If you currently have life insurance or are looking to take cover – now is the time to buy.

“How much will my premiums go up?”

The Association of British Insurers (ABI) estimate that women could see a 20% increase on their premiums, this will affect the prices of single and joint policies.

“How can I make sure I don’t get affected by this?”

Although December might seem like a long way off, smart consumers know that now is the best time to start shopping around.

The good news is that the ABI have stated that consumers who buy cover before 21^st December 2012 should not be affected by the price change.

Buying a fixed/ guaranteed rate plan now means you can avoid the possibility of extra costs after the rules change.

Do not Forget to Place your life policy in a Trust

This can be done cost free when setting up your policy. This will help to make certain that your policy:-

• Pays the right money ( no 40% deduction for inheritance tax)
• Pays the right beneficiaries
• Pays in good time without any probate delays which could be at least 3 months

Contact Richard Whitaker at Mark Gregory Ltd for more information and a review of your protection needs.

Office: 01296 381382 mobile: 07967142783 e mail: Richard@markgregory.uk.com

The changes will take effect in December, so if you want your female clients to take advantage of cheaper life insurance, the message is clear: now is the best time to sell it to them.

It’s not just working mums who need life insurance. Despite the fact that many women bring home the bacon, there are still as many who are at home cooking it. The value of the work a mum does around the home could be as much as £30,000 a year.² This includes the cost of household chores such as cooking, cleaning, ironing, and shopping, as well as the cost of bringing up the children. The day-to-day costs of looking after the little ones have gone up 8% over the last 2 years, from £132 a week to £143.

Even those mums who have part-time jobs don’t hugely reduce the amount of time dedicated to parenting – the value of part-time working mums comes to £28,664. By showing your female clients how the cost of the work they do at home mounts up, you’ll show them how important it is to plan for a future where mum might not be there.

At the moment, over 50% of mums don’t have life insurance, so there’s a huge market out there. With the government’s austerity measures hitting families hardest, and the cost of living continuing to rise, a chance to protect mums while the cost is low could be just what your clients want to hear.

You can use our ‘Unfortunately, the housework is never going to do itself’ sales aid to show your clients why protecting mums is so important. And if you register your email address you can personalise the sales aid with your own details and logo too.

Sources: ¹ ABI research paper, ‘The use of gender in insurance pricing’, 2010. ² And all other figures,

However, a recent report from the National Association of Pension Funds found that many people do not include their finances in these thoughts. As a result, pensioners are missing out on as much as £1 billion in potential income¹.

It all looks so simple

If you have been saving into a pension, either with your employer or on your own, you will likely get an offer from the provider just before (they think) you are due to retire. This will quote an income which they guarantee to pay you in exchange for your hard earned savings. It will all look very easy –sign on the dotted line and everything is sorted out for you.

However, the NAPF’s report suggests that taking this offer could cost you dearly. You could end up settling for an income which, had you spent a little time checking the competition, could have been significantly increased by another provider.

 Take every penny

 There are many different options available at retirement and lots of providers fighting to get your business. With the competition so fierce, it is essential that you check every offer to find the most suitable solution and maximise the income you receive.

 It is the lack of action which has led the NAPF to conclude that pensioners are losing £1 billion.

 Their advice is therefore, shop around. Not only does this allow you to seek out better offers, it also gives you the chance to consider different factors. Inflation, for example, and health. The Association of British Insurers² suggest that as many as 49% of people have lifestyle issues (eg: smoking, high blood pressure) or suffer from health conditions (eg: cancer, diabetes) which could increase the income they receive even further. Sadly, only 13% actually do anything about it.

 You have nothing to lose

 Our retirement review service is designed specifically to help you to make the right choice – and maximise the income you receive.

 We take a detailed look at who you are, what plans you have and what can be done – and then seek out the best solution for you.

