Insurance Underwriters are getting worried. The drip feed of ever worsening financial news has exposed the Government's previously optimistic forecasts to be little more than political spin. Not such a problem for the insurers of houses and cars, but bad news if they offer policies for loss of income due to unemployment.
Some people like to call this type of insurance redundancy cover or unemployment insurance, the name the insurance industry like to use is Income Protection. No matter what it is called, it has become progressively more expensive. Those Underwriters are about to hike their rates again with due regard to the expectation that unemployment will rise to over 3 million this year.
With premiums likely to increase over the next few weeks, for the ordinary 'man in the street' it means there has never been a better time to buy Income Protection Insurance.
Why Income Protection Insurance is increasing in popularity?
Over the past few years the notion of a job for life has gradually disappeared. Many more people are being taken on for short term contracts and it is now common to move jobs every couple of years. When you are carefully managing your career you feel you are in the driving seat but what happens when redundancy suddenly comes out of the blue and you are left without a job?
No work inevitably means no income coming in. Yes, you may be entitled to a redundancy payment and you may be eligible for unemployment benefit, but how are you going to cover your ordinary monthly bills and outgoings (and that's not to mention 'going out money') without any fixed income coming in? You may be in a situation where redundancy seems very unlikely. But what would happen if you suffered an accident or long term sickness that meant you couldn't work for six months?
It is in these situations that Income Protection Insurance can offer very real protection against your drop in income if you are unable to work.
How much does it cost?
The most popular benefit level chosen by iprotectinsurance customers is £1000 per month with premiums ranging from between £12 and £36 per month for people with ages ranging from 18 to 55. This would give you up to £12,000 of cover over a year. Depending upon the excess you choose, the average 35 year old customer pays between £18 to £26 per month for this level of cover.
What am I covered for?
If you are concerned about job security, with premiums rising, now is the time to buy Income Protection Insurance. Of course, if you have readily accessible savings, usually said to be equivalent to 6 months net salary, you have less to worry about. Regrettably, relatively few are in this envious position.
Income Protection cover typically replaces up to 65% of your gross pay if you cannot work due to Accident, Sickness or Unemployment. This type of policy will pay out for up to a year for each valid claim. Most policies are subject to a maximum benefit e.g. £1850 per month, which is sufficient to pay the important monthly bills.
Clearly, in the current economic climate, there has never been a greater need for people to think about this type of insurance. Acting quickly and not just thinking about it, could save you a lot of money.
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The private investigation business has become an attractive alternative to many people during the past few years particularly those people looking for a rewarding career change. Let's face it, if truth be known, the number of disatisfied persons in the work force today is extensive; this fact has been bourne out many times with people looking for new opportunities to take them away from the mundane existence of their current jobs.
The private investigation business not only offers interesting and exciting work opportunities but also self employment opportunities for those progressive enough to want to be thier own boss.
Entry Requirements
As long as you are 18 years and over and have a clean criminal record then you qualify for a private investigation career. In the USA, most states require P.I.'s to be licensed however, it may pay to check with your state's governing body on the requirements as far as licenses are concerned in your state.
While there are no formal education requirements for entering the private investigation business it might pay to take a course particularly if you lack any qualifications in other areas. It's interesting to note some schools and colleges are starting to offer courses in the P.I. business as part of their curriculum.
Work Experience
For those who have experience in another occupation such as the police force, military or government security field then the transition to private investigation is almost a natural one. However, many people who have backgrounds in a diverse mix of careers such as insurance, law and finance are also making the switch.
The private investigation business offers prospects employment in a variety of fields including the business and corporate sector, family and domestic, insurance, online search and investigation and special services such as armed escorts and bodyguard. The attractiveness of this business is you can specialize in one particular area without having to be a "jack-of-all-trades."
Job Prospects
Now is a good time to join the ranks of private investigators. Why? Simply because this profession is on a fast upward growth curve. For those seeking to be self-employed, then starting out as an employee is a sensible approach. Attempting to start in business first without the relative experience is bordering on business suicide. By gaining a year or two experience with a firm and learning the ins and outs of the business will have you better prepared to go it alone.
The Future
Industry figures put the private investigation business near the top of the industries growth tree. The internet has opened up a new portal for P.I.'s with criminal activity in the areas of identity theft and copyright infringement now rife. The world has also become a smaller place with business going global in numbers and the need for private investigators ever increasing. Add to this, the old chestnuts of divorce, litigation and insurance fraud and the future looks rosy for those considering a career in "sleuthing."
Finally, some states in the US are considering making private investigator training mandatory in fact, it's predicted entry into the P.I. business may become a little more difficult especially if educational and experience levels are set.
Both Dennis Haggerty & Dean Caporella are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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