Life Insurance

There are different types of protection available for different people and different purposes. Plans can be taken out to protect yourself your dependants, your business or even key employees within your business.

Many families could not afford a month’s rent if they lost job – Shelter

One in three families in England could not pay their rent or mortgage for more than a month if they lost their job, a study for the charity Shelter suggests.

High housing costs and a lack of personal savings are cited by the charity as reasons for this.

The online survey by pollsters YouGov in July questioned 1,581 people in working families with children.

“Strong protections” are in place for “those who fall on difficult times,” a government spokesman commented.

The spokesman said: “We are introducing the National Living Wage, increasing the personal tax allowance and giving the next generation choice and flexibility in their savings, including the Help to Save scheme for people on low incomes.

“We are continuing to spend around £90bn a year on working age benefits to ensure a strong safety net for the most vulnerable.

“And for those who do fall on difficult times, there are strong protections in place to guard against the threat of homelessness, and ensure we don’t return to the bad old days when homelessness in England was nearly double what it is today.”

Source – www.bbc.co.uk/news

 

StrokeStrokes rising among people of working age, warns charity

There has been a worrying rise in the number of working-age men and women having strokes, a charity has warned.

In England in 2014 there were 6,221 hospital admissions for men have a stroke aged 40-54 – a rise of 1,961 on 14 years earlier, a Stroke Association study shows.

Experts said unhealthy lifestyles were partly to blame for the rise, though the growing population and changes to hospital practice also played a part in the increase of strokes.

Overall the rate of strokes is going down in the UK, however.

Researchers say based on their findings strokes should not be considered as a disease of the old.

Huge costs

Strokes are caused by blood clots or bleeds to the brain and can lead to long-lasting disability. To read more click here

Cancer has accounted for 50% of all male critical illness (CI) claims with a quarter of those claims for prostate cancer this year, Aegon’s claim statistics have revealed.

In support of the Movember men’s health campaign this month, Aegon UK has shared previously unpublished figures on male cancer claims in 2014.

Aegon’s claims experience also shows a significant increase in critical illness claims for both prostate cancer (7 %) and testicular cancer (6 %) in the last year which Aegon has suggested could be down to the work of campaigns such as Movember in raising awareness of key men’s health issues.

Most insurers say policyholders can claim when they are diagnosed with a terminal illness, but they usually exclude the last 12-18 months of the policy. That leaves a gap in cover. Families who find themselves supporting someone with a terminal illness during that time are unable to claim and get support from their insurer unless they die.

Most life policies have an exclusion on their terminal illness plans. Need a policy that will keep you covered against both death and terminal illness for the full duration of the policy term. That means you will be able to make a terminal illness claim right up to the last day of cover, whether or not you die within the policy term. In fact, you can claim for terminal illness at any point during the term of your policy.

If you would like more information on this product or would like a personal quotation, call us on 01489 580020 or email us at quotes@parkgate.net, provide us with your contact details and requirements and we will call you back at a convenient time.

Aviva paid out 93.5% of individual income protection policies in 2012, the insurance provider has revealed.

Aviva protection customers and their families received more than £475m through claims on life insurance, critical illness cover and individual income protection policies in 2012. This equates to more than £1.3 m pounds a day or £902 per minute.

Robert Morrison, chief underwriter for Aviva said: “Our latest figures are great news for all families who have protection or are thinking of taking out cover.

“Almost 14,000 of our customers and their families benefited from payments last year so people can be reassured that we are absolutely committed to paying claims wherever possible.

“This is borne out by our latest claims statistics. We will continue to work with our customers to ensure if they need to make a claim their journey is as quick and straightforward as possible.”

The insurer revealed that it paid out a total £475m in 2012 for Life, Critical Injury and Income Protection claims.

The figures include £324m (up £4m from 2011) paid to the families of life insurance customers who have died or been diagnosed with a terminal illness and over £131m (up £17m from 2011) paid to customers with CI cover. Payments to IP customers totalled almost £15m (up 1.3 m from 2011).

