Recent studies by both Scottish Widows and Acxiom have revealed some interesting, and occasionally alarming, facts about how we view life insurance. Whilst Scottish Widows may be a well known, trusted and accepted, household name, not many will be so familiar with Acxiom. They are probably the largest database marketing service in the world. In a single year they will process over 50 trillion data transactions and turn it into useful information.

Needless to say it is alarming when both companies come to the same startling conclusions. Whilst 97% of the population have a good understanding of the importance of having life insurance less than half that number actually have insurance. A shocking 56% of Brits don’t have life insurance at all. Alarmingly, of those that have taken out cover, less than 20% will be adequately insured in the event that they make a claim.

When looking at the population as a whole, 23% of individuals said that they simply couldn’t afford to take out life insurance and a further 26% said they felt the cost of critical illness was prohibitive. Yet Scottish Widows reported that 65% of those questioned said broadband was more essential than life insurance and 55% said they would rather pay for their mobile phone instead of pay insurance premiums.

Of course many people think it won’t happen to them and if it does they think they’ll manage somehow. 43% of those surveyed felt confident they would rely on their savings if they couldn’t work. Hopefully they weren’t also in the 58% of those who had no savings to rely on, or had less than £2,500 squirreled away for a rainy day.

There is a myth that insurance policies are a waste of money, they don’t pay out. Another myth is that you wouldn’t be eligible, or the premiums would be extortionate. It would take little more than a phone call to find out that the premiums would most likely not be the huge sums feared and that you could reasonably expect to be accepted for cover. The most surprising statistic for many is that 99% of all life insurance policies do, in fact, pay out when a claim is submitted.

It’s all well and good listing a bunch of statistics illustrating who hasn’t taken life insurance out and why. The more important information lies in understanding why it’s such a tragedy. Consider for a moment that 40% of British families have reported being seriously affected by illness, 2.67 million people are out of work and death is 100% inevitable sooner or later.

With life full of uncertainty, the one thing most people agree on is that, when they pass away, they want the reassurance of knowing that their loved ones are taken care of and can stay in their home. It may feel a little daunting or confusing wading through the offers, quotes, etc. but that needs to be placed into perspective alongside the reality of what your family may have to deal with if anything happened to you.

When faced with the option of paying for broadband connections or mobile phones, where the benefit is instantly available, or faced with paying insurance premiums for an event which, in the case of critical illness or income protection, may never happen, or at the very least one hopes is a long way off in the future, those insurance premiums may seem the least desirable option. We are a society that seeks instant gratification after all.

We are also a society that is saving less and has an uncertain economy ahead of us.
You may think you can’t afford life insurance but when faced with the statistics it might be worth sitting down and considering if you can afford to not have it.

David Nealson is a finance writer and independent journalist who has focused on compiling detailed overviews of the leading insurance companies and the plans they offer. See two of his most recent ones – the life insurance covers of AXA Sun Life and Friends Life .

When looking to find a reputable car insurance provider, the final decision that you make is often determined by your own, personal circumstances. Historically, the typical insurance claim made by a young male has equated to approximately £4,500 in the UK, which is far in excess of the average for female or middle-aged drivers. With this and the emergence of specialist service providers in mind, there is a broad range of options available for consumers to consider.

How to Determine the Best Market Options: 3 Things to Consider

The new gender neutral rule has triggered a significant evolution in the marketplace, however, and its implementation reflects a shift towards more uniform insurance provision throughout the UK. Implemented on December 21^st of 2012, insurance firms are no longer allowed to take gender into consideration when setting premiums, which means that consumers can now select their provider based on several pre-determined items of criteria. For example: -

Ÿ  Reputable Firms Offer Sizeable Discounts: While insurance providers are likely to charge you in relation to your level of coverage, the most reputable firms offer accompanying discounts. Axa are amongst the leading car insurance companies in Ireland, and as a market leader they deliver financial incentives for individuals who purchase the most comprehensive policies. While it is always your right to demand discounts and negotiate with vendors, you should prioritize firms that take the initiative to protect their clients.

Ÿ  The Best Providers Have the Best Customer Service: In the age of crowd sourcing and increasing consumer influence, the way in which businesses treat their clients is particularly important. A firms level of customer service also reflects its wider business philosophy, and this should be a key factor in your eventual decision. While to some insurance providers you may never be more than a statistic, those at the forefront of the market tend to pay more attention to their clients finances, inherent needs and personal circumstances.

