The lending industry is a highly competitive one, something that is understandable when we consider the demand consumers have for extra funds. The problem is that, in an effort to attract as much business as possible, many lenders are willing to make promises that cannot be kept, like stating that approval is guaranteed for applicants seeking personal loans with bad credit.
The idea of guaranteed loan approval is comforting to people seeking loans but who are unsure of their chances of approval. But while elements within an approval process might be cut out to speed things up, the ability to repay a loan needs to be proven. This fact alone means there can be no universal guarantee given to applicants.
Unfortunately, there are many lenders - especially online - who make promises that border on a lie. So, getting a personal loan from them can prove more troublesome than anything else. Be sure to check with the BBB website for their background, but remember that there are logical aspects to consider too.
No Credit Checks Are No Guarantee
Many people believe that no credit checks during a loan application is the same thing as getting a guarantee that an application will be approved. Sadly, this is not the case. The only advantage it provides is in improved the chances of applicants for personal loans with bad credit getting approved.
Removing the process of checking out credit histories simply saves time, and is a key reason why many online lenders can provide approval judgements in just a few minutes. But a guaranteed loan approval is a different matters, and foolish when the repayment habits of the applicant is not known.
What all applicants must realize is that there are still conditions relating to income and the amount of existing debt an applicant has. To this end, the debt-to-income ratio is more important, and it has a direct effect on the chance of a personal loan being approved.
Forget the Marketing Garb
There is no shortage of marketing flyers around promising everything that a consumer would want in a loan provider. From low interest rates to high loan limits, there is also the promise of guaranteed application success, even when looking for a personal loan with bad credit.
But it is important to know that this kind of marketing garb needs to be taken with a pinch of salt. For example, the promise of super-low interest rates makes no sense if the lender makes no profit. The the small print in any loan agreement usually reveals hidden fees.
Guaranteed loan approval cannot make sense, when it means that applicants with no income at all could be granted personal loans. And giving a loan to someone who is unable to repay it is very bad business.
Security and Income
The biggest issues that lenders have when considering applications from people seeking a personal loan with bad credit are the income the applicant has, and if any security can be provided. Security, whether in the form of collateral or a cosigner, certainly makes things easier.
However, there is no guaranteed loan approval because, even with collateral, the lender prefers to receive repayments. Receiving payment every month keeps things simple, as items of collateral need to be sold to convert them into cash. This is why a cosigner is a far better option.
But even with a consigner, an applicant needs to show an ability to repay the personal loan. The cosigner is only a back-up, and the borrower is the key component.
Monday, December 31, 2012
Thursday, December 27, 2012
Repetition - Practice Makes Perfect!
Regardless of the path we choose in life, it takes time, dedication and hard work to attain our goals and aspirations. Success in trading is no different. Hard work, discipline and a solid foundation built on proper education and training is a requirement. The question is, how do we achieve discipline and a proper understanding of chart patterns? Through repetition, that's how!
In order to reach a high level of proficiency in anything we do, we must constantly reinforce positive behavior, and eliminate unconstructive actions. How do we accomplish this? Through repetition. As any highly competitive athlete knows, repetition is the only path to success. There's a reason pro golfers spend hours and hours on the driving range hitting balls. They want their swing to become so automatic, so robotic, that regardless of how pressure packed the situation is, their muscle memory will kick in and "do the right thing." This is only possible after tremendous practice and continual duplication of correct technique. Proper trading is much the same.
First we must learn the basic actions that will lead to success, and then we must continue to repeat those techniques over and over until they become second nature. As one of our chat room moderators Tom Willard likes to say, "unconscious competence is what we strive for." Essentially this is the ability to know what to do in any situation and then act on it without hesitation. In order to achieve this level of aptitude, we need proper coaching. In trading this means getting a high-quality education and then practicing what is taught in the classroom.
