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People declaring themselves fit to work until sixty eight

New research from AIG reveals workers expect to be physically capable of doing their jobs until past their 68th birthday, beyond the age they can start claiming the State Pension even when it is extended to 67 by 2028. Almost a third (31 per cent) believe they could work into their 70s and beyond with one in 14 confident they could keep going into their 80s.
Posted on Friday May 24

Harness tech and analytics to better engage with customers

There are big opportunities for life insurance providers to harness new technologies and data and analytic capabilities to improve the engagement with its customers and help engender trust, according to a new report by EY. The report, looking into what consumers currently think and how their needs would be best met, found that trust in the industry was currently low, with just over half (55%) of insured consumers – and 68% of uninsured people – having the perception that providers look for loopholes to avoid paying claims. This is despite the fact that more than 95% of all claims are paid by the industry.
Posted on Wednesday May 22

A dangerous job is not as harmful for life quotes as smoking

New research from MoneySuperMarket suggests that having a dangerous job with a higher risk of fatality or injury actually has less of an impact on life insurance than unhealthy habits such as smoking.
Posted on Tuesday May 21

The Sandwich Generation property rich but cash poor

The latest research from SunLife reveals that 51% of people in their 50s, 60s, 70s and 80s are financially supporting their children.
Posted on Monday May 13

Your colleagues are the biggest drivers of workplace stress

Workplace stress is on the rise and the biggest drivers of stress are colleagues, new research from MetLife UK has found. Its study found employees say the major causes of tension at work are ongoing understaffing with underperforming colleagues adding to the pressure.
Posted on Tuesday Apr 16

Swiss Re launch their latest Group Watch report

Swiss Re have launched its new Group Watch report for 2019. The report shows that the number of people covered in employer-sponsored group risk policies (life assurance, long-term disability income and critical illness cover) increased by 3.3% in 2018 to 408,519, with the total standing at almost 12.9 million members.


Posted on Monday Apr 15

No deal Brexit would hit life insurers capital and profits

According to a report from Moody’s Investors Service weak economic growth and business and consumer uncertainty would weigh on life insurers’ business in the short to medium term UK life insurers are likely to see their capital and profit damaged if there is a no-deal Brexit.
Posted on Monday Apr 1

Map of the UKs life expectancy is redrawn by new data

New insight by data expert CACI reveals vast differences in life expectancy for over-65s across many neighbouring UK postcodes. The new CACI ‘Longevity Acorn’ dataset shows that some people might only expect to live to 80, while people in close-by postcodes are predicted to lead lives that are around 20% longer (living up to the age of 95).

Posted on Thursday Mar 21

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

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