Category Archives: Money

Money

Business, Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

Insurancewide Warns Staycationers Of Travel Cover Importance

The first five months of 2009 have been filled with surveys from the travel sector predicting that the number of Brits holidaying at home due to the pound’s weakness against the euro and the dollar, will skyrocket this summer. Sainsbury’s Finance, for example, recently said that caravan holiday bookings are up by more than 40 percent on last year’s levels. Financial information provider Defaqto also revealed that the number of overseas trip taken by people in the UK in 2009 is likely to decline for the first time in 20 years.

insurancewide-travel-insurance

However, Insurancewide – a specialist UK insurance comparison website – is urging so-called ‘staycationers’ not to neglect purchasing travel insurance, even if they are only holidaying a few hours away from their home. Many insurers sell UK travel insurance policies for less than the cost of a cinema ticket, so there should be no financial excuse for forgoing cover on a holiday at home.

Purchasing travel insurance for a holiday at home might not seem as essential as if you were going on holiday in Europe, but it’s still an important consideration. For example, just because you haven’t left the country, that doesn’t mean there’s less of a chance of your belongings being stolen or misplaced. With travel insurance, this eventuality will be covered.

Similarly, UK travel insurance will cover disrupted travel arrangements – if you’re travelling to your British holiday destination of choice by rail and your train is cancelled or severely delayed, you could make a claim on your travel insurance policy – provided you’ve remembered to buy one before setting off. This could be particularly useful if you’re travelling over a long distance – for example, Aberdeen to Brighton – and a delay meant that you missed your connecting train in London. What’s more, many UK travel insurance policies also include a certain level of medical cover – so if you are injured and need a private ambulance to take you to the nearest hospital or back home, your insurance policy should take care of this.

Insurancewide lets travellers compare UK travel insurance online, allowing users to request quotes and contrast policy benefits from different insurers across the market. In addition to purchasing travel insurance, Insurancewide is urging stay-at-home travellers – especially those who are caravanning or camping this summer – to check their car insurance policy for breakdown cover. Many motor insurance providers do not include breakdown cover as standard and travel insurance policies are unlikely to incorporate this feature either, so anyone planning on driving during their holiday should ensure that they are adequately protected.

About Insurancewide
Insurancewide, also known as Insurancewide.com Services Limited, is an online insurance comparison website offering insurance comparison tools that allow users to search the market and procure the best insurance policies and quotes. Insurancewide was launched in August 1999 as the first insurance comparison website on the internet. The site also powered tools used on popular website Confused.com. Insurancewide is FSA regulated.

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Business, Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

Insurancewide, A Leading Insurance Comparison Provider In The UK, Is Urging Insurers To Offer Consumers More Flexibility When It Comes To Health Insurance

The call comes shortly after Tesco Insurance announced it was launching new levels of health cover in response to a customer survey asking for greater flexibility towards private medical insurance. The insurer revealed that it would be adding three new cover options to its list of health insurance products: Operations and Procedures, Consultations and Tests and Additional Therapies. New customers will also have the option of getting three months free when they sign up to Tesco Health Insurance.

Although figures from the Association of British Insurers indicate that the number of people covered by private health insurance is on the rise, with a 2.7 percent increase registered in 2008, Insurancewide believes that further measures can be taken to make medical cover more accessible to the general public.

Making UK health insurance policies more flexible

Since the UK has provided its population with free health care on the National Health Service for over half a century, many Brits tend to look upon health insurance as a luxury rather than a necessity. Yet with medical threats like swine flu making their way closer to home, and NHS waiting times showing no signs of getting shorter, many people have effectively come to consider private health insurance as a requirement and a valuable source of peace of mind.

However, despite this widening market, many health insurers continue to sell general medical insurance packages without giving customers much room to tailor their policy to their own requirements. For instance, a family of four may wish to have a policy weighted towards paediatric care, while a young, single man in his twenties may want to purchase a health insurance policy containing options for alternative therapies such as acupuncture and physiotherapy. Others – especially people who already have a life insurance policy in place – may want to pay less for medical insurance without accidental death cover.

Insurancewide allows customers to compare health insurance policies across the UK market, making it simpler for users to request quotes and contrast policy benefits in order to choose a plan that’s right for them. However, to provide consumers with even more flexibility, the insurance comparison provider urges medical insurers to offer consumers greater choice to build policies to their own requirements, and offer policyholders insurance packages that are bespoke, comprehensive and affordable.

About Insurancewide

Insurancewide, also known as Insurancewide.com Services Limited, is an online insurance comparison website offering insurance comparison tools that allow users to search the market and procure the best insurance policies and quotes. Insurancewide was launched in August 1999 as the first insurance comparison website on the internet. The site also powered tools used on popular website Confused.com. Insurancewide is FSA regulated.

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Banks, Bonds, Checking & Savings, Financial, Financial Services, Interest Rate, Investment, Money, Personal Finance

NS&I Invites Voters To Pick Their Favourite Sustainable Garden At BBC Gardeners World Live

The NS&I sponsored Grow Your Own campaign is to showcase three gardens f r o m 10 June in Birmingham.

NSIgarden

For the second year, three unique and visionary garden designs have been selected to be displayed at the BBC Gardners’ World Live event. The designs all feature modernity, sustainability and growing fruit and veg as key themes.

Visitors to the show will be able to vote for their favourite garden in the Grow Your Own area of the show which is also supported by NSI. The overall winner of the NS&I Growing Gardens Today Competition will be announced live on the Grow Your Own area stage by gardening expert Carol Klein on Sunday 14 June.

Of the competition, Carol Klein said. “I am thrilled to be announcing the overall winner of the NS&I Growing Gardens Today competition this year. This year’s designs are hugely creative, incorporating recycled and sustainable materials while showing different ways to grow your own fruit and vegetables. NS&I is a big supporter of encouraging the public to grow their own in a sustainable and cost effective way.”

