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IFoA Longevity Bulletin considers pharmacological progress

Pharmacology has been one of the greatest contributors to the longevity improvements of the 20th century. The latest Longevity Bulletin from the Institute and Faculty of Actuaries, ‘The pharmacology issue’, asserts that the pharmacological revolution of the last 100 years has brought untold benefit, improving quality of life as well as extending it.
Posted on Friday Oct 2

Covid19 has changed attitudes to Life and Health Insurance

ReMark’s 7th annual Global Consumer Study (GCS), the benchmark survey of people’s attitude to life and health insurance, has shown that Covid-19 is accelerating trends within the industry. Consumers are not only risk-averse about their lives – but also their health – with concerns over protection and the level of demand for insurance varying depending on age and location.
Posted on Friday Sep 25

Bomad Bailout as parents extract cash from childrens savings

New research from Direct Line Life Insurance reveals the extent to which families have needed to rely on their children’s savings to get them through the tough financial situation caused by coronavirus. Since the beginning of lockdown on 23rd March, parents have had to raid their children’s savings to the total sum of £2.75 billion to support the family financially.
Posted on Friday Sep 18

1 in 3 want Covid19 vaccine before returning to workplace

With lockdown measures easing and office spaces starting to open again, new research released by Canada Life reveals that 35% of those who have been working from home during lockdown want a vaccine or an antibody test before returning to the physical workplace.
Posted on Monday Jul 27

Aegon shines spotlight on declined protection claims

To support the publication of its protection claims stats Aegon UK has produced a set of guides that put declined claims under the spotlight. Aegon highlights that the financial safety net protection offers families and businesses is only as good as the application information they receive.
Posted on Tuesday Jul 14

Who is Zoomin who

For many businesses, the online element has been seen as an adjunct rather than a primary channel and the life and pensions sector has been no different. One result of the Covid-19 crisis has been a massive uplift in the use of the Internet in doing business; customer interactions via web channels have dramatically increased and, due to the lockdown, companies have had to sell and service their products via a distributed model with their staff working from their own homes.
Posted on Monday Jun 15

New study reveals large gaps in life insurance coverage

Frontline healthcare workers are now covered by a government life assurance scheme during the coronavirus pandemic. This will give bereaved families a £60,000 lump sum pay-out.
Posted on Tuesday May 26

Life insurers and where will COVID19 response go in 2020

In the immediate response to the COVID-19 pandemic, we have seen a whole flurry of activity across the UK life insurance sector. From initiating business continuity plans, reviewing underwriting processes, offering premium holidays, through to recalculating solvency positions (some daily, some weekly) and amending hedging strategies, plus much more. It has certainly been a busy few weeks for insurers.
Posted on Tuesday May 12

SunLife launch free guide on What to do when someone dies

This week is Dying Matters Awareness Week (11-17 May) which focusses on a range of issues around death, dying and bereavement. Death is still something we Brits are uncomfortable talking about, and often, if someone close to us dies, we don’t know what to do, and trying to work it out while grieving can be hugely overwhelming.
Posted on Monday May 11

Covid19 assessing Life Insurers financial strength ratings

DBRS Morningstar published a commentary titled “Assessing the Impact on Life Insurers' Financial Strength Ratings as the Coronavirus Crisis Unfolds,” which discusses some of the challenges in assessing life insurers’ ratings during the Coronavirus Disease (COVID-19) pandemic, and the potential rating implications.
Posted on Wednesday Apr 15

Life insurance protection gap is auto enrolment the answer

When addressing how to close the life insurance protection gap, could people simply need a nudge in the right direction? A quick look at similar efforts to address take up of organ donation, which also faces challenges, could hold the beginnings of a solution. Studies show that humans in many cases are conditioned to choose the path of least resistance, and are inclined to follow the norm. Governments have sought to increase organ donation through making it the “new normal”. This concept could prove relevant to the life protection insurance industry.
Posted on Friday Mar 13

The impact of Coronavirus on Life Insurers

DBRS Morningstar have released a commentary entitled “Coronavirus Disease (COVID-19) Impact on Life Insurers More Likely to Result from Adverse Market Movements than Increased Claims” that discusses the major ways DBRS Morningstar expects coronavirus to affect the life insurance industry.
Posted on Thursday Mar 5

How long will you live try the SunLife Death Clock

After increasing by three months a year for the last four years, new research published this week* reveals that improvements in life expectancy have stalled for the first time in 120 years.
Posted on Wednesday Mar 4

Value of a Will as new rules come into force

The Government has increased the amount that the surviving spouse can automatically inherit if their partner has children and dies without leaving a will. This is going up by £20,000 to £270,000 in England and Wales.
Posted on Thursday Feb 6

Non life insurance overtakes life cover in terms of deals

The non-life insurance sector is leading the way in terms of deals, having 26 recorded by May 2019, due to instant digital quotations and flexible policies, says GlobalData.
Posted on Monday Sep 2

We will save to pay for care in old age

New research from AIG Life shows nearly half of adults would be willing to save into a special fund to pay for any care they might need in later life as the debate over how to afford the UK’s social care system intensifies.
Posted on Thursday Jul 11

Life Insurance Snapshot

Commenting on the Life Insurance Snapshot, Kamran Altaf, Head of Life Insurance, Comparethemarket.com said:
Posted on Friday Jul 5

Five million people playing inheritance roulette

Over 5 million UK adults aged under 55 have changed their financial plans as a result of what they expect to inherit, according to research by Canada Life. It warns that people are playing a type of inheritance roulette, with many saving less and others delaying house moves as they bank on a legacy windfall.
Posted on Monday Jun 17

Millions are living with illness denial

New research from AIG Life reveals 18.3 million people are living with what it has termed ‘illness denial’, as they are failing to accept they are at risk of disease or developing a serious medical condition in their lifetime. More than half (54 per cent) of people don’t believe they will suffer from cancer, stroke or heart disease – the three major causes of death in the UK.
Posted on Thursday Jun 13

Nationwide extends contract with Legal and General

Nationwide Building Society are delighted to announce a five-year extension to its long-standing life partnership with Legal & General.
Posted on Friday May 31

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

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