One of the best ways to reinforce these positive habits is to (re)take seminars and courses. Pristine offers seminars for every level of trader and over the course of an intensive two day seminar such as Trading the Pristine Method (TPM) or Advanced Technical Strategies (ATS), a lot of great information is presented to the students. However, due to their comprehensive nature, and the fact that we are not robots, it is nearly impossible to fully grasp everything that is taught in the course. This is not a reflection of intelligence, but rather more to do with the tremendous amount of information provided in such a short period of time. So in order to fully capture the subject matter, as students we need to constantly review the material, and even retake the courses. By retaking a seminar we are repeating the learning process and further reinforcing patterns of good behavior which are conducive to success. We must be smart enough to know that there are things we don't understand and still need help with. It's the same concept as a professional athlete receiving coaching on a regular basis.
After taking a Pristine seminar the Pristine Method Trading Room "PMTR" (our live on-line trading room) is the next logical step to reinforcing these concepts and good behavior. Not only do we provide live examples of Pristine patterns taught in the seminars, but there are also daily and weekly lessons on various trading topics. Essentially the PMTR and Graduate Room bridges the gap between what is taught in the TPM and ATS courses and shows those concepts at work in real-time market conditions. The experience is truly invaluable and will greatly enhance and advance your classroom learning experience with live examples of trades. It also makes for a wonderful environment to learn from other professional traders, as well as Pristine's own coaches and moderators. It's the difference between the practice court and the real game!
In order to reach a high level of proficiency in anything we do, we must constantly reinforce positive behavior, and eliminate unconstructive actions. How do we accomplish this? Through repetition. As any highly competitive athlete knows, repetition is the only path to success. There's a reason pro golfers spend hours and hours on the driving range hitting balls. They want their swing to become so automatic, so robotic, that regardless of how pressure packed the situation is, their muscle memory will kick in and "do the right thing." This is only possible after tremendous practice and continual duplication of correct technique. Proper trading is much the same.
First we must learn the basic actions that will lead to success, and then we must continue to repeat those techniques over and over until they become second nature. As one of our chat room moderators Tom Willard likes to say, "unconscious competence is what we strive for." Essentially this is the ability to know what to do in any situation and then act on it without hesitation. In order to achieve this level of aptitude, we need proper coaching. In trading this means getting a high-quality education and then practicing what is taught in the classroom.
One of the best ways to reinforce these positive habits is to (re)take seminars and courses. Pristine offers seminars for every level of trader and over the course of an intensive two day seminar such as Trading the Pristine Method (TPM) or Advanced Technical Strategies (ATS), a lot of great information is presented to the students. However, due to their comprehensive nature, and the fact that we are not robots, it is nearly impossible to fully grasp everything that is taught in the course. This is not a reflection of intelligence, but rather more to do with the tremendous amount of information provided in such a short period of time. So in order to fully capture the subject matter, as students we need to constantly review the material, and even retake the courses. By retaking a seminar we are repeating the learning process and further reinforcing patterns of good behavior which are conducive to success. We must be smart enough to know that there are things we don't understand and still need help with. It's the same concept as a professional athlete receiving coaching on a regular basis.
After taking a Pristine seminar the Pristine Method Trading Room "PMTR" (our live on-line trading room) is the next logical step to reinforcing these concepts and good behavior. Not only do we provide live examples of Pristine patterns taught in the seminars, but there are also daily and weekly lessons on various trading topics. Essentially the PMTR and Graduate Room bridges the gap between what is taught in the TPM and ATS courses and shows those concepts at work in real-time market conditions. The experience is truly invaluable and will greatly enhance and advance your classroom learning experience with live examples of trades. It also makes for a wonderful environment to learn from other professional traders, as well as Pristine's own coaches and moderators. It's the difference between the practice court and the real game!
Tuesday, December 25, 2012
Throwing an Amazing Housewarming Party
You have now moved into your new home! You are probably experiencing a lot of excitement with just a touch of relief.
It's been a long haul, but you have finally finished. There have been a lot of obstacles to jump over that you have had to deal with in the past couple months.
You knew you wanted your house to be built, but you had to find a small piece of land that was just perfect for you and your little family. Next was finding a company that would actually build the home.
Once you found that, you had to wait patiently while the company took the time to build the compound. Hopefully the process went as smoothly as possible, but sometimes problems can easily arise in the building process.
