Tag Archives: insurance

Insurer scraps upper age limit on single trip policies for Europe

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Over 50s insurance specialist Staysure has announced the removal of its upper age limit restrictions on its European single trip travel insurance policies.

Staysure couple image

Recognising the challenges older travellers face when searching for affordable travel insurance, Staysure will now expand its cover options to include customers aged 85 and over when travelling to Europe, enabling even more holidaymakers to fulfil their travel plans regardless of their age. While an upper age limit will still remain on some long haul destinations, the company has removed the restriction to allow its older customers to continue visiting their most popular holiday destinations, such as Spain, Turkey, Greece and Cyprus.

Staysure Head of Product Alison Longdon said: “We pride ourselves on being able to react to our customers’ needs and go the extra mile in creating products and services that suit their lifestyle. Getting affordable travel insurance in your 80s and 90s can be very difficult and expensive, whether due to age or existing medical conditions, so this change in our service offering for our most popular destinations is yet another step towards making our customers’ travel dreams come true and opening doors that were previously closed to them.”

Staysure CEO Ryan Howsam said: Since the launch of our Sure You Can! campaign, our customers continually tell us of the amazing things they do and what they get up to on their holidays and we’ve genuinely been impressed by the stories they share with us. It just goes to show that our customers really do want to live life to the full and fulfil their travel aspirations and our cover can enable them to achieve it.

SYC still 1

Staysure’s single trip travel insurance is ideal for holidaymakers looking for a great value, straightforward policy to cover one trip. Comprehensive single trip travel insurance includes cover for medical emergency and repatriation, up to ÂŁ10m; cancellation, curtailment and trip interruption, up to ÂŁ5,000; baggage loss, up to ÂŁ2,000; personal liability, up to ÂŁ2m and legal protection to cover up to ÂŁ25,000.

More information can be found at Stayure.co.uk. Terms and conditions apply to the age limit for long haul destinations. There is no upper age limit for single trip policies unless you are travelling to the United States of America, Canada, the Islands of the Caribbean, Bermuda, Mexico, Thailand, China or Hong Kong, where you must be 85 or under at the time of purchasing your policy.
Changes will be taking effect from February 2015.

www.staysure.co.uk/travel-insurance/single-trip

Half of couples risk leaving partners without income

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Almost half of couples over the age of 40 have failed to make financial arrangements to ensure that their other halves will continue to receive an income on the death of their partner

Nearly 1 in 5 women plan to rely on their partners’ retirement savingsold couple

Just two in five (42 per cent) couples over the age of 40 in the UK have made arrangements to ensure that one partner will continue to receive a retirement income after the other dies, according to new research from Prudential1.
Almost half of couples over the age of 40 have failed to make financial arrangements to make sure that their other halves will continue to receive an income on the death of their partner

Women are most at risk, with nearly one in five (18 per cent) planning to depend entirely on their other halves for their retirement incomes, compared with just two per cent of men.
The insurer’s annual Couples’ Conversations study, which provides insights into the finances of  co-habiting couples over the age of 40, also found that joint retirement planning discussions have declined over the past twelve months.

Nearly half (47 per cent) of couples have never discussed the impact that one partner’s death could have on their current pension arrangements – a 13 per cent increase since last year.

Couples in the North East are the least likely to have made joint retirement arrangements. Almost two thirds of couples (65 per cent) in the region admit to not having made plans to ensure they will continue to receive an income in retirement, should they outlive their partner. Those in the Eastern region are the most savvy when it comes to financial planning, with nearly three quarters (72 per cent) claiming to have some arrangements in place.

Vince Smith-Hughes, retirement income expert at Prudential, said: “When a couple is planning for retirement, it is understandable that they would want to focus on the positives – like what they will use the extra time for.

“However, putting some time aside to discuss sensitive issues, like life after the death of your partner and the financial implications that it might have, is a vital part in ensuring the right financial arrangements are in place for the future. These conversations are especially important for those who are planning to rely on their partners for their retirement income.

“The changes to pensions and how people can access their retirement incomes announced in the Budget in March will provide savers and retirees with more choices. As a result, it has never been more important for couples to discuss their retirement planning arrangements. There is plenty of free information available on this issue from independent organisations such as The Pensions Advisory Service (TPAS), while a consultation with a financial adviser or retirement specialist will help many couples to plan more effectively together for the future.”

The study shows just one in five couples (20 per cent) have shared pension saving arrangements, while 65 per cent have their own individual arrangements. One in ten (11 per cent) have made a will but won’t have any other financial arrangements in place should they find themselves in this unfortunate situation.

