upon death greater than basic sum

Whole life insurance is payable in two ways, the most common being a single premium but it can also be possible to set it up with lump sum payment in different time periods. These policies are often seen as safe investments because they are split into two sections, a mortality element and a savings element. Therefore, if you decide to cancel the policy before its original term has ended, you should be able to receive the payment of the premiums accumulated in the savings element.

The difference between whole life insurance and term insurance is that the payment is inevitable (as long as you don’t cancel the policy). With term insurance the policy holder is required to pay a premium towards the mortality element, with the policy only paying out if you pass away within the term. Another major variation between the two types of insurance policy is that with whole life insurance a set amount of money is paid to the policy holder’s beneficiaries. You should be able to understand why whole life insurance is usually far more expensive than other insurance options available to you, including term insurance.