Bulletin 12, 2007
Round up
2 - the number of life insurance rate changes announced since the last bulletin, Legal & General and Friends Provident (Are we set for another record year of life insurance and protection rate changes? Could we start seeing 'daily' pricing?)
4 - the number of health events in July including Alzheimer's awareness week
33% - the number of absences within the financial sector due to musculoskeletal problems*
39% - the number of financial services companies who record the cost of sickness absence to the company*
50% - the number of companies within the financial sector who do not have a strategy in place to reduce sickness absence, despite the fact that nearly 50% of employees have 6 or more days off sick each year*
74% - the number of employers within the financial sector who believe it is the Government’s responsibility to improve health and wellbeing*
85% - the number of employers who don’t pay for their employees to have a health cash plan*
* Research from Employee Benefits magazine, sponsored by Healthplan provider HSA.
LifeSearch contacts in June/July
A quick note to let you all know that after this week I will be away on holiday until mid-July. In my absence please contact either Matt Morris or Maggie Johnson as follows:
Matt Morris / 0207 065 1020 / mattmorris@lifesearch.co.uk
Maggie Johnson / 0207 065 1054 / maggiejohnson@lifesearch.co.uk
Also, congratulations to our last competition winner, which was freelance journalist Sam Barrett. We'll launch a new competition in July.
Out of context
'LifeSearch gives life insurance and protection advice?!'
'I've had so many suggestions as to what to do with my lucky knickers you wouldn't believe'
'Will you be here for the fire alarm test? I don't know, when is it? I can't tell you.'
'I've not been socialising much lately...'
'I myself have never been to band camp'
Comments of the week
'On top of not having a strategy with regards to absence, many financial services companies are not putting benefits in place to help stem absence. This year’s results show that 85% of employers don’t pay for their employees to have a health cash plan. Health cash plans offer a variety of healthcare benefits that can help employees return to work more quickly and give employees money back towards everyday healthcare costs which can help to promote health and wellbeing.'
Abby Bowman, Communications Manager at HSA
'The media is increasingly, and to a dangerous degree, driven by impact, which is unravelling standards and driving them down. In these modes it is like a feral beast just tearing people and reputations to bits, but no-one dares miss out.'
Tony Blair speaking to Reuters
Heroes of the week
AXA
While we cannot mention specific details, we were very pleased with the manner in which Axa recently handled a sensitive and difficult claim. The situation was resolved openly, sensibly and fairly with a mutually acceptable outcome to all concerned.
While this is not always the case with life insurance and protection, it helps to have an adviser on your side who knows the industry inside out and will support you throughout any difficult times.
UNUM
Who this week announced several improvements to their Income Protection contract including improved reviewable and guaranteed rates (an average reduction of around 20%), an increase in the maximum annual benefit to £200,000, an increase for Essential Ability Cover (for those in higher risk occupations) annual benefit to £25,000, improved Guaranteed Insurability Options and removal of the pregnancy exclusion from all income protection contracts.
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