Research shows that the over 50’s represent the most affluent of potential clients in the UK, with family wellbeing high on their list of priorities, but with over half having no life insurance arrangements in place, Asda see plenty of scope to improve their own market share.

Premiums for Over 50’s Life Cover start at £5 per month and can be arranged in store, online or by telephone. A spokesman for Asda Insurance explains why the company has targeted the over 50’s age group:

“We know that many of our customers with children or grandchildren would like to leave some money behind for their loved ones, help make their lives easier, shield them from funeral expenses or even just leave a legacy.”

The job cuts are likely to affect the Axa Life offices in Bristol, Basingstoke, Coventry and the Isle of Man. Axa have already shed 1,000 jobs in it’s UK offices over the last twelve months as part of a three year £80million cost cutting exercise. The company has now revised that figure to £150million.

Axa say they are continuing to transform Axa UK to operate with increased efficiency and ensure they come out of the downturn fitter and stronger, while a spokesman for the union Unite warned, “This must not be used as an excuse for the short term slashing of jobs.”

The warning comes from insurer Aviva, as part of its 2009 Simply Safety campaign and aimed at an agricultural industry that is becoming increasingly diversified as farmers look to increase their income source and respond to new consumer demands.

On average, 46 workers in the agricultural industry are killed each year, with many more injured. Of those deaths 24% are caused by farm vehicles, either knocking workers over or vehicles overturning, with around 17% caused by falling from height. Of the 464 deaths during the past ten years, 26 were children under the age of sixteen.

Phil Grace, Aviva’s liability risk manager offers the following advice to agricultural workers:

“Taking the following steps will help to protect your livelihood, your workers and any other individuals who may be affected by work activity. First, identify any hazards, for example what machinery is being used or whether children are present and could be injured. Then assess the risks and introduce the appropriate controls. Make sure employees have the correct instruction and training to use equipment or carry out their job and identify and provide any protective equipment that is required. This could range from wearing the correct protective equipment when using sheep dips to making sure the floor in a farm shop is clean and safe.”

Non smokers get the keenest deals although premiums have fallen almost as much in relative terms for those who choose to smoke. There is a differential of around 35% between premiums for smokers and non smokers.

Longer life expectancy and increased competition in the market have driven prices down says MoneyFacts. The number of providers has increased substantially in the ten year period and the advice is to shop around carefully as life assurance companies asses risk differently.

MoneyFacts warns that cover with one assurer can cost five times as much as their most competitive rival.

The company says it will maintain it’s regular bonuses but final bonuses will be hit.

Friends Provident puts the blame on lower investment returns resulting from the credit crunch and economic crisis.

An illustration of how the cut might effect a Male policyholder paying £50 per month into a 25 year conventional life policy, shows that the final payout would now be £32,885 down from £36,425 six months ago.

The policy, which has been developed in conjunction with LifeSearch and Fortis, contains seven elements including life, critical illness, income insurance and unemployment cover.

Clients will be able to select the cover they need and take out one policy that will cover those selections via one policy.

The policy contains a Life Fund, which pays out on death or the diagnosis of a terminal illness, and a Living Fund, which covers income and critical illness.

The Life fund is unaffected by claims to the Living fund and clients will be able to make as many claims as they need against the Living Fund, subject to sufficient cash in the fund.

With over 80% of their business generated over the internet and 30% of new sales transacted online on a self serve basis, the company has seen the number of visitors to their retail outlets dwindle over the last five years.

A statement from Endsleigh said: “The Board believes that continued investment in Endsleigh’s already established web based offering, supported by an expansion of UK call centre operations, will greatly strengthen the company’s market position going forward”.

Endsleigh plans to create regional based relationship teams throughout the UK to coincide with the closure of the local outlets. Around fifty sales staff will continue to work in local areas particularly with the education and graduate community.

“If I had my way, I would write the word “insure” upon the door of every cottage and upon the blotting book of every public man, because I am convinced, for sacrifices so small, families and estates can be protected against catastrophes which would otherwise smash them up forever. It is the duty to arrest the ghastly waste, not merely of human happiness, but national health and strength, which follows when, through the death of the breadwinner, the frail boat in which the family are embarked, founders and the women and children and the estates are left to struggle in the dark waters of a friendless world.”

Oh, yes.

Today’s Budget will almost certainly include the near mandatory tax increase on cigarettes, making it an even more expensive habit for those that still choose to smoke. A recent survey by Co-operative Insurance revealed that the average smoker in the UK, spends more than £2,000 a year on their habit, and on an average lifetime expectancy this amounts to £121,000 spent on smoking.

Insurance companies are rewarding non smokers for choosing a healthier lifestyle, with life insurance and health insurance premiums at almost half the cost of those of smokers.

An average 35 year old Male smoker taking out life insurance of £100,000 over 25 years would expect to pay around £18.00 per month. While the same deal for a non smoker is around £10.00.

All is not lost for smokers who intend to quit the habit, although Insurance companies do require a 12 month non smoking period before they will consider the client for ‘non smoking’ premiums.

It’s not something that we like to think about too much, but the people at Legal and General have put a market value on how much it would cost to employ somebody to do the day to day chores of running a household and looking after a family.

They have suggested that it would cost £500 per week to employ outside help , and break this down as follows:

It is estimated that a mother and housewife spends 10.5 hours each, on cooking and cleaning, over 15 hours a week washing, ironing and making beds and 21.6 hours looking after children.

Legal and General suggest that these costs have risen by 7% in the last two years alone, but how many of us have cover for such an event or how many could find the cost of employing somebody to run the home for them. The Insurer is amazed that while most people accept mortgage cover as a necessary evil, too few consider the risk of losing a mother. Bonnie Burns of Legal and General says;

‘I come across many people who have insured their mobile phone and their pet, but who don’t have decent life cover.’

Term Life cover will pay a lump sum if you die, and can be written under trust, which means that it is not part of your estate, and is therefore quickly available to named beneficiaries without waiting for probate.

Term cover for a 35 year old  woman is available for around £9 per month for £150,000 cover, over 20 years. The premium is fixed for the period of cover provided. There are other products available that will pay out on a monthly basis or whatever is likely to suit you.