Ÿ  Responsible Insurance Providers have a Positive Company History: While the cost of your insurance premiums remains of pivotal importance when selecting a provider, it is not the only factor to bear in mind. You also need to evaluate the company behind the policy, especially with regards to its claim history and financial stability. If an insurance provider boasts consistent performance and has the necessary funds to supports its operation, then it can ultimately relied on to operate fairly and distribute payments in an efficient manner.

If you’ve bought a property to let to tenants, but are unsure if you can commit the time and energy to fully serve their needs, you may wish to look into private property management. A private property management company can provide you with a number of different services ranging from assessing the rent, setting up the property for letting, furnishings, decoration and, in some cases, even renovations.

Generally speaking there are three different levels of service provided by most private property management companies, the cost of which varies dependant on the level of service.

Letting only service

A letting only service is most suitable for experienced landlords who need a specialist letting agent to source and select a tenant, negotiate the best terms on their behalf and provide up-to-date advice on the rental market. In this case, once the tenants are in the property, the owner of the property will take over all the responsibilities of the landlord and will need to be fully covered for all eventualities by having insurance for landlords in place. The Swinton Commercial website is the ideal place to find more information on landlords insurance.

Letting only plus service

Again, this will apply to an experienced landlord who wants a specialist agent to take care of the above issues, in addition to handling the deposit, registering it with a Government approved scheme, checking the tenant in and out of the property and agreeing the inventory and schedule of condition.

Full property management service

A full property management service will take over all the jobs that are typically the responsibility of the landlord. When letting property, half the battle can be arranging suitable tenants, ensuring the rent is paid on time and the property is adequately protected. Once the tenants are in, however, the work doesn’t stop. In the current rental market, tenants can be quite demanding expecting the full value of their rental. With this in mind you can be sure any tenant will want a swift repair of any problem in the house whether it’s a failing fridge or a leaking shower. They will expect this regardless of how inconvenient it may be for you as landlord. With a full private property management service in place you can rest assured that all of this will be taken care of by the management company.

With full private property management, it won’t just be day to day jobs of the landlord that will be taken care of, they’ll also provide various services which deal with income yield and capital appreciation by concentrating on various factors such as marketing and presentation and regular maintenance. In relation to ensuring the proper maintenance of the property, they’ll often conduct regular inspections of the property to ensure the tenants are treating it as specified under their contract, so you have the comfort of knowing that everything is being taken care of.

A major expense of car ownership is the required insurance coverage. It is easy to overlook that in the excitement of purchasing a new car, and often simply forgot about a year later when it is time to renew, but it is one of the few places you can take control and keep a few extra pounds in your pocket each month. People think nothing at all of going out of their way to save 3p on a litre of petrol but will pay an extra £10 every month on an insurance premium that could be sorted in a few hours.

 Tips and hints for bigger savings:

Be Prepared:  As insurance premiums are often paid in advance or by monthly debit it is easy to forget your best opportunity for getting a better deal is about to pass you by. By planning ahead, you can allow yourself to shop around and find the best insurance option to suit you. Make a note a month ahead of your renewal date to start looking. The first place to look is with your current insurer.  Call and ask them about the policy and any perks or discounts you may qualify for while letting it slip that you want to be sure they get a shot at your renewal business. Often there will be new discounts or free add-ons as a loyalty bonus. If nothing else it may reduce the seemingly automatic bump in premiums each year. Knowing exactly where you stand with your current policy is a great starting place for further comparisons.

Get Organized: Do not presume you will remember what each company or online comparison site tells you because you likely will not. Many people believe that a stop at a comparison site answers all questions but think about it- if that were true then why are there so many different ones and why do they all yield different results? They make for a nice start but the fact is most comparison sites are what are known as “opt-in” sites. The insurance company not only agrees to release their policy quoting tools or a portion of them but also pays to do so. Many insurance providers choose not to participate in online comparison, preferring customers to visit their site directly in order to provide more individualized and sometimes better or more economical policies. Write each quote you receive along with date and phone number or site that the quote came from. An Excel spreadsheet is good way to record details. You can then quickly and easily access any data you need.

Narrow the playing field:  Taking into account all the associated costs and give fair value to differences in policies (does this one have free courtesy a cars if vehicle is in shop- maybe the other one has free glass chip repair- this one the rates will not go up for a non-accident claim such as theft or fire- etc.) choose your three best options and get into the finer points of negotiation. Axa ROI Car Insurance is an excellent source for all around competitive considerations.