Visitors to the show will also have the opportunity to pick up good gardening money-saving tips and ideas for contemporary working gardens. Expert gardeners will be giving practical demonstrations and advice on growing and using fruit, veg and herbs.

The winners:
Sheila Jean Dearing, a former bio-medical scientist, f r o m Devon, has always been deeply interested in gardening and developed her passion further when she began cultivating her own gardens. Her design, ‘Forest to Fork’ (located at Stand GA25), combines creativity with science to produce a space that is both beautiful and practical. Designed using FSC softwood throughout, this garden demonstrates how a small space can be productive, low maintenance and eco-friendly with a modern feel.

Christopher Parry and Rene Humphrey f r o m Bath, both graduated f r o m the Oxford College of Garden Design in 2007 before going on to set up their own garden design business TwentyEightDesigns. ‘Urban Veg’ (located at Stand GA23) is the first show garden built by the duo and aims to show NEC visitors a contemporary space made for today’s city lifestyle. Designed with sustainability in mind, the garden includes many recycling components such as reusable materials, a sleek built in compost bin and reclaimed bricks for walls.

Sally Wilding-Webb f r o m Devon has a certificate in garden design and firmly believes that the roots of good garden design are in horticulture. Sally aims to show visitors that a garden can be a sustainable fruit and veg plot as well as an area of relaxation. Her design ‘Everything in the garden’ (located at Stand GA24), encompasses modern techniques – such as a pond to encourage wildlife, lavender to welcome bees for pollination and an array of fruit and vegetables. 

All three gardens are located in the popular Grow Your Own area at the show. Voting commences at 9am on Wednesday 10 June 2009 and closes at midday on Sunday 14 June 2009.

 

About NS&I
NS&I is one of the UK’s largest financial providers with almost 27 million customers and over £92 billion invested. It is best known for Savings Bonds, but also offers Inflation-Beating Savings, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range of savings accounts. All products offer 100% security, because NS&I is backed by HM Treasury.

About the RHS
The RHS is the UK’s leading gardening charity dedicated to advancing horticulture and promoting good gardening. Its charitable work includes undertaking scientific research into issues affecting gardeners, holding plant trials and educational events and activities.

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Banks, Bonds, Checking & Savings, Financial, Financial Services, Interest Rate, Investment, Money, Personal Finance

NS&I’s June Jackpot Of £1million Has Been Paid To A Surrey Resident, Who Bought His Winning Bond In March 2006

The winner, a gentleman from Surrey who wishes to remain anonymous, became ERNIE’s 233rd Premium Bond millionaire. He said of the win: “When Agent Million knocked on my door and told me that I’d won the jackpot I thought it was a practical joke! I’m still in shock but once the news sinks in I cannot wait to share the good fortune by treating my family to a lovely summer holiday.”

In Surrey, more than 535,300 people hold Premium Bonds worth £1.4 billion. There are more than 13,500 unclaimed Premium Bonds in total worth at least £796,000. This is the 13th time that the £1 million jackpot has been won in Surrey.

In March, NS&I announced that from the April prize draw onwards, one of the two monthly £1 million Premium Bond jackpot prizes will be replaced by a wider mix of other prizes in the monthly draws.

Similarly, a new £25 Premium Bonds prize has been introduced to the draws alongside the existing prizes (ranging from £50 to £1 million). These changes have been introduced because Premium Bond holders say that maintaining the chances of winning tax-free prizes on a regular basis is particularly important to them.

In June’s draw ERNIE paid out more than 1.1 million prizes, amounting to more than £33 million in value. There were 40,520,994,477 eligible numbers in the Premium Bond draw.

1. In June there were 1,125,583 prizes and a total prize fund of £33,767,475.
2. All Premium Bonds prizes are free of UK Income Tax and Capital Gains Tax.
3. Pictures of ERNIE (including the new ERNIE 4 machine), Agent Million and people buying Premium Bonds are available in high-resolution jpeg format from the NS&I media team.

About NS&I
National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments to almost 27 million customers. NS&I is best known for Premium Bonds, but also offers a range of savings accounts including easy access savings accounts, savings bonds, investment accounts and children’s bonus bonds. All products offer 100% capital security, because NS&I is backed by HM Treasury. Further information and digital images are available from the NS&I media team. An ISDN line is available for interviews.

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Business, Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

Taking Steps To Reduce Your Car Insurance Premiums

If you’re attempting to make savings on your household’s monthly expenditure, large outgoings such as car insurance payments can seem like a major drain on your resources. In fact, a recent Sainsbury’s Finance survey found that 579,000 people had reduced or cancelled their car insurance cover over the last year as a direct result of economic pressures. This is a worrying trend: car insurance may seem expensive if you’re trying to rein in your purse strings, but its benefits significantly outweigh its potential costs – particularly since car insurance is a legal requirement in the UK.

insurancewide

It’s important to remember that there are a number of alternatives to cancelling your car insurance policy or doing away with your vehicle entirely. By following a few prudent steps, you could actually make significant headway in your quest to find cheaper car insurance.

Reducing your car insurance, one step at a time

For starters, if you’re in the process of buying a new car, it’s important to choose correctly in order to ensure that your car insurance premiums aren’t too high. A Porsche , for instance, may seem like the ultimate in luxurious motoring, but the car insurance on such a high-end model will have a heavy impact on your wallet. Choose your new model carefully and consider its car insurance band before you make a purchase – safe, dependable models are definitely the right way to go, and your car dealer should be able to help you make a decision.

