Almost a quarter of homeowners in the UK are leaving their families’ futures uncertain by failing to cover their mortgage debts in the event of their death, according to Friends Provident.The figures suggest that homeowners are putting the contents of their homes before the house itself and, despite an estimated 2tn protection gap, 92 per cent have contents insurance while only 69 per cent have cover for mortgage repayments. Seventy-eight per cent of respondents acknowledge that the property owner should be responsible for ensuring that family members are looked after if they die. Friends found a poor gen-eral level of understanding about protection products. Only 28 per cent of homeowners could correctly identify term insurance as providing a tax-free lump sum in the event of death while 41 per cent admitted they had no idea what it was. Head of protection marketing Ian Jefferies says: “The key thing for people to remember is that life insurance can soften the financial difficulties for loved ones should the worst happen.”
Abbey says intermediaries will benefit after it announced plans to open an additional 100 branches. A spokeswoman says brokers will see service improvements from the additional resources the bank will have.
Pension providers shunned Northern Ireland IFAs in the run-up to A-Day with many getting no training until after April 6, says Whitechurch Network. Compliance technician Nick Cunningham says several IFA firms rang Whitechurch Network at the beginning of April asking for training because they had a lot of unanswered questions about A-Day. Cunningham went to […]
Norwich Union and HSBC have entered the pension term assurance market. NU has launched life insurance with tax relief and mortgage life insurance with tax relief on level and decreasing terms. HSBC has set up life cover with tax relief and mortgage cover with tax relief.
Lehman Brothers has announced the amalgamation of two of its mortgage subsidiaries Preferred and SPML.All loan operations of the pair will be combined but both will retain the underwriting philosophies of the different brands and sales forces to service their particular fields. Lehman has yet to decide whether to combine the two offices.It has also […]
At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.
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Claims management companies must be more specific on separate permissions and competency when they under the remit of the FCA, according to HM Treasury. Under rules proposed in the Treasury’s latest consultation paper, claims management companies will operate under six sectors – housing disrepair, industrial injuries disablement benefit, personal industry, financial products and services, criminal […]
Knowing what assets each operator will accept and with what conditions is becoming increasingly difficult The recent well-publicised events concerning Sipp operator asset acceptance have focused the mind of a number of advisers. We have been fielding enquiries about our own Sipp and the asset classes we as a Sipp operator would consider. But this […]
Investment trust sales may come under pressure due to new EU rules, experts have warned. The potential benefits of gearing on investment trusts risk being overlooked as new cost reporting rules make them look more expensive compared with open-ended funds. Traditionally, closed-ended funds have looked attractive based on lower costs compared with other structures, as […]