High Street commissions and the limited range of life insurance policies available through tied advisers mean that life cover is ‘almost always’ cheaper through an independent financial adviser, industry experts stated this week. The news comes as Nationwide confirmed it adds a 20% commission to life insurance policies it sells. Read More
Life insurance specialist Compass has launched ‘Unusual Risk’, a policy offering life insurance cover for those with medical conditions, those working in hazardous jobs, or those who play extreme sports.
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Most of us spend more each month on the lotto than on insuring our life and the wellbeing of our family. Only 41% of people in the UK have life insurance cover, while 68% of people play the lotto or gamble, says Aviva. The average household spends nearly £14 a month on games of chance, while the cheapest life insurance cover can cost just £5 a month.
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In today’s June 2010 budget, Chancellor George Osborne has announced that ex-Labour cabinet minister John Hutton has agreed to head up the commission which will rein in the spiralling cost of public sector pensions. Click headline to read more.
Private sector employees would have to save 37% of their earnings, to achieve the same levels of pension income as a public sector employee in a final salary pension scheme, according to new data by PriceWaterhouseCoopers (PWC). However, only 6% of private companies are intending to keep their final salary schemes open, intending instead to replace them with [...]
Having a financial plan with clearly-defined goals gives you a sense of control and reduces money worries. This translates into higher self-esteem, says a new psychologist’s report. Read more by clicking on the headline.
A third of us with pension plans do not know how they are invested, a further quarter ‘don’t care’, and half of us would need a pension pot of more than £10,000, before seeking financial advice. Survey shows a shocking level of ‘pensions indifference’ in the UK. Click headline for more details!
Family income benefit insurance or FIB is a lesser-known life insurance policy that pays a yearly income, rather than a lump sum, to your family. FIB is ideal for funding education for your children, or the costs of childcare. It’s also a lot cheaper than traditional ‘lump sum’ life cover. Read more by clicking the headline above.
Parents are urging their children to focus on saving rather than property as the mainstay of their pension planning. Aviva has revealed that 76% of parents advise their children that to rely solely on property is ‘too risky’.
As pensions annuity rates dip under 6%, pension income for new retirees is worsening. In 2009, 63% of retirees didn’t bother to shop around, opting to buy their pensions annuity from the first company that offered – their existing pensions provider. Using your ‘Open Market Option’ to compare pensions annuities can stack £100s on to your pension income.