Once your insurance is in place, it’s important to protect your no claims discount. By preserving this, the likelihood that future insurance premiums will cost less is much higher and so, with the right amount of cautiousness, you’ll be making long-term gains. The easiest way to do this is to avoid driving when you’re less confident of your abilities – at night, in the snow or during periods of thick fog. You’re also much more likely to have an accident when you don’t know where you’re going, so invest in a satellite navigation system or make sure you have watertight directions when travelling to an unfamiliar location.

Limiting the number of people insured on your vehicle could also reduce the cost of your policy. For instance, if you, your partner and your children are all insured under your car insurance policy, its cost is likely to be much higher than covering yourself only. What’s more, people that drive your car only occasionally don’t need to be insured for an entire year – some insurers will let you insure extra persons for a day or a weekend, which can be a much more cost-effective option.

Looking for a new insurer

Sometimes the easiest way to get cheaper car insurance is simply to switch your insurer. Web-based insurance comparison sites provide a simple way to do this, allowing you to compare quotes as well as policy benefits. Some also offer introductory discounts – but if you’re choosing one of these policies, make sure you can afford the premiums once the discount period has elapsed. Ultimately, the key to finding a new insurer with cheaper cover is to carefullt shop around – with the right mixture of consumer know-how and prudent driving, you’ll have your premiums down to an affordable level in no time.

About Insurancewide

Insurancewide, also known as Insurancewide.com Services Limited, is an online insurance comparison website offering insurance comparison tools which allow users to search the market and procure the best insurance policies and quotes. Insurancewide was launched in August 1999 as the first insurance comparison website on the internet.

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Business, Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

Health Cash Plans Could Be Your Ideal Medical Insurance Option

Unlike in the United States, people in Britain very rarely think of health insurance as an essential outgoing thanks to the National Health Service (NHS), one of the world’s pioneers in the provision of social health care. However, as strains on the NHS grow across the country in the form of both population growth and the pressure to keep up technologically, many Brits are now considering health insurance as an added guarantee that they will be able to receive medical treatment – whether it’s public or private – in their hour of need.

insurancewide

Nevertheless, many of these people are also concerned about the effect this added expenditure may have on household budgets, particularly as the recession continues in the UK and fears of job cuts remain high. Yet it’s important not to let economic constraints get in the way of providing for your health – by looking in the right places, it’s possible to find affordable health care plans for both individuals and families. Health cash plans, for example, often provide a bespoke form of health insurance that can fit right into your monthly budget.

What you can get out of a health cash plan

Essentially, health cash plans allow you to claim back money against medical expenditure, including visits to the optician and the dentist – both areas of health care that are not completely covered by the NHS . If you have teeth that need special attention, this type of dental health insurance could be invaluable if it covers check-ups, dental x-rays and hygienist visits. What’s more, if you have less than perfect vision, optical costs covered by health cash plans often include prescribed glasses and contact lens subscriptions. Being able to claim back these costs could make a huge difference to your household budget.

Some health cash plans even provide insurance benefits which extend to complementary therapies, such as osteopathy, physiotherapy and even acupuncture. The ability to receive these treatments and claim back the costs on your insurance could make a significant difference to your quality of life. For instance, if you have a recurring back injury that is keeping you out of employment, physiotherapy treatments could be essential in helping you get back to work. In addition, acupuncture could be a beneficial way to beat the effects of stress, a common complaint during times of recession.

Compiling your health cash plan

To find the health cash plan that best suits your health insurance needs, it’s crucial to shop around to seek out the best deal. Some health cash plan providers may let you pick and choose your cover option in order to tailor-make your policy to your medical needs – a feature that could be particularly important if you suffer from a recurring condition. And with some insurance providers offering one month free or cash back benefits, you can be sure that you’ll find plenty of opportunities to find the health cash plan that’s right for you and your family.

About Insurancewide

Insurancewide, also known as Insurancewide.com Services Limited, is an online insurance comparison website offering insurance comparison tools which allow users to search the market and procure the best insurance policies and quotes. Insurancewide was launched in August 1999 as the first insurance comparison website on the internet.

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Business, Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

Patients Should Turn To Health Insurance For Dental Care, According To Insurancewide

As a recent study from SimplyHealth indicates that people in Britain are struggling with the cost of dental care, Insurancewide – a leading UK insurance comparison site – is urging people to turn to health insurance as a way of reclaiming this expense.

insurancewide

According to the Simplyhealth Annual Dental Survey released in April 2009, one out of every three Brits is struggling to find an NHS dentist, a figure that’s up from just under one in four in 2008. The situation is particularly bad in Plymouth, where over 50 percent of people cannot find an NHS dentist. What’s more, over half of the respondents said they were putting off visiting the dentist for fear of how much it may cost. As a result,Insurancewide is urging these patients to consider taking out a health insurance policy that includes dental cover as a long-term money saving measure.

What to expect in dental cover from a health insurance policy

Before choosing a health insurance plan with dental cover, it’s important to consider what’s most important to you – for instance, do you want regular check-ups with the dentist to be covered by your policy? Or you may consider emergency dental treatment a must in your cover options. Generally, most dental insurance plans will include cover for both these events, but it’s crucial to check your policy before purchase nonetheless.

With a comprehensive dental insurance policy in place, patients can often claim back 100 percent of their dental costs (as long as they fall within their annual limit for the year). Claims can usually be made straight away and cover may be extended to include other family members at a minimal weekly or monthly cost. Dental health insurance also gives patients the opportunity to visit an NHS dentist or private orthodontist. So not only could it help eliminate the unpredictable cost of visiting the dentist, dental cover could even make it considerably easier for patients to find dentists in their local area.

Insurancewide specialises in allowing people in the UK to compare health insurance providers across the market and obtain competitive health insurance quotes. By carrying out an insurance comparison, it’s possible to consider both the price of health cover and what’s included in particular policies. For instance, some health insurance plans may include dental cover as standard; others may offer it at a higher premium. Initially, health insurance premiums may seem like an extra monthly outgoing but their long term benefits are likely to make visits to the dentist both more affordable and convenient.

