Asda Financial services latest news on Over 50s Life Cover

Cash strapped councils see a decline in the number of over 50s seeking care

New figures suggest that a growing number of elderly people are turning to alternative care resources other than council-funding care.

According to the Labour party, the total number of people using state-funded elderly care has fallen by 11% in the last two years.

The decline in state-funded elderly care comes despite the rise in the ageing population overall. The number of over adults aged 65 or over within the UK is steadily increasing as people are typically living for longer.

The data, which comes from the Freedom of Information responses of 121 councils, shows that free care provided to the elderly has fallen from 66,342 to 59,056 between 2009 and 2010.

Public sector spending cuts to council funding make it harder for councils to provide enough care for the ageing population. Growing pressures on staff and facilities mean that the care might not be up to the standards which some may expect.

A number of councils have had to seriously tighten their criteria, giving priority to those with the most severe needs ahead others.

The fall in figures could be heavily influenced by this restricted eligibility criteria. Only those with assets below £14,250 can get full funding for their care, those who have to pay for it will face rising fees.

Statistics show that the average fee stood at £13.61 per hour for home care and that a growing number of councils are reducing the amount which a single person can pay in recent years.

The cost of care is increasing and as a number of UK adults are feeling the squeeze under the current economic climate, many are struggling to stump up the cash for much needed care.

Over 50s Life Cover could offer a lump sum payment if you die which could help to pay towards outstanding debts, funeral costs and other expenses, making the lives of your loved ones a little easier.

How to keep healthy over 50

Getting older doesn’t necessarily have to mean feeling older and there is a wide range of activities that could help you to stay fit and healthy later in life.

A number of over 50s have demanding and busy lifestyles with financial responsibilities for children and elderly parents.

With this in mind, keeping healthy is vital during your later years. Here are a few tips to help you keep fit:

Eating correctly

Eating healthy is easy to do and requires little effort on your part. Not only could eating healthily help to boost your energy levels, and keep your weight in check, but it can also benefit your overall health.

Certain foods can help to reduce cholesterol, improve your heart rate and even improve your general mood. Fish and other foods, which are rich in omega 3 fatty acids, can help to reduce high levels of cholesterol. According to researchers in the Netherlands, mushrooms have been shown to boost immunity and prevent cancer growth.

Red wine has also been found to contain elements which benefit the heart. However, all health benefits are lost if drunk to excess and over the daily limit of 2-3 units.

A balanced diet is vital to keeping healthy, too much of one particular food group could have a negative impact on your health.

Staying active

Exercise and eating healthily go hand in hand and if you are looking to truly make the most of a food health-kick, it would be advisable to introduce some exercise into your weekly routine. Exercise doesn’t need to be particularly strenuous; as long as you remain active you will see the benefits. Yoga and long walks, for example, could be a fun and healthy way of relaxing.

Staying fit and healthy could be the key to a longer life. If you have loved ones who are financially dependent on you, it could be worth taking out life cover for peace of mind. Over 50s cover could help to cover costs towards your funeral.

Top 3 Over 50s Cruises

Millions of Brits go on cruises every year to soak up the sun, the sights and spend some hard earned cash. Once the exclusive preserve of aristocrats and high rollers, cruises can now be enjoyed by people from all walks of life and can be tailored to suit any budget.

With so much choice on the market, from cruises that cater for couples to those more suitable for young children, which cruises are the best for over the 50s market?

Princess Cruises

Princess Cruises is at the ‘high-end’ of cruise brands, allowing guests to enjoy amazing food, great service and, of course, breath-taking views. With a crew that have been sailing for more than 40 years, Princess Cruises has gained a reputation as being a welcoming and friendly stay within the lap of luxury.

Fred Olsen Cruise lines

Whilst you don’t have to be above and beyond 50 years of age to enjoy a cruise with Fred Olsen, this is approximately the average age you can expect to find on board. Sailing from British ports, including Northern England and Scotland, makes it one of the most popular cruise lines with elderly UK adults.

With a fleet of four ships and almost 200 single cabins, there are plenty of options for whatever type of cruise you are looking for. Keeping things British (on board they serve roast dinners, afternoon tea and music hall style cabaret evenings) is an important theme for the Fred Olsen team.

Cunard

Holding a longstanding reputation as an established cruise liner which dates back to the days when Queen Victoria was on the throne, Cunard offers a traditional feel for passengers hitting the deck. What makes this such an attractive trip for over 50s is that they have an exclusive dining room, away from any potential crowds. Cunard offer a range of trips from short getaways to transatlantic voyages.

Cruises can offer relaxation, tranquillity and new destinations, however, once on board you might not be able to get hold of any Over 50s cover. It would be advisable to book this before departing, in case you run into any unforeseen problems.

Child-proofing your home: dos and don’ts

It could have been a while since you had a baby or younger children in your home and there are a number of items, which could pose a hazard for youngsters. Here are a few simple ways to baby-proof your home if you have children or take care of grandchildren.