If you would like more information, call our office and we can discuss the benefits, without any obligation on your part. It will take only a few minutes – but could end up adding hundreds of pounds to your income just when you finally have the time to enjoy it. 01296 381382 e mail

Sources: 1: NAPF/Pensions Institute Report: ‘Treating DC scheme members fairly in retirement’ Feb 12; 2: ABI ‘Annuity Purchasing Behaviour’ Sept 10; 3: Partnership, exact enhancements will depend on the individual’s circumstances.

The FSA believe Consumers may be being misled about the services they are receiving from price comparison sites. For example, consumers may believe that they are receiving a quote based on their individual demands and needs when they are actually receiving an illustrative quote based on a set of generic risk criteria.

To find out more follow this link:- CLICK HERE

12 May, 2011

The second annual Scottish Widows Priorities of Life Index shows that of the 17 million adults who cannot focus on their finances as much as they’d like, 21% said this was because they had too much debt to feel financially secure, 32% are not paid enough, and a quarter (25%) simply try not to think about money in their day to day lives.

Commenting, Iain McGowan, savings expert for Scottish Widows, said: “Our financial security and savings are suffering as we struggle to prioritise what really matters when it comes to financial stability. We all know how important it is to save and make time to look after money worries, but a 35% of all of us admit our financial security or savings are not being prioritised nearly enough.”

Around 19 million people (38%) say they are focusing less on their savings than they would like, of which 11 million (60%) say this is because they can’t afford to save more than they currently are, and six million (33%) only focus on their short term finances at the moment. And 11% of all Brits say the one thing they wish they had more time for was saving for the future.

But when it comes to prioritising essential life admin, one third (33%) of people have less than two hours to devote to their most important priorities outside their every day routine of working, eating and sleeping, with those between 35 – 54 years old having the least amount of time to do this. Ideally, people would have an extra 3.5 hours each day to spend with their family, on their health and doing their hobbies, but their current lifestyle doesn’t allow for this.

If people were given an extra day a year for ‘life admin’, 17% said they would use it to make sure their finances were in order, 14% said they would spend the time making a realistic budget, and one fifth (21%) said they would make sure they were paying the lowest household bills possible.

Iain McGowan continued: “Even though the recession may be officially over, the importance of having a financial cushion to fall back on is at the front of a lot of peoples’ minds, but time and money constraints prevent them from being able to do the things they need to in order to feel as secure as they would like.

“It’s extremely worrying that so many people bury their heads in the sand. By carefully planning their finances for the future, they could avoid a lot of this worry in the long-term.”

ASK Mark Gregory Ltd for a financial health check  click here

The British Bankers’ Association launched a judicial review in January in response to the FSA’s approach to the handling of PPI complaints.

The FSA suggested that retrospective compensation should be in place for the mis-selling of PPI, which would lead to up to £2.7bn in compensation being paid to 2.7 million people. The ruling means all cases will now have to be judged on today’s regulations and not those at the time, which could have consequences for other areas of the financial services sector. Since the BBA launched its legal challenge in October 2010, the FOS has been receiving up to 5,000 PPI cases each week.

Natalie Ceeney, chief ombudsman, says: “This judgment is very clear-cut – and it confirms that the ombudsman’s approach to PPI complaints is right. People have been waiting a long time while the banks’ legal action has been ongoing. I would now like to see financial businesses showing real commitment to sorting out their customers’ complaints efficiently and promptly.”

 A spokeswoman for the BBA, says: “We are disappointed with today’s judgment and now need to consider the details of it very carefully as well as next steps, including whether it would be appropriate to apply for permission to appeal.

 “Any complaints that are directly affected by the judicial review and therefore can not be decided will continue to be placed on hold until the next steps have been decided. We will continue to work closely with the FSA to ensure that all complaints are appropriately handled and customers are not disadvantaged.

“Customers who are considering making a complaint or who have a specific query about an existing complaint should contact their bank in the first instance.”

If you want any advice on your situtation please call us on 01296 381382 – or e mail  richard@markgregory.uk.com

 This means that those of you with CASH ISAs returning less than this will not be losing quite so much money in real terms as last month!