About Insurancewide

Insurancewide, also known as Insurancewide.com Services Limited, is an online insurance comparison website offering insurance comparison tools which allow users to search the market and procure the best insurance policies and quotes. Insurancewide was launched in August 1999 as the first insurance comparison website on the internet.

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Banks, Financial, Financial Information, Financial Services, Money

RxIndex Launched On BankRx.com

Bankrx.com has released RxIndex, a reliable and accurate measure of financial health of banks. The index is percentile ranking of the vitality and robustness of a given bank’s financial health banks with respect to the banks nationwide. The scoring is based on a number of macro and micro economic data. RxIndex can be used by a bank to reduce FDIC insurance premium, prepare for regulators, improve its credit worthiness, and minimize risk exposure vis-a-vis other banks. A very low RxIndex indicates a high probability of default.

bankrx

Determining a bank’s financial health is a complex matter. RxIndex encapsulates the inherent complexity of this process with the simplicity of a single score. This score will enable investors, analysts, bank personnel, consumers and job seekers to gauge the probability of a bank’s success.

BankRx is a web based service providing financial data and analytics to the banking and financial services professional. Consumers, analysts, and bankers alike will benefit from utilizing the peer groups available to measure and contrast similar institutions’ key ratios on www.bankrx.com. RxIndex is available for free to all levels of subscribers for the first thirty days.

The founders of BankRx have over 100 years combined banking experience. This experience is used to identify and accurately present the pertinent data in both a user friendly and economical manner. Banking executive George Patellis states, “The Rx Index is useful because it is easy to understand the score, which represents so much data. It is also very insightful to compare the capital adequacy and asset quality ratios within a peer group. The peer analysis model developed by BankRx is very comprehensive and has saved us a significant time and effort.”

Included as well is a post-mortem section, which takes a look at the statistics of recently failed banks. BankRx CEO Sunil Choudhary notes, “BankRx provides information that makes it easy for banks to measure their risk and prepare them for the new era of risk-based regulations. While our analytics are targeted at assisting banks analyze and reduce their risks, we want to point out that 80% of the 34 banks that failed so far this year, had a RxIndex of 2 or less out of a 100.”

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Checking & Savings, Costs, Financial, Financial Information, Financial Services, Money, Personal Finance

Tooth Fairy Tightening Purse Strings As Recession Bites

The Children’s Mutual’s annual Tooth Fairy Index has revealed that the average cost of a child’s tooth has fallen six per cent from £1.22 to £1.15. The index shows that even the Tooth Fairy is having to fight the economic gloom, giving away £1.3* million less this year than last, as the credit crunch extends its clutches to the magic realm of Fairyland.

Tooth Fairy Index

In 2008, the Child Trust Fund provider’s Tooth Fairy Index found the average cost of a tooth had risen by an impressive 16% on the previous year. But 12 months on, the tooth market is showing signs of decay as parents resist the ‘fairy pressure’ reported in previous years, with 24% now happy to pay less than average, stating this helps their children understand the value of money.

David White, Chief Executive of The Children’s Mutual said: “The fall in the value of teeth provides the perfect opportunity for parents to talk to their child about the value of money and the impact of the credit crunch. Talking about the value of money in terms children can easily understand can help them appreciate the importance of saving.”

Encouragingly, 55% of all children save some or all of the money the tooth fairy leaves in exchange for their teeth. Children in the South West have the most bulging piggy banks as over three quarters (77%) are saving their tooth pennies, while those in Scotland are choosing to splash their cash, with 51% spending all the money the tooth fairy leaves under their pillow.

The Children’s Mutual’s Tooth Fairy Index reveals that attitudes towards the tooth fairy vary widely across the UK. Children in Northern Ireland benefit the most from the tooth fairy’s generosity, as one in 8 children (12.5%) receive £5 or more for each tooth that wobbles free, whereas 12% of children in the Midlands have a gap in their purses as well as their mouths as they are forgotten by the tooth fairy altogether.

The report also indicates that the tooth fairy herself has changed over the years. Traditionally, the tooth fairy has been known for leaving money, letters, and a sprinkling of fairy dust on her nightly rounds, though some parents recalled receiving an orange, toys or a book as a special treat from the tooth fairy. Their children in turn are now the recipients of mobile phone credit and magazines as the tooth fairy flies into the twenty-first century.

About The Childrens Mutual
The Children’s Mutual’s mission is to help parents, grandparents, family and friends fulfil their hopes for today’s children and secure their financial futures. The company specialises exclusively in family-focused finance products, and is currently the choice of 1 in 4 parents for Child Trust Funds.

The Children’s Mutual, as an expert in savings for children, made a significant contribution to the Government’s Child Trust Fund consultation process and is widely recognised by the business community and press as an industry expert on family finance. This expertise has led several financial institutions and family-focused high street retailers to choose The Children’s Mutual as their stakeholder Child Trust Fund partner.

A breakdown of the average amount of money left per tooth in each region of the UK is available upon request.

All research conducted by 72 Point who interviewed 2070 parents with children aged 5-15 in May 2009
* Average number of children aged 6-11(4.8m) losing 4 teeth per year x the average tooth fairy rate of £1.15 – average number of children = 4.8m x 4 teeth per year = 19.2m; 19.2m x 1.15 = £22.8m. Last year’s value = £23.4m – this year’s value of £22.08 = £1.32m

The Children’s Mutual has a large database of case studies available. David White, The Children’s Mutual Chief Executive, is available for interview. 