Once the actual house was built, then you needed to pack up your hordes of stuff and move it into the space! If you have large pieces of furniture like couches or pianos, this can be easier said than done.
But now you have everything moved in and situated. Your family can get settled in, and you are done, right? Not yet!
You still have one more important thing on the list- you have to throw a housewarming party! Besides, you need to celebrate all the work that you have accomplished over the recent amount of time.
Hosting a housewarming party is not an easy walk in the park, though. There are certain things that you need to do in order to make it a great social gathering.
So what exactly do you need to do to make it the best gathering possible? Here are some great tips that your family can use to make your bash the talk of the new neighborhood.
The first thing that you need to realize is that the housewarming party needs to be hosted by the actual family that moved into the house. In some families, the grandparents or another member of the family will try to take control of the festivities and try to host the whole thing.
Don't let them do this! You put all the work into this new home, and you need to celebrate it yourself so that you can feel good about it.
Once you decide this fact, it is time to plan the festivities. The first thing you need to do is send out invitations.
You could rely on just telling people yourself, but sending out invitations is just much more formal and efficient. You will also know exactly who is coming to your party, so you don't have any party crashers!
Don't invite too many people or send out too many invitations. It is a good idea to keep the festivities small.
This might entail only inviting a few of your choice neighbors and immediate family members. Why exactly would you want to keep the party small?
If you think about it, you have just moved into your new home and it will never look as spotless as it does right now. Inviting too many people could track unnecessary dirt and grime into the house and start your living situation off on the wrong foot.
Having a small group of people invited will keep the clutter under control so that you don't have to deal with the aftermath of the fun later.
Once you have started the party, you need to make sure to give everybody a grand tour of the home, so that they can see exactly what they are there for.
It is important to do this once you know everybody is present at the party, so that you can do it all in one sweep. Otherwise, you will spend the whole night giving each individual guest a tour of the rooms, which takes you away from the party.
Also be sure that all the rooms in your house are clean and boxes are put away. I don't think your guests want a tour of a home that looks like the entirety of it is packed away in boxes.
Finally, the grand tour won't be the only thing that you will do at your party. Make sure there are refreshments, games, and plenty of other things for your guests to do.
It's been a long haul, but you have finally finished. There have been a lot of obstacles to jump over that you have had to deal with in the past couple months.
You knew you wanted your house to be built, but you had to find a small piece of land that was just perfect for you and your little family. Next was finding a company that would actually build the home.
Once you found that, you had to wait patiently while the company took the time to build the compound. Hopefully the process went as smoothly as possible, but sometimes problems can easily arise in the building process.
Once the actual house was built, then you needed to pack up your hordes of stuff and move it into the space! If you have large pieces of furniture like couches or pianos, this can be easier said than done.
But now you have everything moved in and situated. Your family can get settled in, and you are done, right? Not yet!
You still have one more important thing on the list- you have to throw a housewarming party! Besides, you need to celebrate all the work that you have accomplished over the recent amount of time.
Hosting a housewarming party is not an easy walk in the park, though. There are certain things that you need to do in order to make it a great social gathering.
So what exactly do you need to do to make it the best gathering possible? Here are some great tips that your family can use to make your bash the talk of the new neighborhood.
The first thing that you need to realize is that the housewarming party needs to be hosted by the actual family that moved into the house. In some families, the grandparents or another member of the family will try to take control of the festivities and try to host the whole thing.
Don't let them do this! You put all the work into this new home, and you need to celebrate it yourself so that you can feel good about it.
Once you decide this fact, it is time to plan the festivities. The first thing you need to do is send out invitations.
You could rely on just telling people yourself, but sending out invitations is just much more formal and efficient. You will also know exactly who is coming to your party, so you don't have any party crashers!
Don't invite too many people or send out too many invitations. It is a good idea to keep the festivities small.
This might entail only inviting a few of your choice neighbors and immediate family members. Why exactly would you want to keep the party small?
If you think about it, you have just moved into your new home and it will never look as spotless as it does right now. Inviting too many people could track unnecessary dirt and grime into the house and start your living situation off on the wrong foot.
