To the uninitiated choosing a life insurance policy can feel like running through a minefield. With a baffling array of terms to decipher, different types of insurance to choose from, and hundreds of seemingly identical companies competing for your cash, it’s easy to see why choosing life insurance can be one of the most difficult decisions you’ll ever have to make. The choice you make now will affect the legacy left to your family after you’re gone, potentially easing the financial burden of your loss and allowing them to pay off debts such as your mortgage and loans. It’s important to go into the purchase of life insurance well informed so you are able to find the best deal for your circumstances.

Types of Life Insurance
Before you can choose a provider, you need to identify which product best suits your needs. Life insurance isn’t all the same and can be broadly grouped into the following categories:

1. Term Insurance – This is one of the most popular and straight-forward kinds of life insurance policy. The policy is taken out for X number of years and if you die within the policy term then a lump sum will be paid. Term Insurance is often taken out alongside a mortgage for the same period of time, so when your mortgage is paid up the life insurance will also expire.

2. Whole of Life Insurance – These policies are designed to offer a lump sum on your death regardless of when you die. They are more expensive than term insurance but are designed to provide for your loved ones after your death.

3. Over 50′s Cover – This is lowest level of cover as it is designed to provide primarily for funeral costs with perhaps a small pot of money for the beneficiaries.

It’s useful to bear in mind that the policy that suits you the best right now might not do so in the future. Life insurance is for the long term so if you’re planning on a new addition to the family you may need to plan for increased coverage.

Top Life Insurance Providers
As a multi-billion dollar industry the UK life insurance market is teeming with competition for your premium. Despite this it’s difficult to see on the surface what differentiates one insurance provider from the other. I’ve taken a closer look at the top 4 players in the UK life insurance market to give you a better idea of their strengths and weaknesses, helping you to find the provider who best matches your needs.

1. Standard Life
In the past 3 years Standard Life have increased their premium income by over 200%. All life insurance products are underwritten by Liverpool Victoria, a friendly society with no shareholders entirely run by its members.
Pros

• One of the most trusted on-line brands in the UK
• Guaranteed acceptance for over 50′s with no medical or health questions
• Cover for life and payments that stop when you reach 90
• Includes bereavement support and counselling as standard
• UK only call centres

Cons

• If you go through Standard Life directly they take a £200 commission before passing your details on to Liverpool Victoria
• There have been some complaints they can take up to 3 months to pay out after a claim is made

2. Aviva

Aviva prides itself on providing a caring and sympathetic service to clients. As the 6th largest insurance company in the world it holds an enviable market share of the life insurance market and offers a variety of premiums to suit all tastes.
Pros

• Paid out on 99.7% of death claims in the first half of 2011
• Quick turnaround – only takes 2 minutes to apply and most customers have the documents in under a week
• Monthly payments guaranteed never to rise

Cons

• Complaints of poor customer service and short opening hours so can’t always get in touch when you need to
• Have a reputation for being expensive compared with other providers

3.Prudential

Prudential aim to offer a competitive service by undercutting the cost of their competitors. They actively encourage people with existing life insurance policies to use their on-line comparison to see if they can find a like for like police at a lower price.
Pros

• Flexibility – They offer guaranteed insurability if you need to expand your police in the future such as adding children or increasing mortgage
• Accidental death benefit for up to 90 days or until your application is completed
• Search other insurance companies prices as well as their own

Cons

• 54 is the maximum age for guaranteed insurability
• Customers have complained about poor customer service from the call centre

4.Zurich

Zurich offers a full range of life insurance services. All plans must be purchased through a financial adviser.
Pros

• As it’s purchased through a financial adviser you will be given a full run down of what the product entails and have the opportunity to tailor the plan to suit your needs
• Quick and efficient processing of claims
• Easy to deal with when making an enquiry or a claim – lots of positive reviews from users

cons

• The cost of meeting with a financial adviser in order to take out the policy is paid by the customer
• Generally known as one of the more expensive life insurance providers

As a prospective life insurance customer you have a wide array of options to consider when choosing your policy. It’s perhaps wise to bear in mind that due to the huge number of policies available this guide merely scratches the surface. If you are in doubt and have questions call the insurer direct or arrange an appointment with a financial adviser. Despite the initial outlay of this consultation it could save you thousands in the long run and help you find the right insurance policy for you. Careful research in this area can pay dividends in the long run and offer you the peace of mind that your loved ones will be taken care of when you’re gone.