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Banks, Bonds, Checking & Savings, Financial, Financial Services, Interest Rate, Investment, Money, Personal Finance

National Savings And Investments (NS&I) Has Increased The Interest Rates On Its Income Bonds By 1%.

The revised interest rates came into effect from 20 May 2009 for Income Bond customers.

nsandi

Guaranteed Income Bonds are intended to provide investors with a100% secure monthly income at a competitive variable interest rate. This no risk guarantee to the investment capital is possible because National Savings and Investments is backed by HM Treasury. Income Bonds can be cashed in at any time with no notice and no penalty and income can be paid directly into a bank or building society account or into a NS&I Investment Account or Easy Access Savings Account.

The combination of complete security and the increased interest rates are expected to make NS&I Income Bonds especially attractive in the current economic climate.

NS&I constantly reviews savings products offered by other providers and has made this decision to take into account the rates available on other types of products which might be considered by Income Bond customers. NS&I continues to follow a pricing strategy designed to balance the interests of its savers, the taxpayer and the stability of the financial services market.

The interest rates on NS&I’s other savings products, including NS&I’s Guaranteed Income Bonds, will remain unchanged.

This brings the new Income Bonds variable gross rates* to 1.7% p.a. (1.71% AER**) for savings of £500 – £24,999 and 2% p.a. (2.02% AER) for savings of £25,000+.

*Gross means the taxable rate of interest without the deduction of UK Income Tax
**AER stands for Annual Equivalent Rate and enables the comparison of interest rates from different financial institutions and across different products on a like-for-like basis. It shows what the notional annual rate would be if interest was compounded each time it was credited or paid out. Where interest is credited once a year the rate quoted and the AER will be the same

 

About NS&I
National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments to almost 27 million customers. NS&I is best known for Premium Bonds, but also offers a range of savings accounts including easy access savings accounts, savings bonds, investment accounts, and children’s bonus bonds. All products offer 100% capital security, because NS&I is backed by HM Treasury. Further information and digital images are available from the NS&I media team. An ISDN line is available for interviews. 

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Checking & Savings, Costs, Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money, Personal Finance

Leading Child Trust Fund Provider, The Children’s Mutual, Has Announced The Launch Of A Very Different Return Of Premium Term Life Insurance Policy

thechildrensmutual.co.uk

Traditional Term Insurance products ask people to pay regular insurance premiums on the understanding that if the person insured dies during the policy term a payment will be made to the family or executors. But, if the person insured survives the term neither they nor the family will receive anything back.

The Children’s Mutual has teamed up with insurance experts ACE Europe Life Ltd to offer customers the ACE Return of Premium Term Life Insurance policy, which gives families the financial security of up to £100,000 cover in the event of death, combined with a guarantee that if the worst doesn’t happen all premiums paid will be returned. This ensures that, as well as peace of mind throughout the term, policy holders will have something to look forward to at the end of it too.

Designed to be easy and affordable as well as rewarding, the Return of Premium Term Life Insurance can be applied for online by simply completing 4 straightforward questions to check eligibility. There is no medical to pass and the length of term is selected by the applicant at the time of submission – f r o m 5 to 18 years – to reflect personal circumstances and requirements.

David White, Chief Executive Officer of The Children’s Mutual, leading Child Trust Fund provider, commented: “We are delighted to announce the launch of what we believe to be the only product of this kind in the UK. We have worked closely with ACE to develop a form of Term Insurance that will offer our customers reassurance and value throughout as well as giving them an added reward at term end.”

The new ACE Return of Premium Term Life Insurance policy has been created to provide a win-win situation for policy holders – with protection for loved ones should the worst happen, and money back if it doesn’t.

Benefits include:

– Peace of mind for the whole family
– Up to £100,000 of cover 
– All premiums back if the holder survives the full policy term
– Quick and easy application process 
– Variable length of policy – f r o m 5 to 18 years 
– Affordable monthly payments

To celebrate this innovative new product, a special introductory incentive is being offered, where policy holders pay just 99p a month for their first 2 months of cover. Additionally, if the partner of a policy holder also takes out cover, then they will pay just 99p a month for the first 2 months as well, plus receive 15% off all their monthly premiums after that.

About The Children’s Mutual

Home of the Child Trust Fund The Children’s Mutual’s mission is to help parents, grandparents, family and friends fulfil their hopes for today’s children and secure their financial futures. The company specialises exclusively in family-focused finance products, and is currently the choice of 1 in 4 parents for their child’s Child Trust Fund.

The Children’s Mutual, as an expert in savings for children, made a significant contribution to the Government’s Child Trust Fund consultation process and is widely recognised by the business community and press as an industry expert on family finance. This expertise has led several financial institutions and family-focused high street retailers to choose The Children’s Mutual as their stakeholder CTF partner.

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New Premium Club By M&S Money Will Offer Shopping And Travel Membership Benefits Exclusively To M&S Credit Card Holders

M&S Money has launched its new Premium Club which will offer shopping and travel membership benefits exclusively to M&S Credit Card holders – including both new and existing customers.

M&S Money

M&S Premium Club membership benefits include triple loyalty points on the M&S Credit Card* for all shopping at M&S, both in-store and online, special treats throughout the year, including birthday gifts and seasonal treats, and worldwide multi-trip family travel insurance, which includes extra cover for winter sports and independent travel.

Amanda Newman, M&S Premium Club Manager, commented: “Premium Club offers our credit card holders more of what they want from M&S, with exclusive access to a collection of benefits and rewards with an overall value several times the cost of membership.

“Our customers love the M&S loyalty scheme and, with Premium Club, they will get their money back in many ways. Being able to earn triple points has created great excitement with customers, as they will get three times the reward for the same amount of shopping at M&S.”

Existing M&S Credit Card holders can apply to join Premium Club at M&S stores, by phone or online. New customers can apply for the credit card and M&S Premium Club via the same methods, using just one application form.

