New research by Scottish Widows has found that sudden illness could push 9 out of 10 Brits into financial hardship. The same survey also found people are more likely to insure their mobile phones than protect their finances against illness. Couldn’t survive financially When questioned 21% of those taking the survey said they knew their family couldn’t survive financially, but only 9% of them had taken out a critical illness policy as opposed to 12%… View Article
None of us likes to think about our own death and that’s probably the reason why so few people actually have a life insurance policy. Another reason could be that it’s the one insurance policy you won’t benefit from personally. The truth is that if you have no dependants and no outstanding mortgage that requires you do so then you don’t actually need a policy because it is only intended to benefit those you leave… View Article
Millions of Brits are choosing pursuing guilty pleasures rather than sorting themselves out with a life insurance policy. A recent survey by Direct Line Insurance has revealed that 61% of adults across the country don’t have any life insurance, but they’re happy to spend hundreds of pounds a month on cigarettes or vaping, eating out, drinking or bingeing on fast food.
We all have many claims on our hard-earned salaries and we obviously like to get the best value from whatever we buy, so many of us don’t see the true value of something like critical illness insurance – until we need it. When we are young we think we are invulnerable and nothing’s going to happen to us. As we grow older it’s a thing we don’t like to dwell on, but the reality is… View Article
Death is something we don’t like to think about too much, but something we should thinking about is how much our funeral is going to cost our family because the cost of dying goes up and up every year. The cost of a funeral is the fastest rising fixed cost of anything in the UK and rising prices are forcing some families to cut corners when saying goodbye to their loved ones.
One of the reasons most often given for not taking out protection insurance is the consumer’s expectation that they wouldn’t be paid out in the event of a claim. But figures just released by the Association of British Insurers (ABI) shows that simply isn’t so with 97.3% of protection claims being paid out and over 98% of life claims.
Have you any idea how much life insurance you need? A frightening number of Brits don’t have any life insurance at all and many that do have no real idea if it would be enough to cover their needs if the worst came to the worst.
Perhaps you haven’t got around to it yet – or you think you’re too young to need to do it for a few years. Failing to make a will before you die can lead to arguments and bitterness. Some of your closest family members might end up getting nothing while someone you definitely didn’t want to inherit could end up with part of your estate. Those missing out could include unmarried partners, close friends, carers… View Article
One day soon your selfie might be telling people much more than whether or not you’re having a bad hair day. New technology is being used to scientifically examine selfies to evaluate whether you are a good candidate for life insurance.
VitalityLife – one of the panel of insurers we use at FPL –paid out a record amount in claims in 2016, including 99% of those made for life cover. The firm paid out a total of £33 million on 807 claims which also included 93% of serious illness claims and 94% of those made for income protection.