Finance Lead Desk

Right Life Insurance for you and your family

Choosing the Right Life Insurance

Have you ever thought what would happen to your family when you depart on your heavenly journey? If you’re the sole earner of your family, they are unlikely to live a good life once your savings are over. Money is such an important thing that one can’t live without it. You need money to buy food, pay for your child’s schooling, pay house-related expenses like property taxes, water bills, energy bills, fuel for your car and to buy your loved ones presents for Christmas. You can guarantee your family of all this happiness by investing in a life insurance for yourself.

 

What Is All This Talk about Life Insurance?

Everybody is talking about life insurance because it is the most valuable thing you would have done for your family after you die. It is basically a promise by an insurance company to support your family financially when you’re no more. It is also known as life cover or death cover. If you are diagnosed with a critical illness such as cancer, diabetes, etc. or in the event of your death, the insurer pays a sum of money to your survivors. You can include a critical illness cover as part of your life cover. You can also take it as a separate policy. The idea is that you’re paying either a monthly premium or a lump sum to the insurer, in return for which your dear ones won’t face financial adversity.

life insurance

How Do I Choose the Right Life Cover?

Life insurance comes in all shapes and sizes. There are tons of policies available that you can take against your life from Aviva insurance UK or some other insurance company. Some give you lump sum payments, while others give you a part of the amount every month. This is a better option as it takes care of the bills that you must pay each month. You can choose the right one for you from the following types of policies:

Term insurance

Term insurance is for a specified period of time. This may be 5, 10 or even 20 years. If you die during the number of years you’ve chosen, your family will receive a lump sum. The factors that affect term insurance premiums are your age, health, term of policy, level of cover, and whether you smoke. It can be only on your life or on joint lives of you and your partner.

Group life cover

Group life cover, also death in service, is a benefit that you, as a part of the workforce, get from your employer. It is also called death in service benefit. You get protection for the time you’re working for their organization. It runs until your normal retirement age. If you die, your next of kin gets an amount equal to a multiple of your salary, i.e. it may be two, three or four times your salary. This amount may or may not be tax-free.

Critical illness insurance

What do you do if you are suddenly diagnosed with a certain medical illness? You might not have accounted for it due to the absence of a family history of that illness. This essential cover can help you with mortgage payments, treatment costs and household bills. If you’re wondering which health issues come under this head, they are cancer, heart attack and stroke, provided they are of a certain severity.

Over 50 insurance

This type of insurance is available only to those who are above the age of 50 years. Over 50 life cover guarantees a lump sum payment that is tax-free upon your death. You should go for as it can pay for funeral costs or to leave a legacy to your loved one. You pay a fixed premium upto a decided age.

Whole of life insurance

This plan gives you cover for your entire life. The debts that you’ve left unpaid can be paid back with this lump sum. You can also leave it to someone like your partner,  child, brother or sister or near relative. This insurance works in a way that the insurer invests the premium you pay. This keeps adding up value against which you may be able to withdraw or borrow. Whole of life insurance also offers a withdrawal clause by which you can cancel your plan and withdraw all of the money.

 

Read more:
What Are Bad Credit Loans?

Benefits of long term loans

Long term loans

 

What are long term loans?

The loans which you pay in a longer period of time like more than 3 years or so are long term loans. Such loans may be a secured or unsecured loans. For example, long terms loans are home loans, car loans, education loans and all. Such loans for bad credit may need collateral or guarantee in order to continue the loans. The rate of interest on these loans may be fixed or variable. An Annual percentage rate on these loans may vary as per the terms and conditions of the lenders. In fact, such loans are as common as short terms loans. The mortgage is a kind of long term loan only.

 

How to apply for long term loans?

These loans are there for a long time. There are many ways to apply for these loans. For example, you may apply online or you may visit the bank. There are credit unions, federal organizations and lending institutions too who approve loans. Apparently, an applicant has to have many documents and information handy to get the loan. Likewise, a lender verifies all the employment and collateral details. Also, a lender performs a credit check to approve the loan and to verify the details of the borrower. Unlike guaranteed loans for bad credit, these loans have stern terms to follow.

 

Benefits of long term loans:

  • Loans like mortgages, education and vehicle loans benefit the borrowers in many ways.
  • According to a survey, such loans are more popular in the UK rather than short term loans.
  • A borrower gets all his needs fulfiled by these loans. As he may get a house built. he may buy a car. Also, he may complete his education.
  • Most noteworthy, You do not need to live in a rental property by spending hefty rentals. You also may own a car. So these loans help you to be an owner of assets over the period of a time.
  • Interestingly, you pull up your credit rating and credit scores when you pay off the loans. Whereas, you should avoid late payments and skipping your instalments.