New research** commissioned to celebrate the launch of M&S Premium Club confirms that shoppers are on the look-out for value. In order to save money, over a third of those questioned (35%) said they’d buy a package of goods that’s worth more than the price they paid. A further 19% regularly collect loyalty vouchers and money off coupons.

Shoppers are even more intent on being rewarded for their loyalty, with nearly two thirds (64%) expecting to receive extra loyalty rewards, and a further 50% wanting discounts on items they buy regularly. On the customer service side, 38% would like recognition and being treated with courtesy, and another 24% want to feel special and receive free gifts.

* M&S Credit Card 15.9% APR typical variable (the rate received will depend on assessment of the customer’s circumstances). 
** Research carried out on behalf of M&S Money by YouGov 24th to 27th April 2009, among 2,221 people aged 18 and over.

About M&S Money:
M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top ten credit card provider and the second largest travel money retailer in the UK. M&S Money also offers a range of insurance cover, including home insurance, car insurance, pet insurance, and wedding insurance, as well as loans, savings and investment products. In November 2004, Marks & Spencer sold M&S Money to HSBC. The Group serves customers worldwide from around 9,500 offices in 86 countries and territories. With assets of US$2,527 billion at 31 December 2008, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank’. M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

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Struggling Borrowers Should Get Debt Advice Before Cutting Back

Financial solutions company Think Money have advised people who are struggling to repay debt tocarefully consider how and where they cut back on their spending, following the release of a study showing that millions of people have cut back on insurance in the past 12 months in order to save money.

The report from Sainsbury’s Finance estimated that almost one million (946,000) people have either cancelled or reduced their home contents insurance cover in the past 12 months as a direct result of their financial situation, while over half a million (532,000) have cancelled their life insurance policy for the same reason.

Meanwhile, 432,000 car owners were estimated to have reduced the amount of car insurance they had, while 349,000 people reduced their home buildings insurance and 104,000 reduced their pet insurance.

A debt expert for Think Money said that while cutting back in certain areas could be a good way of saving money in the recession, people should be careful about where they decide to cut costs.

“For example, increasing numbers of people are buying food from ‘budget’ stores, rather than the ‘big’ supermarkets they are used to, which can save a lot of money. Likewise, people are buying more second-hand cars, eating out less, etc. – and these are all relatively sensible areas in which to cut back.

“However, when it comes to cutting back on insurance, people are taking a risk. Insurance is there for a reason: it protects against unexpected large bills that can occur at any time. Without it – say, the person’s house is flooded – people can find themselves in a far worse financial situation than if they had simply kept their insurance policy, and that brings a real risk of falling into debt.”

The Think Money spokesperson added that even cutting back in ‘sensible’ areas is not the key to financial security, unless people are strict with their finances.

“Setting a strict budget is a very important part of financial management, and that budget must be realistic in terms of how much needs to be put aside for essential costs and how much can be kept back for non-essential spending.

“People should also ensure that if they are freeing up money by cutting back, that money should be put towards their debts rather than non-essential purchases.

The spokesperson said that anyone who finds that cutting back on costs alone is not enough should seek professional debt advice.

“Ideally, anyone who finds themselves struggling to repay debt should speak to a professional debt adviser at the earliest opportunity. A debt adviser can help the borrower to establish the best course of action for reducing their debts – and the sooner this happens, the less difficulty the borrower is likely to face.”

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Caution Advised Over Student Debt

Responding to a new survey suggesting that students were spending more money and receiving more financial support than ever before in the last academic year, financial solutions company Think Money has advised students to remain aware of the longer-term costs of using credit during their education.

The company added that while student finance is a useful and necessary means of funding education, students should be aware of the potential implications of getting into large amounts of debt, and should ideally avoid using credit that may have strict repayment terms, such as credit cards and personal loans.

The study by the Department for Innovation, Universities and Skills, which looked at the 2007/2008 academic year, found that higher tuition fees have increased first-year student spending by 12% in just three years.

This means that students are now completing their first year of university education with an average of £3,500 debt. If this continued each year on a three-year course, the average student could end up with over £10,000 of debt.

Despite this, the study found that fewer students were taking part-time jobs to help fund their education, falling from 58% in the previous survey (2004/2005) to 49%.

Although spending had risen by 12%, students’ income had risen by 15%, including loans for tuition fees (which are paid directly to universities).

Melanie Taylor, Head of Corporate Relations for Think Money, said that students should be careful to distinguish between normal student debt and additional credit.

“Student Loans from the Government are designed to be paid back in relatively small instalments after the student finishes their education, and only once they are earning enough to meet the minimum repayment threshold – currently £15,000 per annum. In that respect, student loan repayments are rarely a worry for graduates.

“Many students are concerned about the levels of debt they may be faced with on leaving university, but in reality this should not impact much on their lives at all, and people should not feel ‘priced out’ of further education, regardless of their background.

“However, it can become a more serious issue if the student uses other forms of credit, such as credit cards. Since these usually require repayment shortly after they are first taken out, these forms of credit can place a burden on students’ finances that they may not be able to manage.”

Mrs Taylor added that anyone who does find themselves with debts that they cannot manage should contact an expert debt adviser at the first sign of trouble.

“For anyone who gets into debt and realises they are unable to make their repayments, the most important thing is that they seek advice as soon as possible.

“There are a range of debt solutions available that can help people in various situations. A professional debt adviser can discuss the borrower’s situation in confidence and help them to decide which is best for their individual needs.

“Most debt solutions require a constant income, which can put some students at a disadvantage – but a debt adviser can still offer free, valuable advice that could help them to get their finances back in order.”

