Norwich Union: Wet conditions worse for accidents by Finance News Bulletin
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Published: 30/01/07
Perhaps unsurprisingly, accidents that occur in damp conditions on Britain's roads cost more than those that take place when the climate is rain-free, according to Norwich UnionThe average cost of damp weather accidents is 27 per cent more than dry condition incidents and this could be due to the fact that UK motorists will only somewhat adapt their driving styles to the greasy road, says Eric Nelson, spokesperson for Norwich UnionMr Nelson remarked: "The wettest days consequence in a 40 per cent increase in accidents Again you are considering there grip and visibility
When it has rained a group we are seeing that drivers only slow down by 3 to 4 per cent when it is raining and they are not increasing their stopping distance"He went on to speak British drivers should start adapting their driving styles to the conditions of the road in order to cut down on the amount of accidents occurringWhen buying Norwich Union car cover online, customers can save up to ten per cent and are
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Is equity release a good move? - Published:13/03/07
Betty and Ted Trowbridge love their house on the Isle of Wight The pair retired there 20 years ago after running a pub for many existence in Oxfordshire Now Betty, 74, and Ted, 83, are keen to carry out house improvements and improve their carThey also want to add a shower space downstairs in the event that either of them becomes less mobileThe couple's semi-detached home in Ryde is value £200,000 and builders say improvement work will price £20,000Three months ago, they started looking into evenhandedness release to fund the work and met with an adviser from Prudential's life mortgage divisionIt was important to the couple that they had a face-to-face meeting because they had plenty of questions about the implications of equity release, particularly as they have four grown-up children'We looked at a few options before contacting Pru,' says Betty 'I thought the lifetime mortgage alternative was the right one and meeting the adviser helped us approach to the right decision'Betty and Ted's adviser, Ed base, was with Pru's direct sales power until 1999 - it closed in 2001 - and rejoined the company to work in face-to-face recommendation for equity let go when the service launched in August last year He says business is thrivingBetty and Ted's £20,000 mortgage will come through in the next few weeks, so building work on their home can begin Interest on the loan, set at 669%, will roll up and will be added to their loan during their lifetimeThe amount anyone can borrow on a life mortgage relative to the home's value depends on their age There is nothing to pay now and Betty and Ted can wait in their home until they die if they wishThe loan and interest will be repaid out of their land when the home is sold, usually on the last death If this was in ten years, in Betty and Ted's container, the amount repaid would be £37,332 It would go up to about £51,000 in 15 yearsBut even if property prices drop or the couple live longer than expected, the amount owed can never be more than the property's value This is a obligation of all equity let go productsToday's 50 and 60-year-olds will have a combined £14 trillion in equity in their properties by 2020, says marketplace psychoanalyst DatamonitorClearly, the equity release market is set to grow But there are other choices obtainable and Peter Fisher at Help the Aged's independent equity let go advice service says homeowners should approach the decision with caution'meet as much information as possible and research your options,' says Fisher 'engage your children and think about what other savings you have'About half of homeowners who seek advice from Help the Aged finish up not going down the equity release route, opting for assist from their relations, downsizing or claiming benefits they did not realise they were entitled toJanet Davies of Warwick Butchart connections in Bidford-on-Avon, Warwickshire, which specialises in mind home funding, says: 'An independent financial adviser, ideally with qualifications in lasting care planning, together with advice from a solicitor, is the most excellent approach'Consumers require to understand the implications of their choice It will affect the legacy you leave your brood, it could impact on any condition benefits you claim and there could be penalty for long-term care funding if that is needed at some stage'The alternative to a lifetime mortgage is a home deterioration plan There are a number of providers of both life mortgages and home reversions, including Bristol and West, GE Life, input Retirement Solutions and Norwich UnionThe industry association Ship (Safe house Income Plans), which represents 95% of the market, has details of providers With a house reversion plan, owners sell all or part all of their home to a bank or insurance company in go back for a lump sum and the right to exist in the property for lifeThe sum salaried depends on the applicant's age and health, but is always less than the value of the proportion of the property in use by the finance company Reversions are less popular because they are not regulated by the Financial Services Authority, however, the FSA will begin overseeing the marketplace next month life mortgages have been regulated since October 2004Frank and Elizabeth Johnson took out a deterioration plan seven years ago with Home & assets, based in Bedford The couple who were both 71 at the time, were given a lump sum in return for a piece of the value of their three-bedroom house in Weston-super-Mare, Somerset They received independent financial and legal advice'We were looking to addition our retirement income as I only have a small confidential pension,' says forthright, who before retirement worked in motor accident repairs 'After talking to our three children, we decided the deterioration suited our needs We like the supple nature, which meant we could move house without a problem'Frank, a eager pigeon fancier, and Elizabeth have used the money to put in a new bathroom and repair the