The data also reveals that during 2012 Aviva made payments for 10,880 life insurance claims (up 385 from 2011), 1,716 CI claims (up 148 from 2011) and 1,130 individual IP claims (compared to 1,227 in 2011).

For a personal quotation email us at quotes@parkgate.net with your requirements or give us a call to discuss further.

LV= paid 95pc of protection claims in 2012

LVThis includes 99% of life cover claims, 91% of critical illness claims, 88% of income protection claims and 98% of unemployment claims.

Protection claims statistics continue to be strong across the industry and highlight that the overwhelming majority of claims are paid.

The most common claims paid under critical illness were for cancer (65%) and heart attack or heart related conditions (18%).

For income protection the greatest number of claims were for musculoskeletal conditions (20%) and mental illness (19%).

More than two thirds (70%) of all claimants were under the age of 55 at the time of claim.

The top three reasons why people don’t buy life insurance have stayed the same. People don’t think they need it, they think it is too expensive and they don’t trust companies to pay claims.

It won’t happen to me

Isn’t it amazing that despite a one in 14 million chance of winning the lottery jackpot, people still believe it could be them and religiously buy a ticket every week. And yet, if those same people were told they had a one in 14 million chance of getting cancer, they would immediately think it couldn’t possibly happen to them.

But as we know, the odds of being diagnosed with a serious illness are much higher than those statistics. According to figures from Cancer Research UK, more than one in three people in the UK will develop some form of cancer during their lifetime. While the British Heart Foundation reports that around 146,000 people have a heart attack every year and it is estimated that nearly 1.2 million people in the UK have suffered a stroke.

Of course, we all hope no-one in our family dies or becomes fatally ill, but it makes sense to be prepared.Thanks to better diagnosis, improved treatments and the development of nationwide screening programmes for breast, bowel and cervical cancers, more people than ever before are surviving cancer. But many people don’t appreciate the lasting effects of a serious illness and the impact that can have on the family finances.

The pay out from a critical illness or life insurance policy won’t make the emotional aspect of the death of a loved one or a critical illness easier to deal with. It will, however, mean that a family can keep up with their regular outgoings and ensure their lifestyle isn’t compromised.

I can’t afford it

The perception that life insurance is expensive has always been an issue. Economic conditions mean that consumers now have more reasons to make savings in their everyday expenditure and so it is not surprising that people will not want to add an extra outgoing to their bank statement. But this should not mean that people ignore their long-term financial responsibilities. In particular, how they would cope in the face of a serious illness or death.

In the past life insurance marketing messages concentrated on providing a large lump sum to clear the mortgage or to replace the breadwinner’s income in its entirety. In the current climate, smaller amounts of cover that are affordable and protect the very basic elements of an individual or family’s lifestyle can still make a difference.

Reducing the sum assured will make the product more affordable and clients can always add more cover when they are in a better position financially. £20,000 worth of critical illness cover will make a difference to people and is certainly preferable to none at all. And with the cost of life insurance cover cheaper than it has ever been, a 30 year old could get around £200,000 worth of cover for just £10 a month.

The life insurance company won’t pay out

The published news is often the bad news and unfortunately this has led consumers to believe that life insurance companies will do anything not to pay a claim.

This is a total myth. Where a claim has been declined, it is usually due to a claim made for a condition that isn’t covered on the policy or a case of deliberate non-disclosure.

Providers are in the business to pay clams and it’s vital that clients understand the importance of disclosing their full medical history when applying for protection insurance.

It is equally important that clients are made aware of the key features and any restrictions around the policy at the point of sale, with their adviser. Only then can consumers make an informed decision that what they are buying is right for them.

Most providers are now paying out well over 90 per cent of claims for both critical illness and life cover and less and less claims are declined for non-disclosure. During the last half of 2011 Bright Grey paid 91 per cent of critical illness claims and 97 per cent of life claims. Only 2 per cent of critical illness claims were declined for non-disclosure, which amounted to just 3 people.