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Barclaycard To Pilot New Visa Corporate Card

Barclaycard has announced its involvement in piloting a new a payment card, in association with Deloitte and Visa Europe.

As well as being a standard Visa Corporate card, this innovative new card enables Deloitte employees to remotely access their company IT system via a virtual private network (VPN). The card has a keypad and LCD screen embedded into it, to allow users to enter their PIN and generate a one-time use passcode. This passcode is then authenticated by Deloitte’s VPN. In addition, the card ensures that cardholders have the convenience of only having to carry their Corporate Barclaycard without the need to carry a separate security token or device. The technology that the card uses was developed in conjunction with EMUE Technologies.

The Barclaycard pilot is the first corporate card pilot of the Visa Credit Card with one-time code functionality in Europe and is expected to reduce user costs substantially compared to using a separate token device for remote network access. In addition, Barclaycard’s proven capability will provide improved information on card usage with up to date transaction statements available online.

In addition to supporting remote network access, The Visa Corporate Barclaycard features other applications. It is compatible with Verified by Visa which could prevent card not present (CNP) fraud and identity theft associated with online banking, telephone authentication and other remote channels.

Barclaycard’s leading role in the piloting of this new card was recognised when it won the ‘Best use of innovation within Visa systems or services’ award at the recent Visa Europe Insights event.

The award highlighted Barclaycard’s commitment to using technology in an innovative way to bring additional benefits for its customers.

Neil Radley, Managing Director of Barclaycard Commercial, commented: “This product is an ideal solution for our corporate customers as it effectively combines two items in one; as well as being a standard Visa corporate card it incorporates a token which enables safe and secure virtual private network (VPN) access. We are delighted to be developing this innovative card with Visa Europe.”

Simon Owen, Senior Partner who leads the Information and Technology Risk practice at Deloitte, said: “The EMUE technology enabled Visa Corporate Barclaycard offers real benefits for card issuers based on our own experiences of providing staff with one-time code functionality for remote access. We estimate that we could save up to 65% per user over having a separate traditional token device.”

Sandra Alzetta, Senior Vice President for Innovation at Visa Europe, commented: “Innovation is a key factor in Visa Europe’s continued success and growth. We are continually working to make Visa the most secure and convenient choice for both corporate and consumer cards. By embedding a battery, PIN pad and LED screen in a payment card, we believe we are offering the most innovative card product in the marketplace.”

About Barclaycard 
Barclaycard, part of Barclays Global and Retail Commercial Banking division, is a leading global payment business which helps consumers, retailers and businesses to make and accept payments flexibly, and to access short-term credit when needed.

The company is one of the pioneers of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future. It also issues credit and charge cards to corporate customers and the UK Government. Barclaycard partners with a wide range of organisations across the globe to offer their customers or members payment options and credit.

In addition to the UK, Barclaycard operates in the United States, Europe, Africa and the Middle and Far East.

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Barclaycard Reduces Balance Transfer Fee

Barclaycard has announced that it is reducing the balance transfer fee on its 0% for 12 months Barclaycard Platinum balance transfer deal with immediate effect.

The change means that the current balance transfer fee on the Barclaycard Platinum card has been reduced to 2.5% of the amount transferred from the previous level of 3%. This offer is available for any transfers made within 60 days of opening an account, on amounts up to £5,000. The reduction means customers will be able to save £25 on a £5,000 balance transfer onto the Barclaycard Platinum.

The reduction in the balance transfer fee following the Barclaycard announced in February that it was reducing the annual percentage rate (APR) on its Barclaycard Platinum credit card from 14.9% down to 12.4%. This means that at the end of the promotional balance transfer period, the rate on the card will revert to ne lower rate of 12.4%.

Commenting on the reduction, Amer Sajed, Managing Director of Barclaycard UK said, “This reduction will mean customers looking to move their balance now have to pay less to get a market leading deal”.

Along with services like identity protection, fraud monitoring, purchase delivery protection and contactless payment technology, the new lower rate will help to further consolidate Barclaycard Platinum’s position as the market leading credit card in the UK.

Notes to Editors
The reduced balance transfer fee is available through the Barclaycard website. Barclaycard reserves the right to withdraw this offer at any time. Terms and Conditions apply. Barclaycard is subject to application and status. This offer is only available to new customers.

About Barclaycard:
Barclaycard, part of Barclays Global and Retail Commercial Banking division, is a leading global payment business which helps consumers, retailers and businesses to make and accept payments flexibly, and to access short-term credit when needed.

The company is one of the pioneers of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future. It also issues credit and charge cards to corporate customers and the UK Government. Barclaycard partners with a wide range of organisations across the globe to offer their customers or members payment options and credit.

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Debt Management: The Earlier, The Better

Responding to news that the Credit Services Association (CSA) has agreed that its members will grant 30 days’ ‘breathing space’ to borrowers who have fallen behind on their debt repayments, debt management company Gregory Pennington has advised struggling borrowers to take advantage of the opportunity to seek expert debt advice.

gregorypennington

The CSA, which represents debt recovery agencies in the UK, says the addition to its code of practice is “one of a series of positive measures being introduced […] to ease the pressure on debtors”.

It comes after discussions between the CSA and the Department for Business Enterprise and Regulatory Reform (BERR) aimed at helping the increasing number of people getting into trouble with debt.

The CSA said that it “acknowledged that the present economic environment is placing greater pressure on debtors, and debts are increasingly being passed to agencies for collection”.

Starting from the moment that the borrower informs the debt recovery agency that an accredited debt adviser has been appointed to the case, debt recovery agencies will take no further action to recover the debt for a 30-day period. Borrowers can use this time to establish the best way to tackle their debts, with the assistance of their debt adviser.

Consumer Minister Gareth Thomas said: “This new 30-day rule will give people a breathing space to help them take control of their finances as well as encourage them to seek help from debt advisers.”