Having a small group of people invited will keep the clutter under control so that you don't have to deal with the aftermath of the fun later.
Once you have started the party, you need to make sure to give everybody a grand tour of the home, so that they can see exactly what they are there for.
It is important to do this once you know everybody is present at the party, so that you can do it all in one sweep. Otherwise, you will spend the whole night giving each individual guest a tour of the rooms, which takes you away from the party.
Also be sure that all the rooms in your house are clean and boxes are put away. I don't think your guests want a tour of a home that looks like the entirety of it is packed away in boxes.
Finally, the grand tour won't be the only thing that you will do at your party. Make sure there are refreshments, games, and plenty of other things for your guests to do.
Saturday, December 15, 2012
Contests to Earn Money: Take Part and Try Your Luck
Earning money is the primary goal of every human being today. As one can easily understand, without money, there is nothing in this world today. So people are looking for different ways of earning money. Among them, they are always getting attracted towards winning money by passive ways. There are several large numbers of passive income earning ways and among them, contest to win money is an important way of earning money. There are several different contests to earn money in world and all that one has to have to earn money by these contests is a good general knowledge and several other soft skills.
Quiz is an important contest to win money. There are several contests conducted by different agencies which distribute huge amount of money as prize. 'Kaun Banega Karodepathi', shortly known as 'KBC' is India's most famous quiz program. This program is being conducted in Delhi and famous bollywood actor Amithabh Bacchan is the man who runs this program. Once it was stopped and had restarted, with Shah Rukh Khan replacing Amithabh, but after a few days Amithabh got back his position in the contest again.
Those who want to contest in this program have to answer a question at first by phone. If that answer is correct, he will be invited to Delhi to sit in hot seat in front of Amithabh Bacchan. There are 15 questions, starting with Rs. 10,000 and ending in 10,000,000. There are three lifelines in entire quiz, namely phone a friend, 50-50 and audience poll. These lifelines can be used at any time of the quiz. There is negative evaluation for every question, that means you earn some amount of money for a question and you give wrong answer to next question, your earnings will be deducted.
Here is the structure of this quiz contest. It is like a three phase quizzing program, each phase containing five questions. After you complete every phase successfully, the amount which you earn at the end of each phase will be guaranteed to you. If you give wrong answer to any question at any stage in any phase, your earnings will drop to the earning of first question. For example, in first phase, you will earn Rs. 10,000 for your first question. For the fifth question, you earn 160,000. After you answer all five questions correctly, you are guaranteed of 160,000 and there is no further deductions in this amount, but if you lose anywhere in the middle of this phase, your earnings will drop to Rs. 10,000.
There is another contest to win money namely 'Savaal Das Karode Ka' and in this contest, prize money is 100,000,000 instead of 10,000,000. In this program, Anupam Kher is the person who asks questions in hot seat. Recently such contests have been started in many regional languages of India, including Kannada. In Kannada, famous film actor Puneeth Rajkumar runs a program namely 'Kannadada Kotyadhipathi'.
No matter whatever may be the name of different quiz contests conducted by different channels, all that is needed to participate in these contests is a good general knowledge and a little bit of luck. Try to take part in one and who knows? One day you may earn a crore by winning some contest!
Are you looking for a contest to win money, then your in the right pace we have thousands to give away each month!The worlds opnly contest to win money for their clients crazy video stunts!
Are you looking for a contest to win money, then your go to they have thousands to give away each month and the worlds only contest to win money for their clients crazy video stunts! visit, for more details.
Quiz is an important contest to win money. There are several contests conducted by different agencies which distribute huge amount of money as prize. 'Kaun Banega Karodepathi', shortly known as 'KBC' is India's most famous quiz program. This program is being conducted in Delhi and famous bollywood actor Amithabh Bacchan is the man who runs this program. Once it was stopped and had restarted, with Shah Rukh Khan replacing Amithabh, but after a few days Amithabh got back his position in the contest again.
