In the same category Standard Life were highly commended for their efforts  and Scottish Life were given a commended status in the awards.

Scottish Widows, part of the Lloyds banking group was awarded the Best Personal Pension Provider and the Best SIPP Provider went to A J Bell. The Best Group Pension provider was awarded to Scottish Life with Standard Life being commended.

Among the other awards:

Best Critical Illness Provider – Scottish Provident

Best Online Service Provider – Zurich

Best Protection Service – Bright Grey

Best Investment Service – Prudential

Best Income Protection Provider – Cirencester

Richard Eagling, editor of Investment Life & Pensions Moneyfacts, says:
“This year’s awards clearly demonstrate that there are plenty of providers who are still managing to stand out from the crowd despite the difficult environment facing them.”

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.”

Recession pushes down motor accidents as people drive less.

Industrial injury claims will fall, because the most dangerous industries-manufacturing and construction-are among those hardest hit by the recession.

Anyone wanting to buy a house with a mortgage, drive a car or employ a worker will inmost cases need mandatory insurance cover.

It is unlikely that premiums will reflect the fall in claims however as the insurance industry also has a good history of looking after itself.

As unemployment grows dramatically on the back of the financial crisis, many people will be looking at such insurance to offer cover should the need arise.

Like the notorious payment protection insurance, policyholders can pay dearly for the cover only to find their claim rejected when the worst happens.

Some of the things worth bearing in mind when choosing this type of policy are:

• Redundancy insurance will only pay out on compulsory redundancy
• Claimants must actively seek work during period of claim
• Claimants must have been employed continuously for 6 months prior to claim and held policy for 120 days
• Payments will generally start after 30 to 60 days after redundancy or unemployment
• Claimants already aware of iminent redundancies should read the small print and proceed with caution

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.

As the economic slowdown hits harder and household bills continue to rise, more of us are at risk of losing a job or falling ill, leading to financial hardship.

Now is a good time to look at the options available in the Family Protection range of policies on offer from the UK insurance market.  As L&G suggest to those who say they cannot afford this insurance, How can you afford not to have it!

Family Protection policies typically offer insurance cover that protects against illness and death of the breadwinner in the family. There are various policies available that will cover mortgage repayments and provide a monthly income while you are unable to work.

L&G provides the following illustration for a healthy non smoking female aged 35, for a premium of £9.87 per month, cover would provide an income of £1000 per month in case of illness.

Aimed at employed and self employed alike, the policy offers guaranteed premiums for the life of the plan.

Cover for a 30 year old male, with level mortgage payment protection cover of £500 per month and index linked living expenses of £300 per month would expect a premium of around £35 per month.

As with all insurance policies there are many variables when quoting premiums.