Life Insurance Search

Households may find they have more money in their pockets after one sector commentator claims that inflation is set to ease during 2009.

According to a spokesperson for NS&I, as inflationary pressures lessen on home food, fuel and utility bills, people will find they have more disposable income.

But it will take the strength of their will to put this money to one side, rather than spend it.

Indeed, placing extra cash into a life insurance policy could result in financial stability for a household should a family member bringing in an income be diagnosed with a serious medical condition.

"A really worrying fact is that about 12 per cent of people are saying they either didn't have the time, or didn't see the need to save," the spokesperson says, adding that few individuals are in a position where they do not need to put money away.

Such people may include those with partners, children or a mortgage, all of which may need financial support - through critical illness cover, for example - should the worst happen.

Meanwhile, Friends Provident found that Britons think that £832 a month is the average amount they will need to live comfortably during retirement.

People have decided that there are more important things they can spend their money on than celebrating this new year's eve, research reveals.

Out of those individuals opting to stay in tomorrow (December 31st) night, 81 per cent cite better use of money as a reason as to why they are not celebrating elsewhere, NS&I discovered.

And more women (84 per cent) than men (78 per cent) are taking this savvy saving approach to next year, although one important reason for putting money aside could be in order to invest in a life insurance policy for 2009.

Commenting on the findings, Dax Harkins, senior savings strategist from NS&I, states: "The onset of the new year is an ideal time to give personal finances a health check, to work out budgets and to set your savings goals for the year ahead."

Indeed, shoring up cash for critical illness cover could ensure that should a family member be unable to work through a serious illness, a household is financially protected.

Meanwhile, the Association of British Insurers recently urged people not to lie about their smoking and drinking habits to obtain cheaper life insurance as the consequences could prove "disastrous".

Lying on a life insurance policy about habits such as smoking and drinking could lead to potentially serious consequences further down the line.

Such is the claim of the Association of British Insurers (ABI), which states that Britons are leaving out information about daily consumption of alcohol - as well as how many cigarettes are smoked a day - in order to get cheaper life cover.

But this move is not recommended by Nick Starling, the ABI's director of general insurance and health, who states: "Honesty is the only policy. Cheating to get cheaper insurance puts your cover in jeopardy, with potentially disastrous consequences."

He adds that shopping around to find the best life insurance deals - such as critical illness cover - will result in people receiving the best type of policy for them.

Indeed, seeking the help of a financial adviser could be one way for individuals to ensure that their loved ones are protected should the worst happen.

Over half of Britons believe that the best time to seek such help is between the ages of 20 and 30, Halifax recently revealed.

People may not be budgeting properly for unexpected health bills and are unaware how much they spend on this.

Such is the assertion of HSA, which claims that 58 per cent of the nation do not know their outgoings when it comes to visiting the optician, dentist or physiotherapist.

Over 60 per cent of people spend less than £10 a month on inner health, including a trip to the dentist, the survey reveals.

"Budgeting for health is much easier than people might think and could prevent a hefty bill or time off work should health problems prolong or go undetected," claims Abby Bowman from HSA.

Furthermore, people should make their wellbeing a priority for 2009 in order to avoid costly consequences, she adds.

As such, taking out a life insurance policy such as critical illness cover could financially protect a household should a family member be diagnosed with a serious medical condition.

Meanwhile, PruHealth recently claimed that perceived costs is one reason why people do not lead as healthier lifestyle as they could.

Registering to become a transplant donor is not something that people put at the top of their list of priorities, a claim suggests.

According to Richard Tibenham, from UK Transplant, people are not only concerning about how their families will react, but are worried that signing up will highlight their own mortality.

Indeed, while a life insurance policy could ensure that loved ones left behind have a financial platform to cover everyday costs, a transplant could lead to the recovery of someone else's family member.

As such, Mr Tibenham also states that making a will is another move that people often put to the bottom of their to-do list.

The National Transplant Database of April 1st to November 30th 2008 shows that 7,949 people were waiting for a transplant, compared to 7,626 the year before.

Life insurance such as critical illness cover could ensure that while a person is unable to work because of a serious medical condition, their household still receives cash to help with the decreased income.