Category » Life Insurance

Death related costs rise by £400 in the last year

Posted on Wednesday, September 14th, 2011 in Life Insurance

A report from the Sun Life Direct financial service company has revealed that over the last year, the overall costs associated with a person’s death have risen by £400.

The average cost following the death of an individual (including services such as funeral costs, administration of the person’s estate, headstones and death notices) is now at £7,248. The figure is equivalent to approximately three months’ average salary in the UK and is now 20% higher than it was four years ago.

The report goes on to suggest that the increase is largely due to the rising costs of arranging a funeral. The Sun Life Direct report indicated that the average cost of a funeral has risen by 61% in the last 7 years. The report also suggested that the costs will continue to rise in the foreseeable future.

Currently, the average cost of a cremation for people in the UK is £2,720 and the average cost of a burial will be £3,462 on average. Other funeral costs include catering, which is at an average £319, and the cost of flowers, at an average of £144.

More costs which relate to the death of an individual include the administration of their estate, which was currently at an average of £2,292, and a death notice, at an average of £55.

The research also revealed that about a quarter of people (26%) have not yet made any plans to account for the end of their lives. About half of people indicated that family and friends will contribute and help organise their funeral. About 20% of people indicated that they would struggle to meet the costs of their funeral.

A spokesperson for the Sun Life Direct insurance company suggested that many people are confused about planning for the end of their life, adding to many other related ‘later life issues.’

Simon Cox from Sun Life Direct said: “Many people are sleepwalking into a financial nightmare, leaving their end of life plans to either their families, the state or no one at all. As a nation we need a wake-up call. Our research indicates that although there is indeed openness to talking about death, action is still greatly lacking.”

At the same time, inflation has risen again in august from 4.4% in July up to 4.5% and the retail price index (RPI) has risen from 5% to 5.2%, adding to the problems faced by many people in retirement.

Kate Woodthorpe, from the University of Bath, is a co-author of the report. She indicated that the death rate in England and Wales is currently at an all-time low. In 2009, the number of reported deaths was 491,348, however, she expects this to rise by 17% in the next two decades. By 2030, there is expected to be an additional 80,000 people who die every year.

British spend £8.6bn over school summer holiday

Posted on Sunday, July 24th, 2011 in Life Insurance

The annual school summer holiday began for most British children this week. Along with it will come considerable cost for their parents.

Research released this week claims that UK parents will part with a total of £8.6bn in 2011, simply in order to entertain and care for their young ones over the school break.

Insurance company LV= carried out research for their Cost of a Child report which puts the cost per child of the summer vacation at £660 on average – or £110 per week. More than a third of parents who responded to the survey said they will struggle to pay for everything their child is likely to need over the summer.

Over the holiday period, which lasts 6 weeks for most school children, parents will spend approximately £410 per child on baby sitters and other childcare to ensure their children are looked after while they are at work. This is a cost which approximately half of parents say they will need to pay out for. 93% said they would need to spend money on keeping them entertained, and this will cost £220 per child approximately.

Parents cited discount vouchers and online offers as a popular way to cut summer activity costs to a minimum, and the use of supermarket loyalty vouchers was also a popular way to save money. Other parents have chosen to organise activities with their children at home to keep them busy, such as baking, crafts or painting. The internet is also becoming a popular way to find free and reduced cost days out to keep spending to a minimum, and various parenting forums exist for mums and dad to swap ideas and tips. 62% of parents said they would be taking their children to free local attractions, such as museums or public parks.

Almost a third of those surveyed did not plan on going on any summer holiday whatsoever this year. Overseas holidays are not possible for 55% of the families with children under the age of 18.

Experts are concerned that expensive childcare is encouraging parents on low incomes to give up their jobs rather than work, simply because they need to pay for nursery or child care bills.

One tenth of the people surveyed by LV= said they would be relying on family and friends to take care of their children for free in order to make their summer affordable.

Barnardo’s spokesperson, Neena Sharman, said: “For families like those Barnardo’s works with who live on just £13 per person per day, paying for expensive days out is simply out of their reach.”

The children’s charity Gingerbread are calling on the coalition government to put more funding into summer camps. They also want the state to provide cheaper childcare for parents who find it difficult to finance the cost of looking after their children between school terms.

Spinal repair potential to restore impaired breathing

Posted on Monday, July 18th, 2011 in Health, Life Insurance

US researchers have successfully carried out a spinal repair treatment in mice. The treatment has been able to restore breathing which had previously become impaired following an injury.

The treatment works by applying a nerve graft with a protein to the damaged spinal cord. It is hoped that it could restore breathing to human patients who are unable to breathe without assistance after an injury to their spinal cord.

