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Thursday, 18 December 2014

Third Party Insurance

Third Party Insurance

What is third party insurance?

Third party insurance refers to an insurance policy type. It is the minimum cover required to be in place in many international countries such as Nigeria and the UK. Not having this minimum over is a criminal offense and carries a fine and/or penalty.
Third party insurance typically covers the following:
·         physical damage to another vehicle or structure;
·         injuries to a third party or your own passengers; and
·         medical treatment cost and legal cost claims against you.

Third party policy

A third party insurance policy is offered by the majority of insurance companies, it is often the cheapest option. It is common for new and young drivers to opt for third party only cover as it is cheaper.

Third party claims

As a third party involved in an accident, it should not concern you what level of cover the other party has – as long as they have some form of insurance of which third party is the minimum.

Should I get third party only insurance?

Anyone who owns a high-value vehicle should definitely opt for a policy with greater coverage than third-party cover, any small savings made on the policy premium will be negated should you be unlucky enough to have an accident and need to make a claim.

Burglary insurance is necessary

Burglary insurance is necessary

When your home is invaded by unwanted strangers, it is the worst experience ever. Having a burglar go through all your personal belongings is a nightmare which you never want to live through again.

There are a few thing that can be done to avoid your house from being burgled and making your home safer.

Remembering these simple five things can prevent a burglar from entering your home:

·         Always lock all your doors and windows when you leave the house including those on the top floors
·         If possible install an alarm in clear view of the public walking by your house
·         Its best to install motion-sensor lights around your home
·         Keep any ladders locked up so they can’t be used by burglars
·         When you go on holiday, make sure your home does not look like you are away. So maybe keep your car in the driveway, leave your lights on timers and get someone to mow your lawn while you’re away.

It is also very important to have burglary/theft insurance. A theft insurance policy would usually cover loss or damage resulting from theft or attempted theft. It can be with actual forceful or violent entry into or out of your home or any attempt at that place or time.

When taking out burglary insurance, be sure to read the policy properly, as in Nigeria the criminal law of the country does not state clearly of an offence called burglary. So it is very important for the insurers to lay down in the policy the definition of the term. As normally understood burglary is:

(a) Theft of property from the premises following upon felonious entry of the said premises by violent and forcible means.

(b) Theft by a person in the premises who subsequently breaks out by violent and forcible means provided there shall be visible marks made upon the premises at the place of such entry or exit by tools, explosives, electricity or chemicals. Use of force may be against property and person.

Wednesday, 10 December 2014

What is mortgage protection?

What is mortgage protection?

What is mortgage protection? That is a question many new home buyers ask themselves. Some buyers are very clued up about all the different types of insurances while others only understand the everyday insurance e.g. home appliance insurance, car insurance and travel insurance.

Mortgage protection insurance is very simple to understand, it is a form of income protection that can insure your mortgage payments in case you lose your job, find yourself unable to work or when demise occurs. If your mortgage repayment are not paid then sadly your property could be repossessed by the lender.

Mortgage protection is needed when:

  • You may struggle to keep up with the monthly mortgage payments if you weren't able to work due to illness, accident or forced unemployment
  • You are self-employed and therefore would receive no sick pay or redundancy
  • You don't have sufficient cover from other income protection products
  • You have income protection insurance which will cover your repayments
  • You receive sick pay which will cover the repayments
  • You are eligible for a comprehensive redundancy pay-out which you could live off comfortably until you find another job
  • Government benefits will provide enough money to live on and to pay your mortgage
  • Voluntary unemployment or unemployment resulting from misconduct, fraud or dishonesty
  • If you were aware that you may be made redundant when you took out the policy
  • Pre-existing medical conditions
  • Stress and back-related injuries or illnesses
  • Chronic medical conditions
  • Pregnancy and childbirth
  • Self-inflicted injuries

You will not need mortgage protection if you already have alternative insurance cover:

Mortgage protection policies differ from insurer to insurer. Standard exclusions include:

Before you take out any mortgage protection, make sure to read every piece of paper work carefully and thoroughly. 

Wednesday, 3 December 2014

EduPlan Plus

 EduPlan Plus

Why is it important to have Education insurance plan for your children?

With growing standards of living, the expenses for educating your child are rising. As parents we start planning for the future of our children but don’t always think of the unthinkable, so it’s always best to secure the future for your child’s education in case of any unforeseen circumstances.
Planning or even saving for your child’s education can be confusing, trying to decide when and how to start. The best place to star is to look at insurance as one of the investment channels. Insurance is a secure way to provide education fund for your child when the fund is needed.
Education insurance plan offers a lot of flexibility, which allows parents to select the one that suits their needs the most. There are different types of Education plans, so choose carefully when deciding for your child.

Types of education plan:
  • Insuring yourself - a large sum that provides for your children’s future expenses, along with the rest of your family’s expenses for the future.
  • Child insurance - provide for your child’s future expenses through an insurance policy that will ensure she/he receives money at the age you want them to, in your presence or absence.
  • Money back insurance plans - ideal for parents planning for life stage events like child’s education, marriage or seed capital for a business opportunity.
  • Additional premium - cover as many children as needed, even if they are at different education levels. The premium payable depends upon the child’s current school or tuition fees, and you can arrange to pay the premium annually or each term.
Before deciding on a plan, parents should have a distinct plan in place for each objective with the process commencing by defining each objective that is to be accomplished.