Life insurance news and articles written by acturies for actuaries - read the latest research pieces, today's news and latest articles in the Life insurance market.

Life is cheap, so why isn’t government pushing it?

By Tom Murray, Head of Product Strategy, Exaxe

Even government policy seems to be inexorably focused on getting people to save more to prepare for a rainy day. Government announcements, investigations and policy rumours are almost always concerning pensions and savings, ways to encourage more people to accumulate pots of money which they can use if anything goes wrong. This makes sense in that it suits government if people can provide for themselves rather than rely on the state when things go wrong. However, it would surely make more sense for lower earners to collectively band together to protect themselves from untoward circumstances, rather than try to single-handedly build the monetary defences they need to ensure their future isn’t swept away by a financial catastrophe.

The reality is that there is a limit to the amount that people on low incomes can save, so inevitably their ability to withstand misfortune based on their savings is very low. As a result, the advent of a critical illness, the sudden death of a main income earner, or an accident to any family member can mean that the household is quickly forced into the position of relying upon the state for support.

However, for the cost of the savings that the government are encouraging, a level of pooled protectio...Read More

Transforming for an unpredictable future

The Life & Pensions industry is in the throes of a major upheaval, and companies are well aware of the need to change the way they work to succeed in a new world driven by more stringent regulations, greater access to pension funds and changing customer behaviours.
 
A key catalyst for escalating concern is huge regulatory change and the substantial cost overheads this is likely to generate for insurance companies. Significant recent reforms include the largest overhaul of the pensions system in a generation, new regulations from ‘Solvency II’, and RDR reforms eliminating commission payments. This is in addition to a...Read More

Inheritance: Retirees & their children relying on each other

The study reveals that while one in six (16%) of parents are expecting to be supported financially by their grown up kids when they retire, one in six (17 %) of adult children are relying on inheritance from their parents, causing an inheritance tug of war!
 
Furthermore, one in ten grown up children are relying on this inheritance so much that they think their parents are blowing too much of it!
 
SunLife’s research also reveals that as a percentage of income, older people are better off than younger generations; those age 55-70 have less than half (46%) their income allocate...Read More

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