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The Benefits of an Income Protection Policy

income-protection-insuranceYou may not have heard of income protection policy, but it is one of of useful types of insurance on the market. Income protection policy pay you a monthly income if you are unable to work because of cases accident or sickness.

Advantages of an Income Protection Policy

Useful if you are self-employed
People who are self-employed do not benefit from sick pay like the rest of us, and if they cannot go to work, it can put their business on the line. Income protection policy pay you a monthly income if you are unable to work because of an injury or an illness, giving you financial security to recover fully.

You do not have to rely on benefits
If accident or sickness stops you from being able to earn an income, you will have to rely on savings, your partner’s wage or government Employment and Support Allowance (ESA). ESA can be a lifesaver for many people, but it may not pay enough to maintain your current lifestyle. Income protection can cover around 50-65% of your monthly wage, offering much more support.

You can get coverage until retirement age
Income protection plans such as Income Protection by Life’s Great have the potential to pay out until retirement age if needed. When you take out a policy, you can choose your ‘benefit period’, which is the length of time your insurer will pay you for if you cannot work. Long-term policies will cover you until you can bet back to work or until age 65, whichever is soonest.

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You can cover redundancy
Some income protection policies offer cover for redundancy as well as accident and sickness. While redundancy cover will only pay out for a maximum of 12 months; this can be enough time for you to get back into work. Unemployment coverage often includes free ‘back to work’ schemes which can help you return to a job.

Education of Children
If your youngsters are reliant on you, you won’t have the capacity to instruct them if you can’t work and if you have not taken income protection insurance. It is your ethical obligation to care for all individuals from your family, and being set up for the most exceedingly bad is an insightful thing to do.

The Probability of Injuries or Sickness
Statistics prove that the probability of not having the capacity to work because of an injury or a physical or mental sickness is high. With a specific end goal to guarantee that you and your family can make due amid the period that you can’t work, it is fundamental to take a proper income insurance policy.

How To Check Your Credit Score For Free

Many people are unaware of the difference between a credit score and a credit report. Your credit score is simply a number that’s generated from the information in your credit report or credit reports. Every US Citizen who has established credit has three credit reports. One from Transunion, one from Equifax, and one from Experian. Together these are the three credit bureaus that record and monitor your credit.

whats-your-credit-ratingUnfortunately, many people are unaware that they are entitled by law to receive free access to each one of their credit reports once in every 12 month period. So if you space it out properly, you can check your credit report for free every 4 months or 3 times per year (which can be sufficient to catch any suspicious activity for most people). However, you are only entitled by law to view your credit report for free and not your credit score. Since calculating your credit score requires the use of a sophisticated model, companies charge for you to see it. To check your credit report for free, you can go to annualcreditreport.com which will allow you to set up an account for future access to your reports as well.

How To Check Your Credit Score For Free
So many people search and search for a way to get their credit score for free and either can’t find a solution or end up getting scammed by some company or phishing activity. There are basically two ways to check your FICO number for free. One way is to apply for credit somewhere and request a copy of the score that was generated in order to assess your credit worthiness. In this case, your score is still not free though. The lender investigating your credit doing the due diligence had to pay for it.

poor-credit-ratingsThe Best Way Of Checking Your Credit Score
The other way is easier, faster, and more convenient. You can simply go to one of the major, reputable credit monitoring services online such as creditreport.com and sign up for a free trial. After signing up, log into your new account to get your free credit score and reports. Print everything out for your records and then let the company know that you would like to cancel. It’s that simple. Just make sure that you cancel before the end of your trial period or you’ll get charged the monthly fee. However, if you can afford a few bucks a month, it’s an excellent service to have. I personally have the service and I couldn’t live without it. It’s just too convenient and with all the identity theft going on in the world today, you never know what’s going on with your credit report and how that could be affecting your credit score unless you proactively check on it from time to time.

Also, make sure you sign up with a well known and reputable service that has all the right security mark on their website to prevent yourself from getting ripped off. There are a lot of phishers out their who would love a new identity and a new credit line at your expense!

In 2016, What Is Considered A Good Credit Score?

how-to-get-good-credit-scoreThese days, almost every financial move and decision that people will make involves an evaluation of their current financial history and assessing their current financial ratings. With such emphasis placed on how people should obtain passing ratings where their financial standings are concerned, one should be well aware of what is a good credit score range. Some people may have been left confused and not knowing what to do or how to determine their current financial ratings and are left to wonder what is a good credit score? Considering how most industries require their prospective customers to undergo thorough evaluations where these matters are concerned, one can truly ascertain that almost anything and everything these days depends on how low or high your ratings are.

People need to remember that if they are in the process of getting loans or financial assistance from the various lending firms and financial institutions around, these providers will need to evaluate their credit worthiness. This means determining if they are prospective customers who will have the capability of paying back whatever amounts that will be lent to them if their request is approved.

Some individuals may find it funny how three digits figures can make or ruin their financial ventures. However, it is best that one will take the responsibility of maintaining passing financial ratings if they do not wish to have to be involved in the various hassles that most people who have acquired less than desirable rates are often subjected to. For people who do not have any idea what is a good credit score, these ratings are three digits that are evaluated against common standards. In the United States, people who get rates of six hundred and seventy-eight can get average ratings. People who garner seven hundred and fifty ratings and up are considered excellent, while those who gained six hundred and nineteen points and below are deemed of the poor rate.

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Although most firms do not have any exact standards where the right financial ratings are concerned, most people have determined that you are of a good financial standing if you can get rates that are above seven hundred. However, these figures are bound to change depending on the provider requiring the evaluation as they may have other considerations other than these figures. A poor rating could effect your ability to get a mortgage, get a job, or even start a business.