Let’s Haggle: Phone companies directly and let them know the lowest quote you have been given. When they offer to match or beat that quote casually ask what that will include besides price.  Make sure they are offering to match value, not just price and give them the option of a few no charge extras. If they say that is their best offer and nothing else can be done do not get discouraged – just congratulate yourself at having been so skillful to this point and make the next call. The next call could be the one that saves you the most money!  Enjoy your savings for the next year, and don’t forget to mark the calendar for one month before the policy expires….

Attaching several employees to your motor trade insurance is vital if you want them all to legally drive the vehicles of your customers.  Even if it is just to manoeuvre cars around the business premises – they need to be covered.

 As there is no limit to the quantity of staff members you can add to a motor trade insurance policy, this means you can protect everyone with one all-encompassing quote – which can save you a lot of money. 

Choose your drivers wisely…

With this in mind, it is still necessary to assess the drivers you are signing up, as ‘risky roadsters’ can push up the price of your quote.  Consider things like driver age, experience, how many points they have on their license and if they hold a no claims bonus on their private insurance policies.

Whereas the majority of auto traders in Britain are about 40 years old, their workforces are usually made up of fledgling mechanics, salespeople and labourers; those who are 25 or under are categorised as ‘high risk’ by default.  A younger team still need to be covered but they will inevitably cost more to do so – which is why speaking to a broker like eQuote Direct Motor Trade Insurance is ideal, because they can find the most suitable policies for the lowest prices.

Minimise your quote…

Over the last four years, the average price of auto trader insurance has increased from approximately £750 to £1,200.  Attaching multiple drivers to the same policy unavoidably inflates the price, but you can keep that inflation down by almost vetting each member of staff before signing them up and by acquiring your policy through a professional broker.

Plus, your personal spends can be minimised by covering your partner under the same motor trade insurance policy; this way, you won’t have to find a separate quote for their private insurance. 

What to do next…

As a trader, you need protection for your staff, premises and yourself – so cover everything with one deal.   It can all be arranged and negotiated through your broker, meaning the form-filling process is minimal for a start.

With premiums consistently on the rise, it pays to get the most out of your protection.  Using the help of a professional, your business can keep costs down and if you can save some money on the family car insurance in the meantime, then it’s definitely worth getting in touch with a broker straightaway.

Getting mis-sold PPI back from the banks seems like a pretty big task. You know they’re going to argue their case as best they can to stop you getting it, and many people seem to think the process is more trouble than it’s worth. But is it?

Am I eligible?

If you know that you’ve taken out PPI on a loan or credit card, and you felt pressured to buy it, didn’t know you were buying it or it wasn’t suitable, then you may well be due compensation. A great number of people however, do not know that they’re entitled to a refund, so it’s important to check your finances.

How much could I claim?

With average PPI repayments being between £2000 and £3000, it’s definitely worthwhile trying to get back what you deserve. Many people have been successful in reclaiming more than ten times that amount. Just imagine what a windfall could get you – a holiday, a new car, some home improvements perhaps? In this time of recession who has money to spare? Not many of us do.

The amount you get back depends on a number of factors, but specialists aim to reclaim all of the PPI charges, plus interest, which is generally at a rate of 8% per year.

How do I get it back?

The process of making a claim can be as difficult or as easy as you want to make it. You could try going head to head with the bank, but this is both arduous and time consuming. The bank doesn’t want to give you the money back. I’d recommend using a specialist company such as PPI Return to act on your behalf.

This is the most popular route to take – you can often choose a ‘no win no fee’ process, which means that there is no financial risk to you. Trying to compete with a bank could prove expensive if you fail in your claim, and with ‘no win no fee’ you have the peace of mind that you’re either going to be in the same position as when you started the claim, or much better off. Fees are generally very reasonable too.

How long does the process take?

While this can vary, most lenders come to an agreement in 6-8 weeks. It can take longer if the case has to go to the Financial Ombudsman Service, but the great thing about using a specialist PPI solicitor is that they can take care of nearly everything. You can start the claim and then all you have to do is wait.

Am I guaranteed success?

No company can guarantee that your claim will be successful, but you should keep in mind that if you use a ‘no win no fee’ solicitor, they will not proceed with your claim if they do not think it has a good chance of success. It would not be worthwhile for them to work on a case they do not think will end in a pay-out.

So if you think you might have a case or are unsure how to proceed, getting in touch with a PPI specialist could be a great decision.