Category Archives: Income Protection Insurance
PhilHealth: Increase in premium needed
Sunday, November 13, 2011
PHILIPPINE Health Insurance Corporation (PhilHealth) President Dr. Eduardo Banzon said there is a need for the membership premium to be increased if the government will sustain the benefits it offers. Banzon said meeting President Benigno Aquino III’s program of Universal Health Care will eventually need an increase in contribution from members.
PPI compensation liable to tax deduction – November – 2011 – Which? News
Interest paid on payment protection insurance compensation payments is subject to taxation
Interest paid on payment protection insurance (PPI) compensation payments is subject to taxation, leaving millions potentially facing an unexpected tax bill.
Speaking on the Radio 4′s Money Box programme, a HM Revenue & Customs spokesperson said: ‘No tax is generally due on the repayment element of compensation paid to those mis-sold PPI. However, the additional interest is taxable – in line with other compensation claims.’
RBC Dominion Securities to receive transfer of MF Global Canada Inc. client accounts
TORONTO, Nov. 14, 2011 /CNW/ – RBC Dominion Securities has agreed to the transfer of client accounts from MF Global Canada Inc., whose parent company, MF Global Holdings Ltd. filed for Chapter 11 bankruptcy on October 31, 2011.
Resolution ups savings target after big outsourcing deal
8:36, Wednesday 9 November 2011
LONDON (ShareCast) – Acquisitive insurance group Resolution said its Friends Life Group subsidiary has entered into a ‘transformational’ outsourcing arrangement with Diligenta, an insurance services specialist that is part of Indian information technology (IT) contractor Tata Consultancy Services. The new 15-year contract will see around 1,900 Friends Life employees transferred to Diligenta with the policy administration and IT services for With-profits, Annuity, Legacy protection and UK Wealth business lines being outsourced. The outsourcing arrangement is expected to generate annual cost savings of £60m, some £31m higher than previously announced IT and Customer Service integration synergies. The outsourcing arrangement is expected to benefit the MCEV (Market Consistent Embedded Value) operating profit by around £200m in 2011, the company said. The company said that its Friends Life division will create an in-house management operation in the second half of next year that is expected to support the UK business units, particularly Retirement Income and will look to recruit and add to the current 30-strong in-house team of investment professionals. The estimated one-off costs associated with the set-up of this capability are £5m with ongoing running costs of £4m per annum. In an update on trading so far in 2011, total sales (measured on an annual premium equivalent [APE (SNP: ^APEY - news) ] basis) for the nine months to 30 September 2010 were up 25% to £879.6m compared with £705.1m for the same period in 2010. For the third quarter alone, sales rose 13% to £278.7m from £247.1m in the third quarter of last year. Group available shareholder cash held in Resolution and Friends Life holding companies totalled £610m at 30 September 2011, down from £793m at the end of June, reflecting interest and financing costs and the share buy-back in the period. As is becoming increasingly common these days with financial companies, the group outlined its exposure on what it calls the higher risk European economies – Portugal, Ireland (Xetra: A0Q8L3 – news) , Italy, Greece and Spain – saying it is ‘minimal’, with exposure limited to £7m in respect of Italy. –jh
No need to get sick with worry
Safety net … insuring your super contributions will ease the pressure in case of long-term illness or injury. Photo: Rob Homer
a new feature of income protection insurance covers super contributions.
A little-known insurance option that maintains your super contributions if you’re seriously ill or injured has its attractions if you consider the long-term impact of a super “gap”. but some advisers wonder whether that’s the prime consideration at a time when you may need every last cent.
Best Winter Brands!
Tasheeka Griffith was supposed to have a lifelong income.
A victim of childhood lead poisoning, the Minneapolis girl was awarded a $786,000 personal injury settlement that was to pay her $1,255 a month for life, plus periodic lump sum payments of $70,000.
Florida Looks to Tampa as Leader in Fight Against PIP Fraud
The move by one Florida county to crack down on auto insurance fraud by targeting staged accidents and regulating clinics is being seen as a roadmap for state officials looking to reform the state’s no-fault auto insurance law.
Should You Buy An Immediate Annuity?
When it comes to planning for retirement, we tend to spend a lot of time thinking about how to save and invest for retirement, but what about how we will eventually turn that nest egg into income? Isn’t that the whole point of having retirement savings? The challenge is that it’s becoming increasingly difficult to make sure that our money lasts as long as we do. For a 65-yr old couple, there’s currently a 25% chance that either the husband or the wife will live past the age of 97. considering that people are living longer and longer with advances in medical technology, you could spend more years in retirement than you did working.
Insurers Drop Income Protection Premiums
Insurers have dropped income protection premiums by between 15 % and 20 % during the past three years (1). along with the tax deductibility of income protection, guarding your salary from sickness or accidents has never looked better.
So if you are one of the 69% of Australian’s who don’t have income protection insurance yet (2), now maybe a great opportunity to cash in on the vast improvements made to income protection cover over the years.
IronHealth to Offer Medical Professional Liability for Qualified Health Centers
IronHealth, the specialty healthcare unit of Ironshore inc., is offering medical professional liability coverage for federally qualified health centers to provide protection for deemed and non-deemed healthcare services, as well as other coverage enhancements.
IronHealth’s Health Qualified Center Medical Professional Liability product is a wrap-around policy to protect against potential liability risk exposures for medical facilities that treat low- to moderate- income patients.
