AA to provide health insurance
The AA, best known for assisting motorists whose vehicles have broken down, has entered the healthcare domain, collaborating with AXA PPP healthcare to offer both members and non-members three levels of private medical insurance.
The firm will also offer a helpline that operates 24 hours a day.
Director Simon Douglas has described the move as a natural extension of its health and life-related products which
Bank Lloyds gets cold feet over interest-only home loans
Lloyds Banking Group has reviewed its interest-only mortgage offering and withdrawn the non-repayment option on loans of over £500,000.
The lender, which operates the Halifax and Cheltenham & Gloucester brands, has also upped rates on interest-only loans, which are now loaded with a 0.2% premium.
The end of the house price boom has left banks and building societies nervous of lending on an interest-only basis and tighter criteria at Lloyds mean that new interest-only borrowers can’t base their repayment plans on the sale of the mortgaged property.
Instead, they will need to set up and maintain a savings plan of some kind to repay their borrowings.
In the feedback to the Financial Services Authority’s Mortgage Market Review published in March, the
Home insurance Defaqto reveals low protection in home contents insurance
Defaqto, the financial research firm, has uncovered a huge degree of variance in the levels of protection afforded for “contents in the open” under home insurance coverage.
Less than £1,000 of coverage is provided by more than four out of 10 (42%) of policies, with an almost identical proportion (43%) offering coverage of between £1,000 and £2,000.
Only 15% of policies offered more than £2,000 of
Credit cards Visa, Mastercard dive on fee limit proposal
Edinburgh-based insurer, Standard Life, has today posted a 30% rise in sales for the first quarter of 2010 – far exceeding analysts expectations.
The insurer said global sales grew to £4.6 billion in the first three months of the year compared with £3.56 billion in the same period a year ago.
Long-term UK savings sales grew by 35% to £3.3 billion in the period against £2.4 billion a year ago, said the company.
Meanwhile, Standard Life, which is Britain’s fourth largest insurer by market value, said life and pensions sales totalled £4.6 billion compared with £3.6 billion a year earlier.
It shares rose on the news, up 3.4p at 197p.
Commenting on the results, Standard Life chief executive David Nish said:
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