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Getting Technical
Waiver of Premium is an additional charge option that protects the monthly life insurance premium in the event that the policyholder is unable to work, and hence unable to keep up the premium payments on their policy.
Practically this means Waiver of Premium is designed to protect the insurance in the period where the policyholder might be most at risk, in the period of a sustained illness.
Waiver of Premium costs are typically around 2.5% to 3.5% of the premium to be covered, and are dependent upon the life assured’s occupation.
Some occupations cannot be covered for waiver of premium, as the insurers regard protecting this income as too risky (e.g. Professional Sportsman).
All our “advised” solutions recommend Waiver of Premium is taken as most customers don’t want to run the risk of losing their life insurance cover following a period of long term illness, when they might need it most.
NEWS
Critical illness customers must read the small print
03 December 2007 13:20:18
People looking for critical illness cover have been reminded to explore all their options before settling on a policy.
Independent financial experts IFA Brokers highlighted that critical illness insurance policies and the conditions they cover vary widely, while anyone seeking a premium should do it sooner rather than later.
"Critical illness insurance pays benefits on the diagnosis of certain specified critical illnesses; the range of diseases covered has increased to more than 30, though contracts differ from one company to another," observed a spokesperson for the organisation.
"Policies should cover seven core conditions: cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke. They will also pay out if a policyholder becomes permanently disabled as a result of injury or illness," the representative continued.
With serious illness affecting one in four women and one in five men before they reach retirement age, critical illness insurance is designed to ease financial pressures by paying a tax-free lump sum if an individual becomes seriously ill or disabled.
IFA Brokers noted that rises in claims and the cost of advances in medical technology have led many insurers to cut back on the conditions they cover, or to impose restrictions on what counts as a critical illness.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online
'More than 40% of smokers tried to quit last year'
29 April 2008 13:38:40
Forty-three per cent of smokers in England tried to quit the habit last year, according to Cancer Research UK.
More than 27,000 smokers and ex-smokers were questioned about their attempts to stop smoking in a series of surveys conducted each month from November 2006 to January 2008.
Eight per cent said they had attempted to quit as a result of smoke-free legislation introduced on July 1st 2007.
Successful attempts to give up smoking may also have financial benefits as Norwich Union recently advised that smokers planning to quit could see their monthly life insurance premiums cut by up to almost half by applying for life cover as non-smokers.
News Year's Eve proved to be the biggest motivation for quitting smoking, when more than one in ten smokers attempted to stub out for good.
Elspeth Lee, Cancer Research UK's head of tobacco control, commented: "It's good news that the smoke-free legislation, as well as protecting people from secondhand smoke, encouraged some smokers to quit.
"But with about ten million smokers in the UK, half of whom will die from a smoking related disease, we cannot be complacent."
According to the organisation, more than 33,000 people die from lung cancer each year - around one person every 15 minutes.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online
Cherry on cake for heart worries
30 April 2007 12:09:11
Antioxidants found in cherries could lead to lower blood sugar, decreased cholesterol and less chance of heart disease, according to new research.
Scientists at the University of Michigan found that an increased intake of powdered tart cherries among the rats used led to notable changes in metabolic syndrome, a condition related to heart disease and Type 2 diabetes.
Study author E Mitchell Seymour confirmed that though the findings did not conclusively prove that an increased cherry intake could help humans diminish their risk of heart disease, the results were encouraging.
"We are interested in a whole-foods approach, using amounts of fruit that are relevant to human diets," he said.
"We are enthusiastic about the findings that tart cherries conferred these beneficial effects at such a modest daily intake."
The rats were given tart cherries as only one per cent of their total food intake for 90 days, but displayed a marked decrease in glucose, insulin and cholesterol levels than the rats fed on a non-cherry diet.
Research from the Science and Public Affairs Forum in 2003 proposed that one in four Britons exhibited hallmarks of metabolic syndrome.
03 December 2007 13:20:18
People looking for critical illness cover have been reminded to explore all their options before settling on a policy.
Independent financial experts IFA Brokers highlighted that critical illness insurance policies and the conditions they cover vary widely, while anyone seeking a premium should do it sooner rather than later.
"Critical illness insurance pays benefits on the diagnosis of certain specified critical illnesses; the range of diseases covered has increased to more than 30, though contracts differ from one company to another," observed a spokesperson for the organisation.
"Policies should cover seven core conditions: cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke. They will also pay out if a policyholder becomes permanently disabled as a result of injury or illness," the representative continued.
With serious illness affecting one in four women and one in five men before they reach retirement age, critical illness insurance is designed to ease financial pressures by paying a tax-free lump sum if an individual becomes seriously ill or disabled.
IFA Brokers noted that rises in claims and the cost of advances in medical technology have led many insurers to cut back on the conditions they cover, or to impose restrictions on what counts as a critical illness.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online
29 April 2008 13:38:40
Forty-three per cent of smokers in England tried to quit the habit last year, according to Cancer Research UK.
More than 27,000 smokers and ex-smokers were questioned about their attempts to stop smoking in a series of surveys conducted each month from November 2006 to January 2008.
Eight per cent said they had attempted to quit as a result of smoke-free legislation introduced on July 1st 2007.
Successful attempts to give up smoking may also have financial benefits as Norwich Union recently advised that smokers planning to quit could see their monthly life insurance premiums cut by up to almost half by applying for life cover as non-smokers.
News Year's Eve proved to be the biggest motivation for quitting smoking, when more than one in ten smokers attempted to stub out for good.
Elspeth Lee, Cancer Research UK's head of tobacco control, commented: "It's good news that the smoke-free legislation, as well as protecting people from secondhand smoke, encouraged some smokers to quit.
"But with about ten million smokers in the UK, half of whom will die from a smoking related disease, we cannot be complacent."
According to the organisation, more than 33,000 people die from lung cancer each year - around one person every 15 minutes.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online
30 April 2007 12:09:11
Antioxidants found in cherries could lead to lower blood sugar, decreased cholesterol and less chance of heart disease, according to new research.
Scientists at the University of Michigan found that an increased intake of powdered tart cherries among the rats used led to notable changes in metabolic syndrome, a condition related to heart disease and Type 2 diabetes.
Study author E Mitchell Seymour confirmed that though the findings did not conclusively prove that an increased cherry intake could help humans diminish their risk of heart disease, the results were encouraging.
"We are interested in a whole-foods approach, using amounts of fruit that are relevant to human diets," he said.
"We are enthusiastic about the findings that tart cherries conferred these beneficial effects at such a modest daily intake."
The rats were given tart cherries as only one per cent of their total food intake for 90 days, but displayed a marked decrease in glucose, insulin and cholesterol levels than the rats fed on a non-cherry diet.
Research from the Science and Public Affairs Forum in 2003 proposed that one in four Britons exhibited hallmarks of metabolic syndrome.