Secure the doors

One of the fundamental things to keep in mind if you have young children coming to stay is to consider how secure doors are. You may want to make sure that youngsters cannot escape out of the house. By securing the doors you could also prevent them from going into rooms, which might not be safe for them. One way to reduce the risk of curious kids wandering through the house is to buy secure door-knob covers.

The same idea could be applied to cabinets, which may hold products that are deemed unsafe. There are a number of safety cabinet locks, which you can pick up from retailers. Go through the cupboards and remove anything that could be dangerous.

Kitchen hazards

The stove and oven could be a huge hazard for children who can get burned easily by food that is cooking or by playing near hob rings. There are stove guards, which you can buy to place over your hob for protection. When cooking remember to face the pot handles inward so that children cannot pull them down.

Move all valuables

Whether you have young children or teenagers in the house, you will still need to move all valuable items into a safe place or out of reach of little hands; If you cannot find anywhere that would be an ideal spot for your valuables, try to create space on a high shelf that would be out of reach.

While safety proofing your home can help to protect youngsters, later in life they may need financial support as well. By taking out over 50s life insurance you could have peace of mind that they are financially protected in the event of your death.

4 ways to feel young again

Hitting a certain birthday or even making that grunting noise when you get out of your chair are both signs that you might have reached an age you never thought could be possible. However, don’t despair at the grey hairs or wince at the wrinkles, there are a number of ways to make you feel youthful without going too extreme.

1. Don’t stop having fun

Grumpiness is part of the territory when aging gracefully, but that doesn’t mean you should stop having a good time. You are only as old as you feel; age shouldn’t prevent you from having a laugh and enjoying life.

2. Hit the books

One of the many joys of life is that you never stop learning. If you ever wanted to learn a foreign language or take up astrology, there’s nothing stopping you going to your local library and hitting the books. You could join a club or an adult evening class to keep your mind active. This will also help you to meet new people and make new friends.

3. Treat yourself

No matter what your age, it’s always good to take some time out and treat yourself. Modern life puts a lot of pressure on individuals and with the fast paced hustle and bustle of getting things done, it can be easy to forget about yourself. Stress can speed up the process of aging amongst women, research from the University of California found recently. Therefore, in theory, relaxing will prevent ageing!

4. Keep active

Get blood pumping through your body and keep physically active to feel younger. Not only will you have a healthy glow from keeping fit, you will also sleep better and feel better for it. It’s well known that exercise can help to fight off many heath issues such as heart disease, diabetes and more. In addition, exercise can also sharpen your mind as soaring energy levels keep mental fatigue at bay.

Whatever your age it is important to take of yourself, especially if you have dependents. Exercise, education and fun can all help, but financially you may need a safety net such as over 50s life insurance.

Over 50s are working harder than 20 year olds

According to the latest figures from the Trade Union Congress (TUC), the majority of people in their late 50s and early 60s worked harder, for longer, in 2011 than they did in 2001.

At a time when mass unemployment is edging close to the 3 million mark, a surprising amount of the population in their 50s and 60s are keeping hold of their jobs.

As younger generations seem less prepared to work additional hours, it might come as no surprise that youth unemployment is at the highest level for 17 years.

The TUC research found that teachers are among those most likely to work additional hours, as well as media professionals and managers in financial services.

Around one in five workers put in an average of 7.2 hours of overtime last year.

TUC General Secretary, Brendan Barber, said: "Over the last decade, more people are working well into their 60s.”

Scrapped retirement age

Last year, the government scrapped the state retirement age. This allowed those who are 65 and over to continue working for longer. As many have campaigned for this to happen, a number of 50 - 60 year olds are now taking full advantage.

A number of people previously complained that it was unfair for workers to be forced out of a job because of their age.

Working for longer allows employees to add more to their pension pot. Part of the government’s reason for scrapping the retirement age is because Brits are living longer.

Longer retirements would require larger pension pots and by scrapping the retirement age, this allows older workers to add to it.

If you are planning to work long into your 50s but you’re also mindful of planning for the future, Over 50s Life Cover could be a wise investment.

Over 50s Life Cover could be a great way to help your family with funeral costs if you were to pass away.

What is the average cost of being a pensioner?

Life is allegedly supposed to get easier as you get older, but for many it’s a new world of financial aches and pains.

As pension pots take a huge hit against rising inflation, half of Brits are now considering retiring in a cheaper country to enjoy better living standards, according to a survey produced by the National Association of Pension Funds (NAPF).

However, the idea of living in a foreign country later in life is not everyone’s idea of a relaxing retirement.

According to the NAPF, only one in seven people in the UK believe they have enough money to live comfortably once they wish to retire.

The workplace pensions body, which represents 1,200 pension schemes with over 15 million members, found that the high cost of living and drastically shrinking pension pots will leave many with little to live off later in life.

Figures from retirement company, MGM Advantage, found that the average annual income that someone is left to retire on is £15,500.

However, in order to be financially comfortable, pensioners need an extra £7,300 a year, or £140 a week. This would help to cover living costs such as household bills, food and travel.

