Are we ready for a longer life?
It’s a fact people are living longer thanks to advances in medical care and an increasing awareness about how to live our lives in a healthier way. This is great news for mankind but are we prepared for a longer life?
People are buying their first homes later, starting families later and often working into their retirement years (or past it with the abandonment of ‘Default Retirement Age’).
As these key financial milestones are now often occurring later in life, it’s important that people review their life insurance to ensure they’ve not only got enough cover in place, but that the length of time they have it for is also adequate.
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A survey from British Friendly has show that only 2% of self-employed people surveyed believed Income Protection policies paid out 90% of the time and 45% believed that the main reasons claims were declined was insurers deliberately trying not to pay. This is despite the industry average for accepted Income Protection claims exceeding 90%.
Continue reading “Survey concerns over Income Protection policies paying out seem unjustified”
Legal and General announced today that in 2014 they paid out £520 million in individual protection claims. Not only is that £14.5 million more than in 2013, but an average of £1.4 million paid out to customers every single day.
Continue reading “Legal and General Announce 98.3% of all Life Insurance Claims Paid in 2014”
Swiss Re have announced a 4.1% increase in the overall number of protection policies in 2014. Their report, looking at figures across the industry, found that 1,667,818 new term life assurance, whole of life insurance, critical illness and income protection policies were sold.
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The FCA today finally announced plans to ban opt-out add-on sales on insurance products.
Opt-out add on sales is the process of automatically including an additional product for which they need to un-tick a box in order to opt-out and not buy the product.
Continue reading “FCA to Ban Insurance Add-Ons”