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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TUCSON, Ariz., Aug. 10, 2020 /PRNewswire/ -- Whether or not Americans want to talk about the D-word, the Covid-19 pandemic is bringing Death to their doorsteps. Stories of bereft families, like the plight of three orphans in suburban Maryland who lost Mom and Dad in a matter of days, move the threat forward. Often for the first time in their lives, people are weighing the value of life insurance. In 2020, only 54% of U.S. adults are covered by life insurance, down from 63% nine years ago (LIMRA-Life Insurance Marketing and Research Association). Life insurance coverage peaked in 2001 to over 40 million individual policies, up from almost 32 million in 1998. Policy purchases have hovered...
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Susan McInnes to step down as Andy Curran follows old boss Andy Briggs to financial services group Phoenix Group chief executive Andy Briggs Former Aviva executive Andy Curran is to take charge of the Standard Life Assurance business at Phoenix Group as Susan McInnes steps down. Curran follows his old boss Andy Briggs, who stepped down as chief executive of UK Insurance for Aviva last year before becoming CEO at Phoenix in January. McInnes will retire as CEO of Standard Life Assurance this autumn, having taken on the role as Phoenix Group bought the business from Standard Life Aberdeen for £2.9 billion in September 2018. Having been with Phoenix fora decade, she will also step down as group...
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The UK Travel Insurance Market report by Adroit Market Research, provides a detailed analysis of the area marketplace expanding; competitive landscape; global, regional, and country-level market size; impact market players; market growth analysis; market share; opportunities analysis; product launches; recent developments; sales analysis; segmentation growth; technological innovations; and value chain optimization. This is a latest report, covering the current COVID-19 impact on the market. The pandemic of Coronavirus (COVID-19) has affected every aspect of life globally. This has brought along several changes in market conditions. The rapidly changing market scenario and initial and future...
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