top - and to enjoy a few holidays Last day, the couple, both aged 76, exercised the right in their reversion plan to move home without penalty They now live in a novel property in Rainham, Kent, near their two daughtersDOWNSIZING: go out and Don Lawson chose in the direction of move in the direction of a cmaller propertySelling up and moving to a cheaper, smaller home is almost always the most cost-effective way to release equity because you realise the factual market value of your house A recent survey by specialist financial collection Saga revealed that 40% of retired people who found themselves hardup in retirement moved house to decrease their cost of livingOn average, downsizers release £112,000 of evenhandedness when moving down the ladder, says online estate manager propertyfindercom Sally Lawson, 69, and companion Don, 73, from Dorking, Surrey, sold their four-bedroom house, where they lived for 14 existence, for £320,000 in 2001 and bought a lesser cottage in Climping, West Sussex, for £250,000 Sally, a retired consultant and explanation manager for a cosmetics firm, says she and put on, who ran his own joinery commerce before retiring, needed to get at the money locked up in their homeThe couple, who have three grown-up children, were judgment the large property difficult to run 'We looked at equity release schemes, but we didn't think they represented high-quality value,' says Sally 'We didn't like the idea of charitable up part of our home to a bank or insurance company'Sadly, put on had a stroke in 2002 so the couple moved back to Dorking, where they live in a twobedroom Linden Homes flat with wheelchair right of entry 'I'm glad we downsized,' says Sally, who cares full time for put on 'It may have been complicated and expensive if we'd had an equity let go plan and needed to move'Contacts: Safe Home profits Plans, ship-ltdorg, 0870 241 6060; Financial armed forces Authority, wwwmoneymadeclearfsagovuk, IFA Promotion, unbiasedcouk, 0800 085 3250Select a loan term 12 months (1 day 24 months (2 years) 36 months (3 existence 48 months (4 existence 60 months (5 existence 72 months (6 existence 84 months (7 existence 96 months (8 existence 108 months (9 existence 120 months (10 years)Please select a type of cover Life cover Home and contents Car stop working services Health - medical Health - dental Travel Pet - afflict Pet - cat GOThinking about investing in possessions This is Money has the best information.
Read More: Is Equity Release A Good Move? >>Windfall blow for long-termers - Published:15/01/07
Long-standing Norwich Union policyholders may take delivery of smaller windfalls than those who bought tactics more recently, if the proposed distribution of the insurer's £4bn of inherited estate - the extra in its with-profits finance - goes aheadWINDFALLS: Norwich Union wants to redistribute surplus with-profits funds but long-term policyholders may miss outDon't fail to spot your chance to tell us what you think of This is Money and help us form its futureSorting your finances is simple, so simple you can do it in eight ladder Forget the rest and read thisClare Spottiswoode, who as Policyholder Advocate is acting for Norwich Union customers in the proposed diagram to redistribute the money, has said that those whose policies have been in force longest may get smaller windfalls than newer savers because they have less to misplace in the dealHowever, she confirmed that all 12m eligible policyholders could expect a smallest amount payment of £100Nothing concrete has yet been decided about how - or indeed if - the vast pool of inherited estate will be alienated among policyholders and shareholdersNorwich Union's close relative company Aviva has indicated it favours a distribution if an accord can be reached between policyholders and shareholdersBut Spottiswoode voiced the argument in good turn of newer savers collecting better windfalls at the first public meeting with policyholders in Edinburgh last weekShe said: 'It might be that big policies about to mature get less cash, as these policyholders are giving up fewer future benefitsThis would overturn the usual system applying to windfalls, where bigger policies and long-standing customers scoop better sumsBut when the 120 policyholders attending the Edinburgh meeting were asked to take part in an election on the proposal, only 10% thought such a distribution would be fairchoose a loan term 12 months (1 year) 24 months (2 natural life 36 months (3 natural life 48 months (4 natural life 60 months (5 years) 72 months (6 years) 84 months (7 years) 96 months (8 years) 108 months (9 years) 120 months (10 years)Please select a type of cover Life cover Home and contents Car stop working services Health - medical Health -.
Read More: Windfall Blow For Long-Termers >>Norwich Union: Insurance industry must raise prices - Published:20/12/06
next a decision by Royal Bank of Scotland Insurance to raise its interest rates, a spokesperson for Norwich Union has said that the insurance industry is losing cash and as a result must raise premiumsSince September, have an account of Scotland has raised the price of insurance by five per cent and it is the latest among a host of large cover providers who have increased premiums, such as Norwich Union, who has raised premiums by an average of 16 per cent in the last few monthsOnce Norwich Union moved to lift its prices, many other insurers followed suit and Royal have an account of Scotland cover maintains that the increases are necessary due to the piece of information that claim settlements were costing more than the amount brought in by premiumsErik Nelson, representative for Norwich amalgamation, said: "Insurers are a business and any business needs a profit and on the motor side of the business we are not making any income and haven't for some years In those terms you could say the client has been getting almost too good a contract for too long This enlargement has not been sustainable Things needed to change"Mr Nelson went on to state that Norwich Union is losing ten per cent of all premiums that the company is securing and said it was inevitable that one of the.
Read More: Norwich Union: Insurance Industry Must Raise Prices >>