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Reminder: the charity for this year's LifeSearch Industry Party (on Thursday 26th November) has been selected. It will be the carer’s charity Crossroads Care, which has been nominated by the Independent On Sunday’s Julian Knight. Hope to see you there to celebrate.
Issue of the month
Structured Personal Finance lessons in schools is crucial
Why, when we have an economic crisis which was caused in part by a lack of financial understanding among consumers, do the political and governmental powers refuse to accept that a properly structured programme of personal finance lessons in UK schools is crucial to the future of our economy? There are very loose references in the curriculum towards financial education, but we need more. There are a number of independent organisations doing good work in schools along these lines - it's now time for those in power to step up and do what's right.
That is why LifeSearch has set up a petition to urge the Government to begin properly structured personal finance lessons in schools as a core part of the curriculum. This is a glaring hole in our education system and the country's economic future. At present there appears to be no will to fix it. We need personal finance lessons in schools. It's time to change the status quo.
Round up
9 - number of rate changes since the last bulletin (AXA, Friends Provident (x3), Fortis, L&G (x2), LV=, Scottish Provident)
60 - the % of LifeSearch advisers surveyed recently who say product is the most important factor when recommending a provider
97 - the % of LifeSearch advisers surveyed recently who believe that providers cutting premiums when an exclusions is added to a Critical Illness policy helps sales
98 - the % of LifeSearch advisers surveyed recently who want all Income Protection providers to publish claims statistics
Case study of the month
Client: Mr and Mrs Lilly
Needs: The client wanted two Life Insurance policies to cover a repayment mortgage and two children.
Our recommendation: the client was given full advice about other important non-life insurance products, as well as advice that he and his wife should take out two individual policies instead of joint life cover. However, he received a quote from a non-adviser who was willing to offer him a slightly cheaper price and wavered on which company to use.
Result: after dealing with both companies the client stayed with LifeSearch. This was because of the quality of advice and customer service, but also because LifeSearch were able to write both policies into trust for free. As a LifeSearch client Mr and Mrs Lilly now have access to the counselling and support service Red Arc for free, as well as our claims desk on their side who will fight their case for them if there is a problem at claim time.
(If you need a case study, feel free to get in touch and we'll find one for you).
LifeSearch Comment
You can read the LifeSearch response to the FSA's RDR paper here.
Please feel free to leave feedback.
Hero of the month
- Skandia...
...who released their CI claims statistics for the first 7 months of 2009. The amount of claims they paid out on has risen to 92% and no claims were declined for non-disclosure. Great news for consumers and the image of CI in general.
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