Those who want to contest in this program have to answer a question at first by phone. If that answer is correct, he will be invited to Delhi to sit in hot seat in front of Amithabh Bacchan. There are 15 questions, starting with Rs. 10,000 and ending in 10,000,000. There are three lifelines in entire quiz, namely phone a friend, 50-50 and audience poll. These lifelines can be used at any time of the quiz. There is negative evaluation for every question, that means you earn some amount of money for a question and you give wrong answer to next question, your earnings will be deducted.
Here is the structure of this quiz contest. It is like a three phase quizzing program, each phase containing five questions. After you complete every phase successfully, the amount which you earn at the end of each phase will be guaranteed to you. If you give wrong answer to any question at any stage in any phase, your earnings will drop to the earning of first question. For example, in first phase, you will earn Rs. 10,000 for your first question. For the fifth question, you earn 160,000. After you answer all five questions correctly, you are guaranteed of 160,000 and there is no further deductions in this amount, but if you lose anywhere in the middle of this phase, your earnings will drop to Rs. 10,000.
There is another contest to win money namely 'Savaal Das Karode Ka' and in this contest, prize money is 100,000,000 instead of 10,000,000. In this program, Anupam Kher is the person who asks questions in hot seat. Recently such contests have been started in many regional languages of India, including Kannada. In Kannada, famous film actor Puneeth Rajkumar runs a program namely 'Kannadada Kotyadhipathi'.
No matter whatever may be the name of different quiz contests conducted by different channels, all that is needed to participate in these contests is a good general knowledge and a little bit of luck. Try to take part in one and who knows? One day you may earn a crore by winning some contest!
Are you looking for a contest to win money, then your in the right pace we have thousands to give away each month!The worlds opnly contest to win money for their clients crazy video stunts!
Are you looking for a contest to win money, then your go to they have thousands to give away each month and the worlds only contest to win money for their clients crazy video stunts! visit, for more details.
Wednesday, December 12, 2012
Are Stock Mutual Funds Reliable?
Are retirement funds based on stocks really reliable? Because the stock market fluctuates so much, many people have been leery of the investing in stocks. Anyone who began investing in the year 2000 would have seen their investments go down in value soon after, and not recover for a couple of years.
And you are probably aware of the "crash" of 2008, when anyone with anything in stocks, from individual stocks to mutual funds, lost about half their money.
But a year and a half later, the stock market recovered. Those who had invested in good mutual funds saw their original value come back. If they had continued to invest during the downturn, they would have ended up with even more. Why? When the stock market is down, you can buy more
shares for a lower price. Then when the market recovers, you are holding all these extra shares that suddenly skyrocket in value.
The history of the stock market bears out that overall, investing in mutual funds will help you build a large nest egg over a long period of time. The trick is to invest in stock mutual funds that are at least ten years old, and have averaged between a ten and twelve percent gain annually.
Think they would be hard to find? Here are a few such funds available from T. Rowe Price, an old and reputable investing company.
* The return of the Mid-Cap Value domestic fund has averaged 10.54%
since 1996.
* The Real Estate domestic fund has averaged 11.03% since 1997.
* The Small Cap Value domestic fund has averaged 10.90% since 1988.
* The Latin America fund has averaged - get ready - 18.43% since 1993.
And you can easily find many more funds that average an eight or nine percent return. You can even find bond funds - which tend to be less volatile than stock funds - that will bring about a six percent return.
Of course, it is crucial not to begin withdrawing from your retirement funds during a bearish economy. But if you do your homework and have patience, investing in stock mutual funds will likely provide you with a very comfortable retirement.
And you are probably aware of the "crash" of 2008, when anyone with anything in stocks, from individual stocks to mutual funds, lost about half their money.
But a year and a half later, the stock market recovered. Those who had invested in good mutual funds saw their original value come back. If they had continued to invest during the downturn, they would have ended up with even more. Why? When the stock market is down, you can buy more
shares for a lower price. Then when the market recovers, you are holding all these extra shares that suddenly skyrocket in value.
The history of the stock market bears out that overall, investing in mutual funds will help you build a large nest egg over a long period of time. The trick is to invest in stock mutual funds that are at least ten years old, and have averaged between a ten and twelve percent gain annually.
Think they would be hard to find? Here are a few such funds available from T. Rowe Price, an old and reputable investing company.