Approximately 800 spinal cord injuries occur in the UK every year. Nearly half of these are in the neck. Damage to the spinal cord in the neck can prevent or impair messages from being delivered to the diaphragm, which controls breathing. Most people who sustain a neck injury and damage the spinal cord will go on to suffer a degree of impairment in their breathing.

The spinal cord is known to be difficult to repair. When it becomes damaged, it becomes scarred and can prevent nerves from repairing and forming new connections.

Trials in mice have shown that when they were injected with an enzyme called chondoitinase ABC at the same time as a nerve graft was being applied, the enzyme attacked the molecules which inhibit the nerve repair, chondroitin sulphate proteoglycans. In later tests, the mice went on to show that they had recovered 80-100% of their breathing function.

Researchers are hoping to now begin trials of the surgery in humans. Furthermore, they are investigating whether the same treatment can restore impaired bladder function, which can occur when the lower spine is injured.

Brain cells created from skin cells

Posted on Sunday, June 5th, 2011 in Life Insurance

US Scientists have successfully developed a procedure to create fully fully functioning human brain cells. This procedure had previously been demonstrated in mice, but the latest research has solidified the evidence and proves that it can be replicated in humans.

By manipulating the DNA in the growth of new skin cells, a team of scientists from California have successfully created new cells which behave like neurons.

The scientists introduced a genetically modified virus into foetal skin cells. As a result, a small portion of the cells are then transformed into nerve cells. Similar processes exist which first transform the skin cells into stem cells, but this new process is a more direct way of creating neurons.

This process has now demonstrated that it is possible to redirect the way in which a cell develops, rather than just reversing the development of new cells.

The immediate application of this new process is expected to be in modelling diseases. Due to the difficult nature of examining the human brain, most research into diseases at a molecular level is done after a patient has died. The new process will enable new research into how diseases develop in their earlier stages.

An assistant researcher on the project, Professor Marius Warnig, believes that one day the technique could be used to treat patients with neurological conditions. Cells could be created from the patients own skin and transplanted to their brain. However, researchers are keen to stress that this development is some way in the future.

Sainsbury’s Over 50s Life Insurance Plan

Posted on Monday, March 28th, 2011 in Life Insurance

Sainsbury’s Over 50s Life Insurance Plan is offered via Legal and General. Life insurance policies are meant to help protect the loved ones of those who pass away and leave them behind. When a loved one passes on and they have bills that need to be paid, the life insurance will help to cover such expenses.

When are people to get life insurance? It has been recommended that life insurance policies are acquired when a person is young. By the time a person is between 30 and 50 years of age, the policy is paid off. What if a person that is 50 years of age wants to by a life insurance policy? It best to look around and find the best policy for you and the internet is a good place to start.

Some policies recommend a medical examination before they will let a person purchase a life insurance policy. There are also some that do not require an examination. Life insurance policies that require an examination will not insure a person if they have existing medical problems. For those 50 years old it would be better that they apply for an insurance policy that requires no medical examination, Sainsbury’s Over 50s Life Insurance Plan could fit the bill.

This could be the most important investment in their life. No matter what age you are: a life insurance policy should be in place to be sure that your loved ones can cover any and all expenses when that time comes.

Life Insurance Problems for People over 50

Posted on Sunday, March 27th, 2011 in Life Insurance

A lot of people realize very late how important life insurance is for them and the welfare of their loved ones. Thirty years ago it would’ve been impossible to find an insurance plan for people over 50. Insurance companies were just not prepared to take the risk on people that age when there was no gurantee that they would live beyond a couple of years. Today, there are hundreds of companies offering fixed term and adjustment plan each with their own condition and rules.

The selection of an insurance company, if you’re older than 50 is a difficult task in itself. The contract that you signup for, with an insurance company contains complex text and pages upon pages of technical language, hard for the common man to understand. It is far better to get some professional help; someone who is knowledgeable in insurance policies and companies. You could take the help of a professional insurance broker online if possible.

Another problem that a lot of elderly people face are the higher premium rates that go with their over 50 insurance policy. People over 50 are high-risk individuals for insurance companies. That’s why the premiums are substantially high. What may look like a cheap insurance plan might have some fine print to it that you are not able to understand. That means you might not be getting all the benefits that you think you are. Once again, professional help is needed in determining whether the plan you’ve chosen is the one for you. People over 60 have retired from their regular jobs, so it is pretty hard to make the high insurance premium each month. The advantage of course is that the money paid to the insurance company safeguards you’re future and that of your family. It is money you’re saving and if you die before time your family gets a good sum of money, without having to pay taxes on it. It is ultimately the choice of the individusal to make the decidion in this regard.

Most insurance companies do not give you an insurance police unless you present a clean bill of health. You’re required to go through extensive physical testing and medical tests, X-rays, blood tests, the whole lot. For insurance companies, life insurance is a business. They want to make sure their interests are safe gusrded before entering into an agreement with an individual. There are medically related questionaires to be answered and generally a sample of urine and blood has to be submitted. For people with fatal or dangerous health conditions there might be a problem getting suitable coverage at affordable rates. There is a lot of competition between different insurance companies, so it might be agood idea to look into what each company is offering for the senior citizen.

