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Getting Technical
Waiver of Premium is an additional charge option that protects the monthly life insurance premium in the event that the policyholder is unable to work, and hence unable to keep up the premium payments on their policy.
Practically this means Waiver of Premium is designed to protect the insurance in the period where the policyholder might be most at risk, in the period of a sustained illness.
Waiver of Premium costs are typically around 2.5% to 3.5% of the premium to be covered, and are dependent upon the life assured’s occupation.
Some occupations cannot be covered for waiver of premium, as the insurers regard protecting this income as too risky (e.g. Professional Sportsman).
All our “advised” solutions recommend Waiver of Premium is taken as most customers don’t want to run the risk of losing their life insurance cover following a period of long term illness, when they might need it most.
NEWS
Researchers find cancer gene
02 May 2007 12:19:19
A small percentage of people carry a gene that makes them less susceptible to cancer, according to Scottish scientists.
Dundee University researchers found that carriers of a variant of the CYP1B1 gene – less than ten per cent of humans – are able to fight cancer more effectively than people with the unaltered gene.
The variant gene enables people to break down a cancer-causing protein three times faster than normal rates, leading to a lower risk of cancer.
Derek Napier, chief executive of the study's backers, the Association for International Cancer Research (AICR), said the research could lead to greater understanding of the causes of many forms of cancer.
"We believe it is important to fund work that pushes the boundaries and…the team in Dundee have produced important work which could in future change the lives of tens of thousands of people in the UK and across the world," he said.
The discovery follows other recent discoveries in genetics, with Swedish researchers finding a gene mutation that increases the risks of breast cancer.
'Cystic Fibrosis drug trials show promising results'
28 March 2008 17:27:36
Trials of an oral drug to treat cystic fibrosis (CF) have shown promising results so far, the Cystic Fibrosis Foundation has announced.
Life insurance policies may be affected by the research which found patients who took the drug for two weeks saw significant improvements in areas affected by the disease, including lung function.
Scientists working on the second phase of ongoing clinical trials for VX-770, an oral drug which targets a basic defect in CF, reported good results and could affect other studies of treatments for the illness.
Dr Robert Beall, president and chief executive of the foundation said: "The emerging data for VX-770 represents the most exciting results we've seen from a Phase Two trial and increase our confidence that we're on the right track."
CF, a life-threatening disease that affects around 70,000 worldwide, is caused by a genetic mutation that results in a malfunctioning protein which causes an imbalance of salt and water, Medical News Today reports.
This imbalance results in a build-up of mucus in the lungs and other organs, increasing the risk of infection.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online
Norwich Union praises government initiative
12 July 2007 12:58:50
Top UK life insurance company Norwich Union has commended government proposals to offer personal finance lessons in schools.
In light of the announcement that a new subject called Economic Well-being and Financial Capacity will be added to the curriculum for all 11 to 16-year-olds, the insurance provider has applauded the move to prevent future generations entering into an insolvency crisis similar to that causing misery for millions of British households.
Elizabeth Boardall, head of post-retirement products, said that the lessons would be vital in raising awareness of the importance of mortgage protection insurance, life cover and critical illness insurance.
"We welcome this latest proposal from the Government which recognises the importance of personal finance education from an early age," she commented.
"Norwich Union is committed to supporting teaching in this area and to this end has been working with the UK's leading financial education charity PFEG (Personal Finance Education Group) since 2004, with the aim of ensuring all young people leave school equipped with the skills and knowledge to participate fully in society."
Ms Boardall continued: "Few people can rely solely on a state pension and with many private pensions dwindling in real terms, a significant number are finding it necessary to work beyond the age of 65.
"Consequently we can no longer adopt a one-size-fits-all approach to personal finances and it is vital that new retirement solutions are developed to adapt to individuals' needs."
02 May 2007 12:19:19
A small percentage of people carry a gene that makes them less susceptible to cancer, according to Scottish scientists.
Dundee University researchers found that carriers of a variant of the CYP1B1 gene – less than ten per cent of humans – are able to fight cancer more effectively than people with the unaltered gene.
The variant gene enables people to break down a cancer-causing protein three times faster than normal rates, leading to a lower risk of cancer.
Derek Napier, chief executive of the study's backers, the Association for International Cancer Research (AICR), said the research could lead to greater understanding of the causes of many forms of cancer.
"We believe it is important to fund work that pushes the boundaries and…the team in Dundee have produced important work which could in future change the lives of tens of thousands of people in the UK and across the world," he said.
The discovery follows other recent discoveries in genetics, with Swedish researchers finding a gene mutation that increases the risks of breast cancer.
28 March 2008 17:27:36
Trials of an oral drug to treat cystic fibrosis (CF) have shown promising results so far, the Cystic Fibrosis Foundation has announced.
Life insurance policies may be affected by the research which found patients who took the drug for two weeks saw significant improvements in areas affected by the disease, including lung function.
Scientists working on the second phase of ongoing clinical trials for VX-770, an oral drug which targets a basic defect in CF, reported good results and could affect other studies of treatments for the illness.
Dr Robert Beall, president and chief executive of the foundation said: "The emerging data for VX-770 represents the most exciting results we've seen from a Phase Two trial and increase our confidence that we're on the right track."
CF, a life-threatening disease that affects around 70,000 worldwide, is caused by a genetic mutation that results in a malfunctioning protein which causes an imbalance of salt and water, Medical News Today reports.
This imbalance results in a build-up of mucus in the lungs and other organs, increasing the risk of infection.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online
12 July 2007 12:58:50
Top UK life insurance company Norwich Union has commended government proposals to offer personal finance lessons in schools.
In light of the announcement that a new subject called Economic Well-being and Financial Capacity will be added to the curriculum for all 11 to 16-year-olds, the insurance provider has applauded the move to prevent future generations entering into an insolvency crisis similar to that causing misery for millions of British households.
Elizabeth Boardall, head of post-retirement products, said that the lessons would be vital in raising awareness of the importance of mortgage protection insurance, life cover and critical illness insurance.
"We welcome this latest proposal from the Government which recognises the importance of personal finance education from an early age," she commented.
"Norwich Union is committed to supporting teaching in this area and to this end has been working with the UK's leading financial education charity PFEG (Personal Finance Education Group) since 2004, with the aim of ensuring all young people leave school equipped with the skills and knowledge to participate fully in society."
Ms Boardall continued: "Few people can rely solely on a state pension and with many private pensions dwindling in real terms, a significant number are finding it necessary to work beyond the age of 65.
"Consequently we can no longer adopt a one-size-fits-all approach to personal finances and it is vital that new retirement solutions are developed to adapt to individuals' needs."