 

Long Term Loans like no guarantor loans

Cons of long term loans:

These loans are not result oriented if you do not have a concrete income to pay off the loans as per the term. It spoils the credit rating when there are irregular repayments and delays. On the contrary, you stuck in a liability for a longer period of the time. If you are facing some serious financial issues and have mental stress then it’s a good advice to speak to an expert face-to-face

Hence, long term loans are good to meet your long term needs. You may apply for such loans now.

 

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Bad Credit Loans

Bad Credit Loans

What Are Bad Credit Loans?

When you get a finance or a loan even if you have a bad credit is bad credit loan. Bad credit loans are no longer impossible in our country. Apparently, there are many lenders, lending institutions, banks, brokers who provide with No Guarantor Loans. Sometimes, the lenders have little different terms and conditions. Also, the rate of interest may be high on these loans. But if you keep paying repayments of such loans till the loans pay off, you improve your credit rating. In fact, bad credit loans are a chance to improve your credit history for future transactions.

Can I Get Bad Credit Loans?

There has been a time when it was difficult to get loans on bad credit. On the contrary, there are many lenders in the market who can give loans for poor credit rating too. As a borrower, you just need to compare among the lenders to get the best interest rates plans for the loan. Likewise, you may get multiple no-obligation quotes on the internet to apply for a loan. These loan applications need only a few details and the lenders process the loan in a very short time. Eventually, when your loan application gets processed and verified, you receive the loan.

How Can I Apply for Bad Credit Loans?

First of all, be aware of your credit rating whether you fall into the category of good, fair or poor. Because lenders have different loan plans for all types of borrowers. Hence, you need to check the free quotes online without getting your credit scores pulled. Then fill up the loan applications with your name, personal and employment details. Submit the loan application and wait for the lender’s response. As a result, you will definitely get an approval or disapproval for the loan. In the state of disapproval, you may continue applying with another lender.

Points to Keep in Mind Before Getting a Bad Credit Loan:

Since you have a bad credit, a lender may ask you for a guarantor or collateral for the loan. Hence, you need to specify that you are looking for a personal unsecured loan. In fact, you should choose the rate of interest wisely whether it is a fixed or variable interest rate. Then check the loan term. As a schedule, it should not be a burden on you to pay it off on regular basis. If you find everything as per your pocket, close the loan with the lender.

Thus, if you are looking for any bad credit loan. You can apply here as well.

Small Loans

Small Loans

Small loans are unsecured loans which you can borrow from a lender. These loans can be borrowed for a short term and for low value. They are also known as short term loans or little loans.

Whenever you are in an unexpected situation in terms of finance you can make use of your savings to deal with it. Although not all people have a habit of saving money. Also, if you want to withdraw some money from your savings account, you can be charged with the transaction fees. So in situations like this, you can go for a small loan which would take care of your unexpected expense.

Small loans are mostly used for some minor financial expenses like your phone bill, for house renovation or your vehicle’s servicing. If the situation requires a small amount, you can go for these little loans.

 

How Are Small Loans Different from Secured Loans?

When it comes to secured loans you have to keep an asset as a security until you make your loan payment in full. If you miss a few repayments you are at risk of losing your asset. The lender might repossess your asset as a last resort.

But in small loans, you don’t have to provide any asset as a collateral. You can get a small loan without any security. But if you miss any repayments you can be charged with a late fee by the lender. As these are a form of unsecured loans, the money you can borrow is low compared to secured loans.

small loans

How Much Can I Borrow With a Small Loan?

One of the most initial common question from the people is “How Much Can I borrow with a small loan?”.

A Small loan is not for the people who want to buy a large amount of money. With small loans, you can borrow an amount ranging from £50 to £3,000. Although there are lenders who provide little loans for an amount higher than that.

The repayment term for a small loan can be between 3 to 12 months, so select a time period in which you can make monthly repayments without missing any. Remember that these loans have a high APR compared to the secured loans. This is because of the risk the lender is taking by giving you a loan without any security.

 

Who Can Get a Small Loan?

When it comes to borrowing a small loan your credit history does not make or break your chances of getting a loan. Anyone having a poor credit history can apply for small loans. Also to be eligible for little loans you need to fit in the below criteria.

You should;

  • Have an active UK bank account
  • Be 18 years in age or above
  • Be an owner of a phone with a working number

These are the minimum requirements for applying for a small loan. When your application gets approved the lenders forward the money into your account within 15 to 20 minutes.