* The return of the Mid-Cap Value domestic fund has averaged 10.54%
since 1996.
* The Real Estate domestic fund has averaged 11.03% since 1997.
* The Small Cap Value domestic fund has averaged 10.90% since 1988.
* The Latin America fund has averaged - get ready - 18.43% since 1993.
And you can easily find many more funds that average an eight or nine percent return. You can even find bond funds - which tend to be less volatile than stock funds - that will bring about a six percent return.
Of course, it is crucial not to begin withdrawing from your retirement funds during a bearish economy. But if you do your homework and have patience, investing in stock mutual funds will likely provide you with a very comfortable retirement.
Monday, December 10, 2012
IEHP Ranks #2 in California Among Medicaid Health Plans
Inland Empire Health Plan (IEHP), a local, not-for- profit public health plan, announced today that it is among the state's top Medicaid health plans according to the 2009-10 'America's Best Health Insurance Plans,' conducted by U.S. News & World Report and the National Committee for Quality Assurance (NCQA).
The report scored and ranked commercial, Medicare and Medicaid health plans across the U.S. IEHP scored higher than any other Medicaid health plan in the Inland Empire. To compile the rankings, NCQA scored health plans in three major areas: member satisfaction, prevention and treatment.
Health plans were given scores in areas such as annual physical exams, cancer screenings, immunizations, diabetes and many others. A member's experience with their health plan was also weighed in the rankings. Members' shared their opinions on how quickly they can receive care and how well their Doctor communicates.
"We earned this achievement thanks to the strong commitment of our staff -- and the strong partnership with our Doctors, hospitals and many other health care providers," said Dr. Brad Gilbert, IEHP chief executive officer. " We will continue to strive to provide quality care and exceptional service for our Members while working closely with our Providers."
Rankings for Medicaid plans were determined by assessing quality results measured through HEDIS (Healthcare Effectiveness Data and Information Set), customer service scores from CAHPS (Consumer Assessment of Health Providers Systems) and NCQA accreditation surveys.
IEHP, Inland Empire Health Plan, a Knox-Keene licensed Health Plan located in San Bernardino, California, is a not-for-profit public agency. The IEHP service area includes San Bernardino and Riverside Counties and currently serves over 420,000 Members in the following Programs: Medi-Cal, Healthy Families, Healthy Kids, and a Medicare Advantage Special Needs Program.
NCQA is a private, non-profit organization dedicated to improving health care quality. NCQA's Healthcare Effectiveness Data and Information Set (HEDIS) is the most widely used performance measurement tool in health care. NCQA accredits and certifies a wide range of health care organizations and recognizes physicians in key clinical areas. More than 7 in 10 Americans enrolled in health plans are in an NCQA-Accredited plan. NCQA is committed to providing health care quality information through the Web, media and data licensing agreements in order to help consumers, employers and others make more informed health care choices.
The report scored and ranked commercial, Medicare and Medicaid health plans across the U.S. IEHP scored higher than any other Medicaid health plan in the Inland Empire. To compile the rankings, NCQA scored health plans in three major areas: member satisfaction, prevention and treatment.
Health plans were given scores in areas such as annual physical exams, cancer screenings, immunizations, diabetes and many others. A member's experience with their health plan was also weighed in the rankings. Members' shared their opinions on how quickly they can receive care and how well their Doctor communicates.
"We earned this achievement thanks to the strong commitment of our staff -- and the strong partnership with our Doctors, hospitals and many other health care providers," said Dr. Brad Gilbert, IEHP chief executive officer. " We will continue to strive to provide quality care and exceptional service for our Members while working closely with our Providers."
Rankings for Medicaid plans were determined by assessing quality results measured through HEDIS (Healthcare Effectiveness Data and Information Set), customer service scores from CAHPS (Consumer Assessment of Health Providers Systems) and NCQA accreditation surveys.
IEHP, Inland Empire Health Plan, a Knox-Keene licensed Health Plan located in San Bernardino, California, is a not-for-profit public agency. The IEHP service area includes San Bernardino and Riverside Counties and currently serves over 420,000 Members in the following Programs: Medi-Cal, Healthy Families, Healthy Kids, and a Medicare Advantage Special Needs Program.