For further information on how couples can successfully plan for retirement together and for Donna and Vince’s hints and tips on having the right conversations, please see our Couples’ Guide

Table One: Joint Retirement Arrangements

Prudential table

1 in 5 couples has no financial plan for retirement

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New research from Prudential has found that couples in the UK are happy to talk about their money, but struggle to turn these conversations into concrete financial plans for the future.

olderrunners

The annual survey, analysing attitudes to money and retirement planning among co-habiting couples aged 40 and over, found that nearly four in five couples (79 per cent) have discussed their finances in the last year, but more than half (52 per cent) admit that these conversations haven’t led to them agreeing a target figure for their joint retirement incomes.

  • 4 in 5 couples have discussed their finances in the last year
  • But more than half have failed to turn these conversations into financial plans for the future
  • Nearly 1 in 5 couples don’t even know where their main retirement income will come from

This figure rose to more than two thirds (67 per cent) among couples aged 45 to 54 – the crucial years in the lead-up to retirement.

This failure to turn conversations about money into actual plans for the future is further demonstrated by the fact that although nearly three fifths (61 per cent) of couples over the age of 40 have discussed retirement planning in the last year, one in five (18 per cent) still admit to not knowing where their main source of retirement income will come from.

Even more worrying is the fact that a quarter (25 per cent) of couples over the age of 40 have retirement funds that will only provide an income for life to an individual – rather than to their partners as well.

Prudential’s research took place six months after the Chancellor of the Exchequer announced sweeping changes to pensions, savings and retirement income choices in the 2014 Budget. Three-quarters (74 per cent) of couples over the age of 40 said that they are aware of the changes, and 29 per cent of them have discussed the implications with their partners.

However, despite this apparent awareness of the choices and opportunities now facing savers and retirees, only one in five (20 per cent) couples over the age of 40 say that one or both of them has consulted a financial adviser in the last five years, and only one in 10 (nine per cent) have had a joint meeting with their spouse and a professional adviser or retirement specialist. Meanwhile, the vast majority (70 per cent) of couples have never seen a financial adviser to discuss their retirement plans.

Vince Smith-Hughes, retirement expert at Prudential, commented: “The gulf between those who are aware of retirement issues and recently announced Budget changes, and those who discuss the implications openly with their other halves is alarming. However, simply having conversations about money is not enough. Taking action always needs to be the next step.

“For many couples, the first step to agreeing and securing a target income in retirement should be seeking professional financial advice together. As retirement becomes a more immediate prospect, a professional adviser or retirement specialist can help couples to make the right decisions about generating an income in retirement.

“Independent organisations such as The Pensions Advisory Service (TPAS) provide information free-of-charge to couples who are embarking on those often tricky initial conversations about retirement planning.”

Donna Dawson, psychologist and relationship expert says: “Although money appears to be a straightforward black and white issue about numbers, it is actually a very complex and emotional subject. Money discussions can often lead to disagreements between couples – misunderstandings, sulky silences and angry rows.

“One way to reduce the emotional impact of financial discussions is to write things down, so that the options can be viewed by both partners objectively. Writing down the pros and cons of situations can help to clarify and contextualise the issues. Once couples start to discuss their finances, they should stick with the discussion until they find a solution – calling in a financial adviser if necessary.”

Is your pension a mousetrap?

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Final salary pensioners are being urged to explore options to mitigate risks posed by the growing pension deficit threat, following reports of a potential cheese share-price war in the UK.

The warnings from Reece Fallaize, Global Technical Adviser at deVere Group, one of the world’s largest independent advisory organisations, come after shares in Dairy Crest, makers of Cathedral City cheese, tumbled on Friday following reports that it could face increasingly strong competition from supermarket brands.

Mr Fallaize explains: “To plug a blackhole in its pension scheme, last year Dairy Crest put £60m worth of cheese into the fund. Therefore, pension members maybe negatively affected should the market value of cheese fall.

“Potentially, pension members may see the scheme’s funding decrease which in turn could lead the trustees of the scheme to make some amendments to members’ benefits to reduce the pension liabilities.”

He continues: “This example of how a possible cheese price war could hit retirees’ income should offer a wake-up call for all members of final schemes.

“Despite rising equity markets and global outlook looking relatively rosy, companies are still struggling to fund their pension schemes.

“The pension deficits for FTSE 350 companies reached an all-time high of £113bn at end of May 2014.

“It is important for pension members to understand exactly what represents a risk to their pensions and how these can be mitigated.

“In the same way people have their cars regularly serviced, it is now more important than ever that individuals seek independent advice on an annual basis to ensure that they fully understand their pensions and how much they are likely to receive in retirement.

“Regularly reviewing and taking action, where appropriate and possible to do so to keep on track with your financial planning strategy, will mean that you’re less likely to receive an unwelcome financial surprise when you come to retire.”