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News in Life Insurance
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Three quarters of Brits failing to take out life insurance
Nearly three quarters of British families are failing to safeguard their future by not taking out life insurance.
Research by Scottish Widows has found that there has been a slight decline in the amount of people buying life cover over the last year, with only 38 per cent of UK consumers revealing that they purchased the insurance.
It comes after a study by Confused.com found that 53 per cent of people believed that there was no better way to say "I love you" than receiving life insurance from a partner as a "thoughtful" gift.
Scottish Widows discovered that many people are still running the risk of financial hardship with 14 per cent admitting they would not know what to do if they lost their partner.
Richard Jones, director of protection and annuities at the firm, said: "Many do not have the provisions in place to support their families for any substantial period and even after just a month could be left with no buffer. It is at times like this that families need to do all they can to protect themselves." More »
By Marianne Straker, Life Insurance - Wed 25 Apr 2012
Brits taking risks over by remaining uninsured
Three in ten adults in the UK (15 million) are uninsured in vital areas of life, according to new research by unbiased.co.uk.
With many consumers admitting that they are struggling to keep up with the increased cost of living and rising utility bills, some are looking to cut back on cover they deem unnecessary for the time being.
The survey found that eight per cent of Brits have decided to cut back or stopped taking out insurance such as life, income, critical illness or mortgage payment protection.
Despite this, 45 per cent of people named the long-term future of their family to be the most important aspect to protect, compared to only ten per cent which believed private health insurance was more crucial.
Karen Barrett, chief executive of unbiased.co.uk, said: "Consumers looking to tighten their purse strings are now adding insurance policies to the ‘cancellation list', choosing to let go of their financial security in favour of some extra cash in their pockets." More »
By Marianne Straker, Life Insurance - Wed 4 Apr 2012
Life insurance named as best romantic present
Life insurance has been deemed to be one of the most romantic gifts to give a partner, according to new research.
A study by Confused.com found that there was no better way to say "I love you" than taking out life insurance or breakdown cover for a partner's car. More than 53 per cent of people in a relationship agreed with this, saying that they considered it "thoughtful".
Whereas over the Valentine's Day period many people were urged to treat their pets and cars by lavishly spending, this survey found that many believe that safeguarding their partner's future is a more romantic gift.
However, not everyone agrees with ten per cent saying that the thought of buying life protection was "morbid".
Matt Lloyd, from Confused.com, said: "Having private finances is up to individuals and keeping your information safe is important but it is advisable to have ‘that chat' with your loved ones so that they know which bank or provider to call if the worst happens." More »
By Marianne Straker, Life Insurance - Fri 30 Mar 2012
Quitting smoking could save at least £5,500
Giving up smoking could result in savings of £5,500 on life insurance, according to research by Moneysupermarket.com.
With the government looking into ways to encourage smokers to give up cigarettes, such as plain packaging and banning public displays at supermarkets, revealing huge savings could make even more people give up.
The findings revealed that not only could those kicking the habit save thousands on life insurance they could also make an average saving of £1,880 a year by not purchasing expensive cigarettes.
As the National No Smoking Day (March 14th) approaches more and more people are being shown the benefits of giving up and with savings on life cover in the thousands it could potentially prevent a number of people taking up the habit.
Emma Walker, head of protection at Moneysupermarket.com, said: "With significant savings to be made, those who make the decision to quit should shop around for the best insurance deal to suit their circumstances." More »
By Marianne Straker, Life Insurance - Tue 6 Mar 2012
Less than half of parents plan for their child's future
Just four in ten expectant parents set up savings accounts for their child, according to new research by Aviva.
Whilst many would-be mums and dads spend an average of £1,370 preparing for the arrival of their baby the study found that 60 per cent of people wasted that money.
Looking back a host of parents admitted that they were spending on unnecessary items such as a play gym or baby bouncer.
A further one in five failed to take out any form of life insurance to safeguard their child against any eventualities.
With the cost of living and utility prices continuing to rise many households struggle to keep on top of their outgoings and a survey by Moneysupermarket.com found that Brits saved less in the past year due to rising bills.
Louise Colley, head of protection marketing and sales for Aviva, said: "Every parent wants to splash out to prepare for the exciting arrival of a baby, so it's no surprise that the costs can stack up. But we'd urge parents to consider putting a small amount aside each month to protect their family's financial future." More »
By Marianne Straker, Life Insurance - Thu 1 Mar 2012
Life insurance customers 'need to prioritise the writing of a will'
Life insurance policyholders looking to leave money behind for their loved ones should prioritise the writing of a will as soon as possible to avoid problems should anything happen to them. More »
By Marianne Straker, Life Insurance - Fri 4 Nov 2011
People with dependants 'should have life cover'
Those with people who are dependent on them should make sure they have suitable life insurance in place in case anything should happen to them. More »
By Marianne Straker, Life Insurance - Fri 4 Nov 2011
Over 13m Brits want to leave money to their nearest and dearest
Over 13 million Brits have stated that they want to leave enough money for their nearest and dearest to live comfortably once they pass away. More »
By Marianne Straker, Life Insurance - Thu 27 Oct 2011
More than 50% of Brits have no life insurance cover
Over 50 per cent of Brits do not have a life insurance policy in place, according to research by confused.com. More »
By Marianne Straker, Life Insurance - Mon 24 Oct 2011
Life insurance: Cost of dying has increased to £7,248
Brits should consider investing in life insurance as the cost of dying has increased, according to research by Sun Life Direct. More »
By Marianne Straker, Life Insurance - Tue 13 Sep 2011
Life insurance provides Brits with peace of mind
Life insurance can provide people with invaluable peace of mind financially, according to Aviva. More »
By Marianne Straker, Life Insurance - Tue 23 Aug 2011
Taking out life insurance at a young age is a sensible idea
Taking out a life insurance policy at a young age is a sensible option, it has been claimed. More »
By Marianne Straker, Life Insurance - Fri 22 Jul 2011
BGL Group launches it first life insurance product with Ageas Protect
The BGL Group has moved into the life insurance market in conjunction with Ageas Protect. More »
By Marianne Straker, Life Insurance - Wed 13 Jul 2011
Life insurance owners told Brits stress about hospital stay costs
Life insurance customers have been told that one in three people feel stressed about the extra expense they could incur if they stay in hospital. More »
By Marianne Straker, Life Insurance - Fri 17 Jun 2011
Neglecting life insurance could leave families in financial troubles
Life insurance customers have been told that over five million Brits could leave their families in financial difficulty by not renewing their policy, according to research from Sainsbury's Finance. More »
By Marianne Straker, Life Insurance - Tue 14 Jun 2011
Life insurance customers told having a will is important
People with life insurance have been told that having a will in place helps provide a certainty and direction for those they leave behind. More »
By Marianne Straker, Life Insurance - Mon 6 Jun 2011
Families 'to get life insurance payments more quickly'
Families will get life insurance payments more quickly after a loved one dies, according to the Association of British Insurers (ABI). More »
By Marianne Straker, Life Insurance - Mon 23 May 2011
Not having life insurance leaves families vulnerable
Life insurance customers have been told that over 8.5 million families could not cope financially if the person bringing in the main income lost their job or fell ill, according to research from Scottish Widows. More »
By Marianne Straker, Life Insurance - Thu 19 May 2011
Life insurance customers told writing a will is important
Life insurance customers have been told that it is extremely important to get a will written properly to avoid any arguments in the future. More »
By Marianne Straker, Life Insurance - Wed 18 May 2011