A spokesperson for Gregory Pennington said: “This 30-day period will give struggling borrowers some room to do something about their debts before a debt collector will take any action. This has become more important in recent months, with the economic downturn putting pressure on many people’s finances.”

However, the spokesperson reminded borrowers that their situation with debt doesn’t have to go as far as dealing with debt collectors, as taking the right action early can often set the borrower on their way to becoming debt-free.

“A debt collector will rarely get in touch with a borrower unless they have fallen quite significantly behind on their debts. With that in mind, the best course of action for anyone struggling to repay debt is to get in touch with a debt adviser at the first sign of problems.

“Debts can grow very quickly – and the higher the interest rate, the more rapidly they will grow. That means that the further the borrower falls behind on their debt repayments, the more costly it may become.

“We advise that people who are having difficulties with their debts should not hesitate to get expert debt advice. The sooner the problem is addressed, the sooner it can be solved.

The spokesperson added that finding the right kind of debt solution can be a huge step forward for people who are looking to clear their debts.

“There are a number of debt solutions available to help people in various situations with their debts, and a professional debt adviser can offer guidance on the most suitable solution for a borrower’s circumstances.”

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Saving & Debt: Base Rate Should Not Discourage Caution

Commenting on the recent spate of base rate cuts – and the resulting 0.5% base rate – financial solutions company Think Money pointed to the potential implications of the Bank of England’s actions over recent months, and urged savers not to risk debt problems by turning their backs on saving.

“In the short term,” a Think Money spokesperson began, “it’s important to realise that many people – the vast majority of the country – haven’t benefited from these cuts in any way at all. A full 50% of the UK’s 11.75 million mortgages are fixed-rate deals, 40% tracker and 10% SVR (standard variable rate).

“Clearly, anyone on a fixed-rate mortgage won’t benefit any more than someone who’s renting their home. As for SVR deals, lenders aren’t obliged to pass on any reductions, and many have passed on only part of these cuts. Even people on tracker deals haven’t universally seen their interest rates drop by the full 4% since October, as many of those deals have come up against their collar.”

In the longer term, there’s the question of what lessons people will take with them once the recession is over. Many people on fixed-rate mortgages will be looking at the low rates on offer today, calculating how much they could save if they switched and comparing this against the cost of the early repayment charges they would pay if they left their current mortgage early.

“In future, they may be unwilling to sign up to fixed-rate deals – or at least reluctant to sign up to the longer-term fixed-rate deals which come with more substantial charges for early repayment.

“In other words, some may be tempted to sign up to a tracker or SVR deal the next time the base rate reaches 5 or 6%, believing that another fall will soon follow. There’s nothing inherently wrong with variable deals, but they’re not suitable for everyone: people whose monthly finances can only just cover their mortgage payment should think very carefully before committing themselves to a deal with an interest rate that could go up as easily as down. For people in that situation, erring on the side of caution – and taking a fixed-rate mortgage – could be far more sensible.”

The other long-term effect of these base rate cuts, of course, could be in the country’s attitude to savings. Now that the average interest rate on instant access accounts has plummeted to little more than 0%, interest is simply not keeping pace with CPI (Consumer Price Index) inflation – and for people who aren’t paying variable mortgages, this figure is more relevant than the RPI (Retail Price Index) measurement.

“We would, however, stress that interest is by no means the only reason people should build up their savings. With or without interest, a savings account is its own reward, helping people cope with financial challenges without running into debt problems.

“Even so, the thought of watching savings shrink in real terms may be enough to put many people off saving in a standard savings account. This could be terrible news: whether they stop saving altogether or feel they need to ‘gamble’ their money in higher-risk investments, they could be leaving themselves open to all kinds of debt problems in the future.”

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Barclaycard Announces The Conclusion Of A Project To Create A New Range Of Corporate Imagery, Whilst Simultaneously Fostering Some Of The Best Up And Coming Talent In The UK Industry

Barclaycard undertook a project to hire four semi-professional photographers in order to create a new set of imagery that moved away f r o m the traditional metaphors and financial services conventions.

barclaycard

Unusually for a big business, when Barclaycard realised it needed fresh creative images to sit with the new visual identity, and its customer promise, “One Step Ahead”, it decided to bypass the usual route of enlisting established corporate photographers. Instead the credit card and payment acquiring business set up a new programme to uncover some of the most talented semi-professional photographers and help them to get their career on the road.

The four photographers chosen – Australian Noel McLaughlin, Russian Natalia Urazmetova and fellow Brits Stuart Hendry and James Ellerker – were tasked with producing shots around a central theme of liberation that were warm and had a natural feel. The brief requested genuine situations with real people and with a clear focus on a key moment within the image.

Sharon Zimmerli, Senior Design and Identity Manager, Barclaycard said: “Our image content needs to remain optimistic and positive and must be intelligent and imaginative enough to engage our audience. By entrusting our brief to photographers who are inventive and talented, but not yet accustomed to the conventions of corporate photography, we were able to create fresh and engaging imagery to fit with our brand.”

The project was in many ways inspired by the success of social media photo sharing site flickr. When Barclaycard sourced notional images to demonstrate the style of photography which fit best with the new visual identity, most of the images that were deemed a neat fit were f r o m flickr.

About Barclaycard 
Barclaycard, part of Barclays Global and Retail Commercial Banking division, is a leading global payment business which helps consumers, retailers and businesses to make and accept payments flexibly, and to access short-term credit when needed. The company is one of the pioneers of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future. It also issues credit cards and charge cards to business banking customers and the UK Government. Barclaycard partners with a wide range of organisations across the globe to offer its customers or members payment options and credit. In addition to the UK, Barclaycard operates in the United States, Europe, Africa and the Middle and Far East.

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