Protect Your Loan Repayments With Loan Cover In Case You Should Lose You Income

As no one knows what’s around the corner, if you have monthly loan repayments to meet you should give some serious consideration to how you would continue to repay them if you were to find yourself out of work through suffering an illness, accident or if you should find yourself unemployed by such as redundancy. Loan cover can give you great peace of mind but it can only do the job it’s intended to do if it is suitable for your circumstances.

Loan cover can give you a monthly income which you can then use to continue meeting your loan repayments if you should lose your income through being out of work for any length of time. The tax free income that a policy can bring would start between the 31st day and the 90th day of being out of work depending on the individual provider and would then continue for between 12 and 24 months.

However you do have to be aware that there are certain factors that can stop you from making a claim and these are listed as the exclusions in a policy with some being common to all policies. If you are of retirement age, self-employed, suffer from a pre-existing medical condition are only in part time work then it wouldn’t be in your best interest to take out a policy, while these are the most common there can be other exclusions as policies differ and it is essential that you read the key facts and exclusions before buying a policy.

Sticking with a specialist standalone provider is essential when taking out cover as in the past loan cover has been widely mis-sold, namely by well known high street brands. This was highlighted in 2005 when the Office of Fair Trading received a super complaint from the Citizens Advice and subsequently several high street firms were handed out fines by the Financial Services Authority. The sector was then referred to the Competition Commission who is currently conducting a comprehensive review which is expected to finish in February 2009. While some changes for the better have been made, the Financial Services Authorities recently stated that little progress has been made in the main areas that need changing, when it comes to selling payment protection products some firms are still lacking in giving out the information needed to ensure that a policy is the right product for the consumers needs at the time of selling.

However the Financial Services Authority are introducing comparison charts in March 2008 and it is hoped that this will make choosing the right policy easier for the consumer as they can answer a series of questions relating to the policy to determine its suitability. Along with this consumers will be told how much they will pay for the cover and what the exclusions in a policy are so that you know straight away if it is a suitable product, for the time being the best way to get all the information needed is to go with a specialist standalone provider for your cover along with the advice needed.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of loan cover, mortgage payment protection insurance and income protection insurance.

Article Source: http://www.eArticlesOnline.com

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Five Strategies for Having Enough Money for Your Dream Retirement (While You're Still Breathing!)

By: Lin Schreiber

Most people think that's all retirement is about -- having enough money to sit on the deck, play golf, and visit the grandkids. But that's the old model -- not today's retirement. I believe you can revolutionize your retirement even if you can't count on 80% of your current revenue when you stop working. (That's the secret number according to many retirement experts.)

Someone who turns 65 today can expect to live until age 83, according to the US Bureau of Labor Statistics. So, even if you stop working at the normal retirement age, you've got nearly two decades to fill with things that really matter to you. And, if you give up traditional employment sooner, you've got even more years to enjoy the "third half" of life. Today the average retirement age is an astonishingly young 57.

I said "enjoy," and I mean it. To do that, you need to put yourself squarely in the driver's seat -- decide when and how you retire and who you will be. Don't let someone else's definition determine your retirement.

So, begin by putting the money issue aside entirely. That's right. Just forget about money and take a good hard look at the life you want to be living. Start journaling, brainstorm with friends and family, and dream a lot. For inspiration, begin to brainstorm ideas and tools needed to help you plan the perfect retirement for YOU.

OK. So money does have something to do with it. Now's the time to figure out exactly how much you have and what you'll need. Maybe you'll discover that you have enough money to do everything you want to do. Congratulations!

But what if you don't? Will you need to work until seven years after you're dead? Or can you still create the retirement of your dreams? Of course you can. Here are some ways to make that happen.

1. First, sharpen your pencil and reconsider how much is enough? Maybe you don't need to stay in the big house and take care of all that stuff. Perhaps you'd love to simplify your life by living out of your RV as you travel the country. What could you downsize or let go of to buy yourself a more carefree existence?

2. Second, consider supplemental income. Wait a minute, didn't I just say you were going to stop working? Well, there's work. And, then there's work.

Larry was an art teacher in an urban high school for his entire career. In retirement, he followed his passion for painting and also volunteered at a national art society near his home. His experience, enthusiasm and organizational skills so impressed the Director that Larry was offered a part-time position as Assistant Director. Although he has less time for his painting, the supplemental income allows him the luxury of another passion -­ regular trips to Italy.

3. Maybe you've been passionate about your hobby all your life -- making woodcarvings, gardening, or playing bridge. What about a part-time job as a gardening assistant during the summer, selling your work at craft fairs, or getting certified as a bridge instructor?

Think about what you love to do, the best times in your life, what you never had time for when you were raising children and working full time. If you love animals, become a pet sitter. Consider working in a day care center, if small children delight you.

4. Try seasonal employment. That's what Betty and Bob do. They say they're "rewired," not "retired." Each winter they close their Maryland home, pack up her home-based marketing business, and head to Snowmass, Colorado. For the next two months, they work for the ski corporation -- alongside college kids from Australia and a few other couples their age. He parks cars and slings skis on busses; she helps families plan their vacations at the resort. The minimum wage they make covers basic expenses; they each get a season's pass worth $1,799; and they only work a few days each week. The rest of the time they follow their passion ­ on the ski slopes.

Seasonal employment is available at National Parks, community facilities, and as travel hosts to exotic places. Furthermore, there are lots of Web sites that specialize in senior employment.

5. But if you really want to make the most of the "third half" of your life, consider packaging what you know and sharing it with others. That's what Miriam did. After 30 years of a successful therapy practice, she traded her East Coast home for a West Coast apartment. With her savings and a handsome settlement from her ex-husband, she lived the good life. Then one day the money was gone. Already in her seventies, she picked herself up, buffed up an old passion, and began writing psychological thrillers. Today, Miriam is making more money than she did during her other career ­ and she's having a lot more fun.

What will it take for you to let go of your outdated beliefs about money and retirement and get inspired to revolutionize the "third half" of your life?

Remember, money is merely one of the 15 "must haves" for a thriving retirement. While taking charge of your life, having dreams for the future, and a purpose that pulls you out of bed in the morning are not as tangible as, say, $1.3 million in assets, they're just as crucial.


Most people think that's all retirement is about -- having enough money to sit on the deck, play golf, and visit the grandkids. But that's the old model -- not today's retirement. Someone who turns 65 today can expect to live until age 83, according to the US Bureau of Labor Statistics. Here's 5 strategies to help you pursue your dream retirement:

Certified Retirement Coach Lin Schreiber, author of The Retirement Re-Tool Kit, helps baby boomers revolutionize and redefine their ideas about how they will live life in retirement. To claim your free Boomer Transition Kit and copy of 88 Tips for Planning A Healthy, Happy, Enriching Retirement Life, visit her site at RevolutionizeRetirement.com

Article Source: http://www.eArticlesOnline.com

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