This sector is closely connected with the general insurance and investment sectors. There is an overlap with the key risks affecting these sectors. Read the information for: You should already have assessed the impact of Brexit on your business and your customers. Servicing your EEA customers after the transition period If you have customers based in the EEA, you should already have decided on your approach to servicing your existing contracts with them. For example, many firms have moved or are moving EEA customers’ policies to an EEA entity by means of a Part 7 transfer. You should be discussing your plans with relevant national regulators and taking the steps available to you to continue...
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What Are the Different Types of Life Insurance? Even if you know you want life insurance, working out which type you need – and navigating the jargon – might seem a little daunting. This overview helps explain the different types of life insurance available and what you should consider. Not everyone’s finances and personal circumstances are the same. So the life insurance you need to protect your family, and the monthly premiums you can afford, won’t match what’s right for someone else. When it comes to choosing, focus on what matters most to you, and use this overview of the different types to help you weigh up your options. The main types of life insurance Life insurance tends to fall...
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Who needs expat life insurance? If you’re a UK resident planning to move abroad, or are a former UK resident who’s recently moved abroad, and have financial liabilities within the UK, then expat life insurance is a great insurance policy to have in place. If you already have a life insurance policy in place within the UK, it’s best to double check your policy documents or to chat to your insurance provider, as these policies generally don’t cover you if you’re living outside of the UK, so if you pass away whilst living in another country, your policy won’t pay out. The cost of expat life insurance can depend on a variety of factors including how much your liability in the UK totals, the...
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Life insurance pays out a sum of money to provide for your loved ones if you die. Not everyone needs life insurance, but it is helpful for anyone with dependants and if anyone else relies on your income, for example a spouse or family that relies on you to pay the mortgage or living expenses. There are different types of life insurance, such as: Term life insurance- this covers a specific period of time which pays out in the event of death. Mortgage decreasing - this covers the cost of your mortgage, or other financial outgoings. This is often the cheapest way to arrange life cover. Whole-of-life insurance- the main reason for a Whole-of-Life plan is to protect against future Inheritance...
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The pandemic has prompted some 5.8m UK adults to buy - or consider buying - life insurance, according to the insurere. That’s 11 per cent of the population, and nearly a fifth of this figure, or 1.1m, were between the ages of 18 and 34. But Canada Life’s protection sales director, Dan Crook, said the share of people without life insurance was still “concerning”, adding: “As an industry we must do all we can to highlight the importance of protection and the peace of mind it provides, both financially and emotionally, before it’s too late.” Overall, an estimated 37 per cent, or 19.5m, of the UK’s adult population has bought or thought about...
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It is estimated that around 30% of people in the UK have life insurance, equal to around 20 million people, 8 million households and 1.1 million mortgaged properties. Life insurance is designed to pay out a lump sum to your family if you tragically die and are unable to continue supporting them financially. Your life insurance policy is designed to cover up to 5 or 10 times your annual salary and provide a financial safety net for your family to pay for things like mortgages, childcare, school fees and ongoing household and utility costs. How many people do not have life insurance? Statistics from finder show that around 8.5 million people, over the age of 18, do not have any life...
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Life Insurance and Critical Illness Legal & General is the UK's number one provider of life insurance. With them as our trusted partner, we're able to offer members the peace of mind that life insurance brings, from just £6 a month. With life insurance in place, your loved ones could be financially protected should you pass away. Knowing your nearest and dearest will be looked after when you're not there means you can get on with life now. Why consider life insurance? People take out life insurance for all kinds of reasons. Most want to make sure their loved ones will be provided for. So if the worst should happen, you can still provide life's essentials such as covering the...
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Economists love the idea of buying retirement income annuities about as much as the people who sell annuities do. They write many research papers about what they see as the mysterious puniness of the world’s annuity markets. Two economists — Cormac O’Dea, who’s at Yale, and David Sturrock, who’s at University College London — have come out with a working paper with an explanation of part of the gap: workers are skeptical about the idea that they’ll live a long time after retirement. Life insurance company actuaries think workers will live much longer in old age than the workers themselves do, O’Dea and Sturrock write in the working paper, which has been published, behind a paywall, on the...
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Mutual life insurance and pensions giant Royal London has found itself in the red for the first half of 2020. From a pre-tax profit of £397 million in the first six months of 2019, Royal London plummeted this year to a loss before tax of £181 million. The H1 hit was attributed to lower investment returns in the period, as well as higher liability valuations due to a reduction in discount rates used in valuing long-term business provisions. In a release, Royal London clarified: “There has not been any material adverse experience in the first half of the year as a result of the COVID-19 pandemic. A £10 million reserve for COVID-19 related claims was charged in the...
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10 Life Insurance Myths Debunked Life insurance isn’t a subject that anybody wants to think about as no on plans to pass away, even though we know it’s very important. With all the information on the internet and speaking with people we know can sometimes make it confusing. Which isn’t helped by the many common misconceptions about life insurance. The trouble with misconceptions, is that it can stop people from making important decisions about the cover they might need which could impact them or their families. At Life Insurance Cover we take off the foil hat and tackle 10 life insurance myths to give you a clearer understanding of what is correct and which is wrong when it...
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