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Time to revisit excepted life assurance schemes

The Finance (no.3) Bill currently making its way through Parliament contains a brief but significant change to the tax treatment of premiums paid in respect of excepted life assurance schemes from 6 April 2019. For employers without such a scheme, the proposed change may make excepted life schemes simpler and more attractive.
Posted on Monday Jan 14

Life and Pensions Outlook for 2019 from EY

James Tufts, UK Head of Life & Pensions at EY, comments: “The industry is set for a challenging year and will have to navigate its way through mergers, de-mergers, joint ventures, disruptive value chain plays and the macro-economic and political climate, as well as trying to engage customers, please shareholders and satisfy the Regulator. Not an easy task, particularly considering the Brexit headwinds and an unsustainable savings and protection gap, but one that it has to succeed at.
Posted on Tuesday Dec 18

Early diagnosis helps drive gains in future life expectancy

Life expectancy has steadily improved internationally for well over a century. In recent years, however, there are signs that the rate of mortality improvement has slowed in a number of advanced countries. Statistically, it is difficult to determine if the recent slowdown is simply a short-term blip or more permanent.
Posted on Wednesday Dec 5

Insurance firms to ramp up consultant spending

According to a new report by Barnett Waddingham, spending on consultants by insurance companies is expected to rise over the coming year. The ‘Perspectives on Value’ report, which researches the views of 100 leading figures across 45 UK life insurance companies, cites complexity and structural challenges as the primary drivers behind the forecasted increase.
Posted on Thursday Nov 22

Two thirds of parents make no provision for their children

Almost two thirds (65 per cent) of parents have made no legal provision for who would raise their children if they were to pass away
Posted on Wednesday Nov 14

UK life expectancy halts for first time since records began

The Office for National Statistics (ONS) has reported that life expectancy in the UK has ground to a halt and seen no increase for the first time since records began. Men are still expected to live to 79.2, while women's life expectancy remains at 82.9.
Posted on Friday Sep 28

Nine in ten workers went into work despite being ill in 2017

Presenteeism remains a pervasive problem in UK office culture, as nearly half (47%) of employees surveyed reveal they didn’t take a sick day in 2017 according to new research from Canada Life Group Insurance.
Posted on Wednesday Sep 26

Stable outlook for UK life insurers into 2019

The outlook for the UK life insurance sector for the next 12 to 18 months remains stable as continued performance resiliency underpins operating profit growth, says Moody's Investors Service in their report Life insurance -- UK: Expectation of continued resilient performance drives stable outlook ,"
Posted on Thursday Sep 13

The UKs sixty nine billion pound hidden debt

New research from Direct Line Life Insurance reveals Brits are hiding over £69bn of debt from their partners. People are completely in the dark over their loved ones’ finances, with 8.3 million (16 per cent) of Brits having debts their partner knows nothing about.
Posted on Wednesday Jul 4

GBP13m worth of policies reunited with their rightful owners

Phoenix Group have announced that it has undertaken a programme of extensive tracing work to reunite 2,380 unclaimed policies with their rightful owner or next of kin. The insurer’s tracing work started in September 2016 and has so far reunited policies with a total value of £12.7 million.
Posted on Wednesday Jun 27

Millions of men with dependent children have no life cover

As the nation celebrates Father’s Day this Sunday, peace of mind may not be the obvious gift choice, but it’s clear that financial protection is something which millions of fathers in the UK, and their families, could benefit from.
Posted on Wednesday Jun 13

GRiD says life to be made easier on employers offering GLA

Group Life Assurance (GLA) is one of the most popular group risk benefits offered to staff. At the end of 2017, over 9 million employees were covered across over 50,000* schemes providing a lump-sum payment on death. It has proved to be a financial lifeline for many, providing financial support at a time when a household needs it most. In 2017, over £1 billion was paid in claims
Posted on Friday Jun 8

Misconception that GLA does not pay out for death by suicide

Group Life Assurance (GLA) is the most commonly provided of the group risk protection products (employer-sponsored life assurance, income protection and critical illness). Contrary to widespread belief among employees and some employers, GLA does provide cover for death by suicide.
Posted on Monday May 14

UK Life Insurers can thrive by offering a broader package

UK life insurers have the potential to add £7.5BN of annual cash generation to their industry and £100BN of shareholder value by 2021, but need to be bold and move beyond pensions to provide a range of financial and older age services.
Posted on Monday Apr 23

Average HIV Life Assurance sum assured in 2018

Unusual Risks, the medical financial advisers have today published the results of their annual research into the average and Sum Assured of Life Assurance that HIV Positive men and women are insuring themselves for. Currently HIV Positive people who are taking out Life Assurance in the UK are insuring themselves for an average of £125,933
Posted on Tuesday Mar 13

Working women and their lack of protection insurance

Should women at the height of their financial and family responsibilities (aged 25 to 45) fall seriously ill or die, their household could lose up to £25,000 per year in lost income and other contributions, research from Canada Life Individual Protection suggests – yet more than half of women in this age group do not have any kind of protection insurance.
Posted on Thursday Mar 8

Average life expectancy slashed by unhealthy lifestyles

Research from VitalityHealth has identified a significant longevity challenge facing the UK, with life expectancy being reduced by more than four years, predominantly due to individuals’ poor lifestyle choices
Posted on Monday Feb 19

UK life insurance 2017-2018 Evolution with a capital R

Over the centuries insurers have generally had the luxury of evolving their businesses, implementing developments gradually over time. However, the recent fast-moving nature of political, economic and market conditions resulted in a highly fluid business environment for UK life insurers in 2017, creating pressures to respond more rapidly: more revolution than evolution.
Posted on Thursday Feb 8

Stagnating life expectancy figures bucks previous trend

Commenting on the life expectancy figures published by Public Health England, Steven Baxter, Head of Longevity Innovation and Research, Club Vita, says
Posted on Wednesday Jan 17

Advisors unaware of benefits of Life policy under trust

Research from Legal & General has revealed that a fifth (20%) of advisers are unaware of the benefits of writing their clients’ life insurance policies into trust, potentially jeopardising pay-outs to the beneficiaries of customers who don’t have a will.
Posted on Monday Jan 15

Royal London partners with Clydesdale and Yorkshire banks

Royal London has been appointed by Clydesdale and Yorkshire Banks as its new partner for Over 50s life cover.
Posted on Wednesday Jan 3

Many Life Insurers looking to deliver sustainable value

Swiss Re Institute's latest sigma report shows that many life insurers are focused on enhancing the value of existing business by delivering sustainable value for consumers in order to grow long-term profitability,
Posted on Wednesday Dec 13

Outlook for the Italian Life Insurance sector remains stable

Moody's Investors Service maintains its stable outlook on the Italian life insurance sector as growth in the less risky, higher margin unit-linked business continues, helped by Italy's improving economy and stronger financial markets. The outlook on the property and casualty (P&C) sector is also stable, driven by Moody's expectation that profits will remain strong, despite some deterioration.
Posted on Monday Oct 16

UK Life insurers feeling more optimistic

According to the latest CBI/PwC financial services survey UK life insurers are feeling more optimistic than they did three months ago, reporting strong volumes of business in the three months to September. The same cannot be said for insurance brokers, who reported that growth stalled after more than four years of expansion. Business volumes in general insurance expanded at their weakest pace in two years.
Posted on Monday Sep 25

2.4m co-habiting families with no life insurance

According to new analysis by Zurich more than 2.4 million cohabiting families across the UK – the fastest growing family type in the country - do not have life insurance, potentially leaving their relatives open to financial problems once they pass away.
Posted on Wednesday Sep 20

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