Contact us today to get a quote for all your insurance needs

 

Income Protection is designed to replace your regular income if you are unable to work due to illness or injury and will pay you a percentage of your salary each month, until you return to work.

If you are lucky enough that your employer pays you in the event of sickness for a period time, we will make sure we take this into account. We even have specific cover available for NHS professionals and Public Sector workers.

Day 2 - Risk to Reality

We all like to think we are invincible but sadly this is this not the case. LV’s Risk Reality Calculator highlights the chances of certain events happening before retirement.

This is NOT designed to scare you, simply to highlight that having suitable Protection can support you financially if these circumstances do arise.

Take a look for yourself here: riskreality.co.uk/gen

Day 3 - Deadline to Breadline

Every year, Legal & General conduct their Deadline to Breadline study highlighting how long the average person could cover their basic living costs were they to lose their job.

The 2022 report found that:
- Households are only 19 days from the breadline, down 21% since 2020, from 24 days
- 60% of households have less than £5,000 in savings, and 16% having no savings at all
- 2 in 3 (67%) prefer to save for an unforeseen event rather than insurer

If you had a cash machine at home that provided your Income on a monthly basis, would you insure it in case in broke down? 

If the answer to this question is yes, isn’t it worth insuring yourself if you couldn’t work due to illness or injury? 

Day 4 - Low-cost Income Protection

Like it or not, most of us will spend a vast amount our lives working. Although some of us will love our jobs, the main reason for this is to ensure we can cover our outgoings and save for retirement. It’s important to consider how an unforeseen illness may not only mean we struggle to pay our bills but it can also impact on our future plans.

This is where Income Protection can help! We can arrange cover that could pay you every month until retirement if you were unable to return to do your own occupation due to Incapacity (ill health).

Alternatively, short-term Income Protection that pays you for 1, 2 or 5 years can be arranged for those looking to have cover but at a lower premium.

Having some Income Protection will always be better than having no Income Protection.

Day 5 - How can we help?

 

Our specialist Protection advisers will look at your circumstances, listen to your concerns and take the time to understand your priorities. By doing so, you can be sure we have made a personal recommendation which provides you with the peace of mind you deserve.

When providing you with advice, we will discuss the different options available along with your monthly budget. We will agree a premium that is comfortable so that you still have disposable income left to enjoy some of life’s luxuries

We understand that in life, circumstances change. This is why we review your needs (and policy) on an annual basis, to ensure you continue to have suitable provisions in place in the worst-case scenario.

We hope you have found the Income Protection insights useful. Please get in touch if you'd like to discuss your needs & circumstances.

 

"Whilst there have been twists and turns, home buyers are coming to terms that rates won't be returning to the previous ultra-low levels any time soon."

At 60% LTV, two and five-year rates are both lower than they were a year ago. The average two-year fix is now 5.61%, down from 5.71% in October last year, while the average five-year fix is down from 5.24% last year to 5.07%.

In addition, the average 75% LTV five-year fix is 1bps lower than last year at 5.31%.

Across all LTVs, the average two-year fixed rate mortgage is 6.01%, up from 5.70% a year ago, while the average five-year fix remains 18bps higher than last year at 5.50%.

The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fix at 85% LTV is now £1,185 per month, up from £1,123 per month a year ago.

Rightmove’s mortgage expert, Matt Smith, commented: “It’s now the tenth week that average rates of dropped, as the slow but steady downward trend of fixed mortgage rates continues. As more lenders begin to offer sub-5% rates, this is likely to demonstrate increasing confidence that swap rates, the underlying costs of fixed rate mortgages, will remain stable for lenders, meaning there may be more room for rates to fall, particularly for those with a smaller deposit.

“We’re starting to see more attractive rates in some LTV brackets than a year ago as we begin to compare rates with the post mini-Budget period, though this doesn’t take away the fact that mortgage costs are still much higher than most have been used to. Whilst there have been twists and turns, home buyers are coming to terms that rates won't be returning to the previous ultra-low levels any time soon. However, this continued stability can at least give the many people still looking to move more certainty about what they can afford, and the type of mortgage offer they might expect.”

 

For more information, contact us today.

 

Longevity gains over the next 20 years likely to come from further medical breakthroughs, especially for cancer and ageing-related conditions such as Alzheimer's disease. Life expectancy growth in advanced markets under threat from obesity and unequal access to health services, with violent crime and the opioid crisis in the US weighing on longevity. Longevity champions Japan and Switzerland characterised by excellent access to healthcare systems and low obesity rates.