 DID you know that:-

•  You can transfer your ISA without losing your previous year’s allowances.
• The Full ISA allowance has increased to £10,680 for this tax year
• An ISA is free of income and capital gains tax
• A CASH ISA will not have any Capital gains!
• You can select the right level of risk to suit you.
• There is an ISA which will pay back your original investment or the current value which ever is the higher if you die in the first ten years
• You can make regular payments into an ISA
• You can make regular withdrawals from an ISA

 Talk to Richard at Mark Gregory to find the best ISA for you – 01296 381382 – info@markgregory.uk.com 

 WARNING – If your CASH ISA is returning less than inflation you will lose money in real terms, the value of an Investment ISA may go up and down.

10 February, 2011

The latest research from Age UK Enterprises, the commercial services arm of charity Age UK, reveals that 66% of those aged 60 and over own their homes outright yet of these just over a third (34%) of all those aged 60-plus have only the state pension as their main source of income.

For some of those who are asset rich and cash poor, an equity release plan could provide an additional income which could help make their retirement more comfortable – yet over 91% of homeowners aged 60-plus say that they would not consider the option.

In the last year, over one in 20 (7%) of 60-plus respondents had tried or considered ways of generating additional money to live on with around a third (37%) of these having gained work – with, specifically, around 1 in 8 (13%) taking on freelance work such as gardening or being a handyman.

Whilst not suitable for all, Equity release could provide a useful source of income for some. Research found that of those homeowners in later life who would not consider releasing income from their home, 27% want to leave their property to a relative. A further 25% don’t think equity release is appropriate for them while 17% did not trust equity release products.

Commenting, Gordon Morris, managing director of Age UK Enterprises said: “Many people reach retirement and realise that the state pension will not provide the comfortable lifestyle that they had hoped for. During their working lives, they will have worked hard to pay off a mortgage and it may be that when they retire, their home can be used to supplement a meager pension.”

Talk to Richard Whitaker at Mark Gregory Ltd for advice 01296 381382

10 February, 2011

A new report from Bright Grey reveals that 46% of working women currently describe themselves as the main earner in their household. But it’s not all good news as the Women and protection report also suggests that women are actually less likely than men to have financial back-up should they suddenly be unable to work.

The ‘Women and Protection’ report – which examines the financial role of women in the household today – reveals that women are not only increasing their earning power but they are also gaining a stronger financial voice in the home. Over three in five (61%) working women state they are the most likely to raise money discussions in the home, compared to a lower 57% of working men who state they would raise them.

When it comes to crunch time, working women are also just as likely to make the financial decisions in their household with nearly half (44%) of all working female surveyed stating they predominately make the financial decisions in their household – compared to just over half (53%) of working men who state they would make them. Almost three in five (59%) of married couples say they consult each other on all financial issues.

Yet despite females bucking the traditional trend of males being the financial decision-makers it appears they are failing to financially protect themselves as over two million working women (16%) say they do not have a savings account. Meanwhile, over a third of working females (35%) say they do not currently have a pension in place, compared to 30% of working men.

In terms of protection insurance products, over half (53%) of working women admitted that they have no life insurance cover in place, a product that is aimed at protecting their families in the event of their death. Over four in five (84%) working women do not hold income protection products, while a similar number of working women (78%) do not hold either a critical illness policy or private medical insurance (81%).

Roger Edwards, proposition director at Bright Grey said: “As earnings levels even up and the level of financial responsibility in households is more equally divided, women could be putting themselves at risk by not protecting their income – especially if a household is dependent on their salary.
“Bright Grey is calling for women to have adequate financial protection in place for themselves and their families. By buying a protection product that pays out if they are unable to work due to a serious illness or disability, women can ensure they protect both their household income and current lifestyle. There are various affordable protection options in the market, and it is critical that women in the UK who are increasingly running their household finances are protected.”

Ask Richard Whitaker at Mark Gregory Ltd for advice