It is possible to get insured even at the age of 80 but it has to be done with care and by taking the help of a professional.

A Review of Legal and General’s Over 50’s Life Insurance Options

Posted on Friday, March 18th, 2011 in Life Insurance

legal and general over 50's life insuranceIf you are looking for insurance that covers older people without any awkward medical questions then you do not have to worry as Legal and General has what you are after. The company’s over 50’s life insurance has everything that you could possible need. There are a variety of plans to suit your needs such as fixed, funeral and other options.

Price is an important consideration particularly if you have a limited budget. It is important that you choose the right option for you otherwise you will pay more than you intend to. Staff are often willing to help you select the right plan for you and your loved ones.

Call the company and ask them to give you a quote over the phone or in person. Shop around and see if the Legal and General over 50′s life insurance is not the best insurance company available. Your loved ones will likely thank you as you prevent financial hardship for them if you die. You will likely find that you do not have to fill in reams of paper as you apply for cover. You do not have to spend hours coping with endless questions only to find that you do not qualify for cover.

The Legal and General over 50′s life insurance company believes in showing compassion and care as it listens and delivers on its promises. This guarantee provides people with confidence that the money will be there if they or their loved ones need it. It is even cheaper if couples are covered on the same plan. In conclusion your family will likely find that they will receive thousands of pounds when it is most needed.

Women encouraged to buy life insurance

Posted on Friday, March 11th, 2011 in Life Insurance

Women have become the main breadwinner in their family, yet they fail to protect their loved ones from financial hardship. Studies show that most women have little or no life insurance in case of an critical illness or death.

More than half of the study’s participants stated that they had not considered it necessary to buy life insurance for their family. The studies also revealed that over three quarters of the women did not have other health insurance policies for their family.

Roger Edwards, proposition director at Bright Grey said: “With women making more financial decisions, it is vital that they do not leave out having adequate financial protection for themselves and their families when making financial decisions.”

Both men and women need to ensure that they protect their children from poverty and hardship. Prioritise your finances and do everything necessary to prevention destitution if you were to die.

It is easier to for and buy life insurance than you think it its. Insurers have made it easier than ever for you to buy life insurance as you do not to worry about forms and medical checks. Customers will be asked a few questions to assess their suitability. The process is quick and painless for anyone to apply.

Apply over the phone, online or in person to various insurance companies in the UK. Insurance companies require that you pay a few pounds a week to protect your family from unforeseen events. Your family will thank you if they find that they need the money for funeral and daily expenses.

Reasons for Offering Life Insurance Policies for People Over 50

Posted on Wednesday, February 23rd, 2011 in Life Insurance

Even though it is normally held that persons over 50 had completed all their family obligations and their wants are limited, the changed lifestyles of present days make it necessary for people over 50 also to have substantial insurance policy covers. The reasons for granting them affordable insurance policies are presented below.

  • Due to the advancements in medical health care, the longevity of people had increased significantly in most countries of the world. Previously, the average age of death used to be around 60-65. However, nowadays, this had climbed to between 75 and 80 in several countries. It is possible that the previous insurance policies had become matured and cashed in. These amounts would have been distributed among the children or spent to meet the loans taken for educating the children and for home mortgage loans. As such fresh policies are definitely required for people above 50.
  • Since people concentrate on their careers more and marry late, their home mortgages also start much later. When they reach 50, the home mortgage loans and other loans might not have been fully paid. With a fresh insurance policy for over 50 people, these loans could be settled easily, in case of their premature death.

Why People Over 50 Had Been Refused Life Insurance Facilities?

Posted on Tuesday, February 22nd, 2011 in Life Insurance

It is normally assumed that people over 50 do not require life insurance cover, since their children had become independent and their retirement income is more than sufficient to enable them lead a comfortable life. It is also felt that they would have paid their home mortgage loans by that time and their wants are limited. Further, insurance companies consider people over 50 as higher risk for fatality within a short span of time and hence, are reluctant to provide them the necessary insurance cover. Hence, when people over 50 approach insurance companies for policy coverage, they insist on strict medical checkups and detailed reports about their health condition, so that the risk borne by the insurance companies are reduced to the minimum.

In addition, even if people over 50 are in good health, their medical expenses would be significantly higher if they fall ill due to the reduced immunity that they have to various diseases and ailments. This forces the insurance companies to restrict insurance cover for persons over 50 to the minimum and also steeply raise the monthly premiums for them to discourage them from taking adequate cover. These are the major reasons for people over 50 finding it difficult to obtain insurance coverage.