Gains in human longevity have tapered off over the last decade but the next wave of improvements is on its way, says Swiss Re's latest report, The future of life expectancy: Forecasting long-term mortality improvement trends for insurance. Advances in cancer diagnosis and treatment are the most likely areas to improve global longevity, according to the report. Future improvements will need to be supported by addressing older-age health issues such as Alzheimer's, lifestyle factors and access to healthcare.

Paul Murray, Swiss Re's CEO of L&H Reinsurance, explains: "While people continue to dream of life expectancy surpassing 100 years, the gains of the last century are under threat. Clearly medical research has the power to drive the next big wave of improvements in longevity. However, individuals need to maintain and intensify their healthy lifestyle choices to ensure they live longer and healthier lives. As a society, we need to address barriers to healthcare access."

Life expectancy improvements typically come in waves following major medical breakthroughs or large-scale social trends, such as smoking cessation. In the twentieth century, pharmaceutical innovations which lowered blood pressure and cholesterol triggered a steep improvement in life expectancy. Global average life expectancy for a person born in 2020 is well over 70 years, compared with only 55 years at the end of the 1950s.

However, since 2010, factors such as obesity-related diseases, the growing impact of Alzheimer's, and unequal access to health care have whittled away at life expectancy gains in many parts of the world. As a result, life expectancies have levelled off in advanced markets.

US declines in life expectancy
The US diverges from other advanced markets, as of 2019 only the top 10% of the US population by socioeconomic status have a comparable life expectancy at birth to the OECD average of around 80 years for men and 84 years for women. For a US male born into the lowest 10% by socioeconomic status, life expectancy is only around 73 years.The US trend is linked to unequal access to healthcare as a result of growing socioeconomic inequality. Further, with an estimated 70% of the population affected by obesity, diseases such as type 2 diabetes are becoming more prevalent. Opioid-related deaths have impacted life expectancy, with an eightfold increase since 1999.

UK life expectancy growth declines in absence of medical breakthroughs
Between 1968 and 2010, about 70% of the UK's longevity improvement was attributable to substantial reductions in circulatory disease-related deaths. This supported a rise in life expectancy from 71 to 80 years. Since 2010, however, life expectancy in the UK has increased by only one year, as fewer advances in cancer treatments and the increasing impact of dementia and respiratory diseases have undermined the previous gains in longevity.

Japan and Switzerland are longevity champions
Japan and Switzerland achieved some of the highest life expectancies at birth in advanced economies, with an average of around 84 years in both countries. This is an improvement from around 70 years in 1960 and is primarily due to improved cardiovascular health.

Lifestyle factors and access to well-funded healthcare systems have supported their success. For example, Japan's efforts to reduce stroke-related deaths by over 80% between 1980 and 2012 are noteworthy, as this was achieved by relatively straightforward measures, such as encouraging people to reduce salt in their diets.

The next wave of life expectancy improvements
According to Swiss Re's report, advances in cancer treatments and diagnosis have the highest potential to kickstart life expectancy improvements. Liquid biopsies, for example, can offer much earlier detection for certain types of cancer, while the shift from more general therapies to personalised, precision medicines, are expected to improve survival rates. Additionally, the use of mRNA vaccines, which were successfully deployed during the COVID-19 pandemic, is an area of potential improvement.

Public policy can play a role in getting more people to check for cancers. In the UK for example, the high uptake for screening for some cancers has been shown to improve survivability by well over 50%.

Addressing diseases which affect people later in life will be key to extending lifespans – especially Alzheimer's and other causes of dementia. Projections in the UK, for example, see the numbers of those affected by Alzheimer's nearly doubling to over 1.6 million by 2040. Currently, few therapies offer more than symptomatic relief and medical developments in this area have been relatively slow, with controversial results for some proposed treatments.

Several emerging technologies may have a large effect on life expectancy. The arrival of artificial intelligence in medical research and in guiding treatment decisions as well as wearable devices and apps to monitor an individual's health or wellbeing can deliver future improvements.

Natalie Kelly, Head of Global Underwriting, Claims & R&D at Swiss Re says: "Medical technology, lifestyle changes and access to healthcare will propel the next wave of longevity improvements. The public and private sectors both have roles to play. For the insurance industry, it is vital that we understand these complex drivers so we can continue to protect customers when they need it most and encourage people to make lifestyle choices that support longer, healthier lives."

For more information, contact us today.