 

As an independent writer focused on personal finances and money management, Thomas Sterlin writes outlines of leading insurance providers like Legal & General and Liverpool Victoria and their life insurance products with the purpose of helping consumers make an educated choice for their cover.

 

The Volkswagen Passat is an ideal choice for a taxi company as it provides a lot of space for the passengers, it carries some level of residual value and has the some of the most reliable engineering that can be found in the automotive industry. Taxi drivers need a car they can rely on every day and the Volkswagen Passat is such a car.

Volkswagen also provides a number of people carriers with the Transport Shuttle capable of fitting 8 or 9 people quite easily. Volkswagen also produces the Caravelle taxi, another multi-passenger vehicle which can act as a fantastic airport service or business taxi. If you need a people carrier for your taxi business the Volkswagen options are as reliable as you could hope for, making them a great choice in this field.

Volkswagen also looking to the future

Volkswagen also have one eye on the future of the taxi industry and the Volkswagen Taxi Concept is a new way of providing taxi vehicles for use. The current Concept with space for two passengers and room for luggage beside the driver may fall foul of the requirement to seat 5 passengers but if these regulations change, Volkswagen could be at the forefront of new innovations in the taxi industry. For now though, Volkswagen remain central to the business of taxi companies.

Insurance is needed now and tomorrow

Another thing that remains central to the business of taxi companies and drivers is the need for insurance. Although taxi insurance cover is mandatory for all drivers, it can make sense to take a higher level of cover than just the basic requirement. Finances may mean that many drivers prefer to have the minimum level of taxi insurance but being covered for all eventualities is a great weight off the shoulders of any taxi driver. Spending a little extra now could lead to a huge saving in the long run, so make sure your insurance policy has you fully covered.

Toyota is a name that motorists trust and this with regards to many issues in the car. One of the most popular aspects for choosing a Toyota car is the engine, which has long been regarded as one of the most reliable and powerful engines on the market. It can sometimes be difficult to find an engine that provides benefits in both areas but the Toyota manages to do so with flying colours.

The Toyota Avensis is a hugely popular car with taxi drivers, for a number of reasons. The fuel consumption for the Toyota Avensis is very reasonable, which is essential in the current climate. There is also the fact that the car has a Toyota engine, which provides a great level of comfort and security for a driver.

The Avensis provides great support

Another area of comfort a driver in a Toyota Avensis is in the lumber support it provides to the driver. Many of the features and specifications that are geared towards taxis are for the benefit of the passenger but the driver needs to be comfortable when driving. Given the length of time most drivers will spend behind the wheel each week, being comfortable should be a major component for every taxi car.

Save money and the environment

It has also been noted that many taxi firms are using the Toyota Prius Hybrid car, which offers reduced CO2 emissions and an improved fuel consumption rate. This can help save money and the environment.

Another way that taxi drivers look to save money is through their insurance and a Toyota taxi insurance deal should be able to help drivers cover themselves fully at a reasonable price. As well as choosing between fully comprehensive insurance or Third Party Fire and Theft, many taxi drivers are adding an indemnity level to their insurance policy to give them an added level of protection in the event of anything untoward happening.

When some people hear the name Suzuki, they instantly think of motorbikes and cycles but the company has a fine range of cars as well. With compact cars and 4×4 vehicles, Suzuki has a wide range of models but across the board, the company is known for its reliability.

This is one of the main factors that any taxi fleet or driver should look for when considering what type of car to use next and the Suzuki is a solid and respectable brand to choose.

The Grand Vitara is a grand choice

The Suzuki Grand Vitara has been used extensively as a taxi choice abroad but it can be used in the UK as well. With ample space for passengers and luggage, the Grand Vitara is not quite at the prestige level but it does feel as though it can operate at the higher end of the standard taxi market. A big reason inn choosing this vehicle is the fact that it lives up to the high reliability reputation that Suzuki has created over the years. If you need to find a car you can trust and rely on, the Suzuki Grand Vitara ranks very highly.

Insurance is essential not an option

Reliability in a car is essential for taxi drivers but not as essential as insurance. No matter what type of car is being driven, a taxi driver must have taxi insurance. The insurance provides a safety net for drivers in that it can provide them with a replacement car to get back on the road or it can provide a level of income if the driver or car is unable to be used.

There is also the fact that there is an increased likelihood of claims being made against drivers these days, which means there is a huge need for personal indemnity insurance. This is an insurance element that most drivers should add to their policy because the risks involved with not having one are too much.