NCQA is a private, non-profit organization dedicated to improving health care quality. NCQA's Healthcare Effectiveness Data and Information Set (HEDIS) is the most widely used performance measurement tool in health care. NCQA accredits and certifies a wide range of health care organizations and recognizes physicians in key clinical areas. More than 7 in 10 Americans enrolled in health plans are in an NCQA-Accredited plan. NCQA is committed to providing health care quality information through the Web, media and data licensing agreements in order to help consumers, employers and others make more informed health care choices.
Sunday, December 9, 2012
Advantages And Disadvantages Of Income Protection Insurance
Income protection is a type of insurance that is often misunderstood in the UK. As with other types of insurance there are many advantages and disadvantages to having a policy, and here we list a few of them.
First, let's explain a little about income protection. This type of insurance will replace part of your income tax free if you cannot work because of accident, sickness or unemployment. There are many different types of policy, most of which can be adjusted according to your individual circumstances.
Advantages
Income protection can cover up to 70% of your mortgage. This could work out to be significantly more than the government would pay you in benefits.
Some long term policies offer cover until retirement age. This means that if you suffer a long term illness, you will receive your benefits either until you can return to work or until the age of 64.
The money can be used however you please. Most people choose to cover their mortgage, bills and other financial commitments, but it could be used for general lifestyle costs.
The policy can be tied into a particular debt, like a mortgage or credit card repayments.
You can choose cover for accident and sickness only, accident, sickness and unemployment, or unemployment cover only.
Unemployment cover could offer back to work schemes and training to help you find a new job.
Income protection can be designed to kick in only after your sick pay stops, so your premiums are lower.
Disadvantages
Unemployment cover will only pay out for a maximum of 12 months, even if you haven't found a new job within this time.
Accident, sickness and unemployment policies usually only offer 12 months of benefits as well. Long term-policies offer better cover, but are sometimes more expensive.
Pre-existing conditions may not be covered on your policy, so it is important to take one out before you need it.
Similarly, you will not be covered for redundancy if you already knew there was a chance it was going to happen. This protects the insurance companies against people taking advantages of the policy.
Smokers will usually pay higher premiums for accident and sickness cover because they are more likely to fall ill.
It is important never to buy a policy without researching the market first to get the best deal; otherwise you could be paying more than you need to.
Now you know the advantages and disadvantages, it is up to you to decide whether income protection is right for you!
First, let's explain a little about income protection. This type of insurance will replace part of your income tax free if you cannot work because of accident, sickness or unemployment. There are many different types of policy, most of which can be adjusted according to your individual circumstances.
Advantages
Income protection can cover up to 70% of your mortgage. This could work out to be significantly more than the government would pay you in benefits.
Some long term policies offer cover until retirement age. This means that if you suffer a long term illness, you will receive your benefits either until you can return to work or until the age of 64.
The money can be used however you please. Most people choose to cover their mortgage, bills and other financial commitments, but it could be used for general lifestyle costs.
The policy can be tied into a particular debt, like a mortgage or credit card repayments.
You can choose cover for accident and sickness only, accident, sickness and unemployment, or unemployment cover only.
Unemployment cover could offer back to work schemes and training to help you find a new job.
Income protection can be designed to kick in only after your sick pay stops, so your premiums are lower.
Disadvantages
Unemployment cover will only pay out for a maximum of 12 months, even if you haven't found a new job within this time.
Accident, sickness and unemployment policies usually only offer 12 months of benefits as well. Long term-policies offer better cover, but are sometimes more expensive.
Pre-existing conditions may not be covered on your policy, so it is important to take one out before you need it.
Similarly, you will not be covered for redundancy if you already knew there was a chance it was going to happen. This protects the insurance companies against people taking advantages of the policy.
Smokers will usually pay higher premiums for accident and sickness cover because they are more likely to fall ill.
It is important never to buy a policy without researching the market first to get the best deal; otherwise you could be paying more than you need to.
Now you know the advantages and disadvantages, it is up to you to decide whether income protection is right for you!
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