In an industry like ours claims statistics are important. They provide reassurance that if your clients ever have to make a claim, they will be paid.

– Roger Edwards is managing director of Bright Grey & Scottish Provident

For a competitive life insurance quotation call us now on 01489 580020 or email info@parkgate.net with your requirements and we will contact you at a convenient time to discuss further.

 

Two out of three multiple sclerosis sufferers have one thing in common.

They’re women

There are around 100,000 multiple sclerosis sufferers in the UK1. In fact it’s one of the five most common critical illnesses claimed for2. What’s more, it affects twice as many women as men1.

 Multiple sclerosis is also very difficult to diagnose.

That’s why many providers use the standard definition from the Association of British Insurers to make decisions on a claim.

But at Bright Grey their definition of multiple sclerosis is better than that and means you don’t have to wait as long for your diagnosis to be confirmed3.

1 in 9 of all women’s critical illness claims were for multiple sclerosis2

81%   of the women who claimed for multiple sclerosis were 40 or younger2

65,000 women in the UK have been diagnosed with multiple sclerosis1

Sources: 1. www.mssociety.org.uk, May 2012. 2. Bright Grey claims statistics, 1 July – 31 December 2011. 3. This improved definition applies to menu plans with a quote effective date of 28 May 2012 or later.

So, if you’re thinking about critical illness cover, choose an insurer that acts sooner rather than later to help multiple sclerosis sufferers.

Talk to Park Gate. We’ll help you identify your individual protection needs and guide you through the various types of cover available to make sure you get the right cover at the right price. Call 01489 580020 or email info@parkgate.net

 

You can choose to take a single life plan out that can cover just yourself, your spouse, your civil partner or someone else you share a financial commitment with.

A single life plan covers you only and will pay out if you die or if you are diagnosed with a terminal illness during the plan term.

With a joint life plan it covers both people insured for the same amount of cover and length of time. The plan will pay out on first death and will therefore leave the surviving partner without cover.

Single life plan

As an alternative to a joint life plan, each person can take out a single life plan. They do not have to be for the same amount nor do they have to be for the same term. On death, the surviving partner will still be covered.

Taking out two single life plans will be slightly more expensive, but there is not a lot in it, and you need to remember that you are getting twice the cover.

Although we do not like to think of the unthinkable, it can be beneficial in the event that should a relationship break down. Unlike a joint life plan, two single life plans are already owned separately. This would mean that your plan would not need to be cancelled.

A typical situation would be in the event of a divorce and you cancelled the joint life plan. Looking at a replacement policy you would need to consider, your age, your current health and your past medical history, which could make you uninsurable.

You should also consider when taking out a single life plan, placing them in trust, for each other. This will ensure that on your death the proceeds of the policy go to who you want them to go to, when they need it most.

There are many types of trusts available, you should therefore contact us to ensure that you place your life policies in the right trust.

For your personal single life plan illustation call Kevin on 01489 580020 or email info@parkgate.net to arrange a suitable time duscuss your requirements or to arrange a meeting.

Are you sure of what you are getting by buying cheap life insurance direct from comparison websites, yes you will get cheap life insurance, but will it be right for what you actually require. As you know life cover pays out on your death, but what about if you are terminal ill during the last 12 – 18 months of the plan? Will it pay out, when you need it most? Will cheap life insurance always be right?

Life insurance does not have to restricted to people who have mortgages or loans, you might have a family, where your wife/ partner and children are financially dependent on you. What would happen if you were to die, how would they cope, wouldn’t you want them to receive a lump sum at a time when it is needed most.

Cheap life insurance

Each life insurance company is different in how they underwrite cases, their premiums are reflected on the medical information you provide, such as being a smoker, existing medical conditions or hereditary conditions?

At park gate we provide you with the right advice to ensure that you take out the right policy to suit your current and future financial needs.

For a competitive life insurance quotation, please call Kevin on 01489 580020 or complete the enquiry page and I will contact you to discuss your personal requirements.

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