Britons in their millions are putting their dependents in potential financial troubles due to an inability of keeping their life insurance policies up to date at different points of life.
It is approximated that greater than five million people are toying with the prospects of their partners. Three out of every five with life insurance have conceded they must to update their cover level resulting from a modification in their own situation. Events such as marriage, children, buying a house or one with a larger mortgage, all life altering, could all significantly affect monetary commitments.
Despite this, millions are failing to account for these changes and hence not reassessing their life insurance cover. The greatest personal circumstance change is usually a change in work for those who have bought life insurance. After this it is having children, and then marriage.
Consequently if you are seeing any important life changes in the horizon then correct cover should be in place in light of the worst happening, and must not be overlooked. Many obtain life insurance after buying a new home to make sure that, if they cannot pay, they will be protected.
In case the worst does happen, you will still have financial help due to the safety net that is, life insurance, and provides those with the peace of mind that, if they die, their dependents would have the funds to preserve their standard of living.
These new statistics are charted from the failure of 43% of mortgage holders to protect their mortgage contributions through life insurance. Of those which pay a mortgage, and who are not covered by life insurance, are normally individually liable for an exceptional balance in excess of £44,000
So safeguarding your family and yourself financially against unpredicted changes in circumstances must be at the top of your agenda at all times.
On NYE energy tariffs will end. Unlucky for some?
The end of 2014 may also be the end of your electricity tariff – and changed to a higher one.
On 31 December, 13 fixed energy tariffs will expire. These include, M&S Energy, SSE, iSupplyEnergy, Scottish Power, Npower and EDF Energy.
According to experts, this could result in people paying close to 8% greater compared to if they changed to a better deal.
Consumers of the Eastern location distribution, which incorporates Greater London and East Anglia, and placed on Scottish Power’s Online Fixed Price Energy December 2014 tariff, could be expected to face the greatest bill increase of £144.93, when changed to the company’s £1,177.32 standard tariff.
There has never been a time to search for a better deal than now. Many great deals are available right now, and especially better than a provider’s standard tariff. As a matter of fact, currently available are nine annual sub-£1,000 dual fuel tariffs.
13 Energy Tariffs to Expire on NYE
A study of the energy industry has found that 13 of the most common energy tariffs will terminate. This will typically find consumers paying 8% more on their energy bills. Bills will typically rise by £80 as a result of energy plans from providers such as M&S Energy, iSupplyEnergy, SSE, Npower, Scottish Power and EDF Energy. The worst hit may find their annual bill increase by up to £145.
When a consumer’s tariff finishes, they are immediately placed on the more costly standard tariff hence an increase in price. This shocking news must encourage energy consumers to take charge of their bills and change tariffs as quickly as they can. What is common in the energy industry is that switching suppliers can take between four to six months to totally complete, so those that take too long to act will face high prices for longer in the upcoming year.
If you are someone on a tariff that is soon to finish, a ‘Price Increase Notification’ form should be expected from your supplier, which will let you know when your tariff ends. Once this is received, you need to begin the course of changing tariffs, the quicker, the better. Your current provider may offer a tariff to maintain your loyalty; however it must be stressed that taking a few minutes to research the market completely and find the deal that best suits your needs would be ideal.
If the UK Government doesn’t rethink their energy strategy, fuel poverty could be inevitable
A new study from the government’s Committee for Climate Change has found greater actions must be undertaken to assist Britain’s poorest families to keep their homes heated. The report has hinted an increase of 36 pence a day for a typical household bill by 2030 as a consequence of new clean energy subsidies that were announced because of a £100 billion investment into infrastructure. Although, these price hikes cannot be afforded by many of UK’s worse off households’.
Another recent announcement, this time by George Osborne, of slashes to energy efficiency schemes to only £800 million, from £1.4 billion. This choice has been heavily criticised by the Committee for Climate Change, who believe energy efficiency is the right direction to drive and increase value for money.
It is believed insulation provides a greater value for money than building roads; however £100 billion has just been announced for infrastructure but nothing for insulation. Placing the entire insulation cost on to bills is not realistic it seems, as many cannot afford it.
The government have created policies to cut polluting emissions, allow lights to stay on and reduce energy usage at the smallest cost possible to electricity and gas consumers. They are adamant they are lending a hand to assist energy efficient solutions via schemes like Green Deal and the ECO. Schemes such as these have allowed the installation of energy efficiency measures in more than 819,000 homes and an additional 600,000 homes will see benefits by 2017.
Although, with households bills scheduled to increase by more than £130 annually before 2030, there is a clear indication that more is still required.
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