Answers to All Your Questions Regarding Loan and Mortgage Protection Insurance

Answers to All Your Questions Regarding Loan and Mortgage Protection Insurance
By Frank Zelasko

Loan and mortgage protection insurance is designed to help you, and your family keep up-to-date with your loan repayments, when life events happen unexpectedly and regardless of mitigating circumstances. Put simply, mortgages or loans are often long-term commitments, so it makes sense to protect them.

Do You Think About the Unexpected?

There are a number of reasons why even the most responsible money managers may get into financial difficulty. Any of the following reasons can strike at any time and will leave you struggling to make your loan repayments:

>> Change in health - due to sickness, injury or disease

>> Loss of income - due to involuntary unemployment, or

>> Death and Terminal illness - when cancer, stroke or heart attack, etc. may occur.

Loan and Mortgage Protection Insurance - The Benefits

There are a number of benefits you can get from having a loan and mortgage protection insurance plan in place, which include:

>> The premiums are fully tax-deductible

>> Financial protection (you will save your family the worry of lost income)

>> You will save at tax time (you will get more money back in your tax return, and this means more money in your pocket)

>> You can choose how long you would like to receive cover benefits if you are injured and unable to work

>> Benefit payouts for total and permanent disability

>> A benefit amount (e.g. hospital cash) can be calculated for each night you spend in hospital

>> Associated accident costs can be provided to cover incidental costs (e.g. counseling and rehabilitation).

Common Questions regarding Loan and Mortgage Protection Insurance

Is Lenders Mortgage Insurance (LMI) different to Loan and Mortgage Insurance?

>> LMI - is compulsory and covers the lenders/credit providers if they lend you 80% or more

>> Loan and Mortgage Protection Insurance - covers your mortgage repayments in the event of death, sickness, unemployment or disability

Does the Unemployment Benefit apply if I am Self-Employed?

Yes. You may make a claim if:

>> You have worked in your business (for an average of 20 hours per week) for 180 days immediately prior to becoming unemployed, or

>> Your business has permanently ceased trading

What Happens to my Policy if my Unemployment Claim is Successful?

Your cover continues for death or terminal illness after making a successful unemployment claim, and your premium and benefits will remain the same.

Who will be the Beneficiaries?

>> For a single life policy, the benefit will be paid to the policy owner or their estate, and

>> For a joint policy, the benefit payments are made to the policy owners jointly or to the surviving policy owner in the case of the death benefit

What happens if I need to make a Claim and I have Other Insurance Policies?

Upon acceptance of your claim, the loan or mortgage protection policy will payout a lump sum benefit directly to you or your estate and this will be in addition to any other payments you may receive from other insurance policies.

What if I am a Smoker now, will my Premium Change if I Stop Smoking?

>> Yes. Your premium can be changed to a non-smoker rate if you stop smoking for 12 consecutive months, and

>> You will need to make a declaration that you have not smoked any substance during this period

So, now that you are familiar with how "Loan and Mortgage Protection Insurance" can protect you and your family against any of life's unexpected events, contact an insurance broker. He/she will understand your situation and suggest the best possible insurance policy for yourself.

Singh Finance is the perfect solution for your finance and insurance needs. The firm will help you in getting affordable finance packages. It will also make sure that you get the best loan and mortgage protection insurance policy. Contact Singh Finance and get ready to make your life less stressful.

Article Source: http://EzineArticles.com/?expert=Frank_Zelasko
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Keywords: protection insurance,mortgage protection,questions regarding loan,single policy,joint policy,premium

The Top Four Cleaners Insurance Lessons You Need to Learn Now

The Top Four Cleaners Insurance Lessons You Need to Learn Now
By Julia Robret

Summary: Cleaners before you have learned the hard way that protecting their business with insurance is vital to financial protection. Here we discuss four of the top lessons that will help to protect your business from financial risk.

Cleaners perform such a wide variety of tasks that determining what type of insurance you need can be a little daunting at times. However, there are four lessons that cleaners before you have learned that can help you understand the needs for your own Cleaners Insurance.

1. You need to seriously consider cleaners Liability Insurance

If in the course of your job you cause damage to someone's property, or injure a third party, you may be responsible for the costs associated with the damages. Liability Insurance covers you financially if you do need to pay any costs.

For example if you have just cleaned a floor and a client comes home and slips on it you could be held liable for their medical costs or rehabilitation back to full health. Or if you spill a chemical on a carpet and then need to replace that carpet, you could be out of pocket for thousands of dollars.

Instead, the insurer would step in and cover the costs for you. Sometimes these costs can go up into the millions for serious medical claims such as permanent disability or death, and if you do not have Cleaners Liability Insurance in place your business, or your personal finances could never fully recover.

2. You need to protect your tools

The tools you use for cleaning will cost you money to replace. This is money that many small businesses might not be able to afford. If you are a specialist cleaner you may have more expensive and rare tools, and if theft or damage occurs to them it can really set your business back.

Protecting your cleaning tools is vital so that you can quickly access the money in the worst case scenario and replace them to continue your jobs and earn an income.

3. Workers compensation is vital for employees

It is very exciting to have a growing cleaning business. This also means that you may be employing workers. Along with this comes the added responsibility of acquiring Workers Compensation Insurance in case they become sick or injured by the job. You are required by all Australian states to obtain Workers Compensation Insurance for your business employees; however the requirements are slightly different in each state. It is good to check this with your broker in order to make sure you are getting the right policy for your business.

4. Protect your own income with Accident and Injury Insurance

Chances are that if you run your own business, the only person controlling your income is yourself. This means that if you get sick from your work, or are injured whilst performing your duties, no one will be able to supply you with an income. Accident and Injury Insurance overcomes this problem by helping you when you need it most. There are many risks such as slips, falls, chemicals, or cuts that can happen whilst cleaning and having this insurance means that you will still get an income if you cannot work for a period of time.

Make sure you take heed of these four points in order to avoid financial disaster for your business in the event of a claim. If you need help with your cleaners insurance, or to obtain a quote, just contact All Trades Cover today

Article Source: http://EzineArticles.com/?expert=Julia_Robret
http://EzineArticles.com/?The-Top-Four-Cleaners-Insurance-Lessons-You-Need-to-Learn-Now&id=8700546
Keywords: cleaners insurance