Aston Goodey, Sales and Marketing Director, MGM Advantage said:“Financially, these are difficult times for the retirement nation. Inflation has increased the cost of living, while returns on savings have fallen due to the impact of historical low interest rates.”

“This environment makes it even more important that people take the appropriate steps to ensure they maximise the income from their pension and claim any benefits to which they are entitled.”

Despite the cost of retirement, many fail to plan ahead financially. By taking out Over 50s life cover, you can establish an affordable way to ensure that your family are not left with a financial burden after you die.

50 year olds face the most expensive time of their lives

UK adults face the most expensive period of their lives once they hit the 50 mark, according to new research.

According to a new study, 50 year olds are set to be stuck with high mortgage payments, the burden of supporting teenage children and increasing household debt.

The study by leading health and well being organisation, Benenden Healthcare Society, found that the average 50 year old will need to spend £1,560 a month just to keep out of the red.

It doesn’t get any easier as the children grow up either. The cost of weddings, university fees, motoring costs, mobile phones and household deposits all add up, putting further pressure on the over purse strings of those over 50.

More and more ‘fifty-somethings’ are also trying to help their children with the cost of higher education. Following the government’s decision to increase tuition fees by up to £9,000 a year, a number of UK households are struggling to cover the costs.

Marc Bell, Marketing and Business strategy Director at the health organisation, told This is Money that children are becoming more financially dependent on their parents for longer periods of their lives.

“On entering our 50s, more of us are paying for our children's education and taking on more of their day-to-day costs such as mobile phone bills and going out.”

The study found that mortgage repayments proved to be the biggest monthly expense, taking £354 out of the average budget. Food shops cost over 50s an average of £292 a month and household bills come in at £186.

Family holidays with children who are classed as adults are setting over 50 year olds back an average of £1,254 per year.

A growing number of parents are now covering motoring costs for their offspring as well. The study found that 25% of them pay towards insurance or tyres and one in six have even bought their youngster a car.

With children becoming increasingly dependent on their parents, it could be worth taking out over 50s life insurance to leave a cash lump sum for your family and loved ones in the event of your death.

Church of England wedding and funeral fees to increase

The already steep cost of marriages and funerals is set to rise further with the Church of England’s decision to raise the costs of these services significantly.

Church members have voted to raise the average cost of a wedding from £296 to £415, and for a funeral service from £102 to £160, from January 2013.

The rise represents increases of 40% and 50% for wedding and funeral ceremonies respectively, but will now be inclusive of lighting and administration.

The move has been met with criticism by some after the Church's governing body, the General Synod, warned that it will have a serious impact on poorer couples who want to have their nuptials at Church.

The Rev Canon Simon Killwick, a vicar in Moss Side, Manchester, said; "Such a fee increase seems to me hard to justify in times of financial austerity and even harder to justify in poor inner-city parishes.

"The Church of England ought not to be seen to be making a big increase at this time and ought not to be making it difficult for the poor to access these services at a time when a simple ceremony can be had at a registry office for around £100."

In contrast, the Rt Rev John Packer, the Bishop of Ripon and Leeds, argued that changes to the costing of services were due and that the fees will represent a unified costing scheme for all parishes.

He told the General Synod that fee increases will generate £35m a year for the Church, which includes £15m towards the cost of clergy pay.

"The reality of what it costs matters, and it seems to me that those who are being married within our churches do understand that," he said.

The increases were put in place after a 4% rise in the number of Church of England weddings in 2010.

If you are worried about the potential cost of your funeral, you could choose to leave a cash lump sum for your loved ones which could help with funeral costs.

Asda’s Over 50s Life Cover includes a Funeral Benefit Option which can help you in this regard.

Elderly care in a state of ‘crisis’ says charity

An increasing number of elderly Brits have little or no care support at home, AGE UK has revealed.

Spending cuts across a range of services mean that elderly people in the UK face a ‘crisis’ in social care.

Research from the Kings Fund revealed the number of people over 50 who require significant care and support but fail to receive it is expected to hit 900,000 over the next 12 months, rising to 1 million by 2015.

This could put a serious strain on the National Health Service (NHS) as deterioration could see more people through hospital doors on a regular basis.

Director of Age UK, Michelle Mitchell claimed that “care is in crisis and it is getting worse.”

Local authorities have cut facilities for elderly care by 4.5% over the course of 2011 and this year could see yet more.

The Kings Fund report suggests that under the current system costs could double over the next 15 years without much improvement being made.

The report stated that “Radical reform would improve outcomes that are not just about the costs of the system, but also about the numbers of people receiving help.”

Many elderly people who are unable to dress themselves are put to bed at 5pm because many care workers can only stay until then and would not be back until 10 am the following day, Mrs Mitchell said.

According to Age UK statistics, 1.8 million pensioners live beneath the poverty line and 1 million of them live in ‘severe poverty.’

The rising costs of living for the elderly mean that fuel poverty is another serious issue for pensioners to contend with.

If you are concerned about how your family might cope financially after you die, over 50s life insurance could reduce some of the burden.

Will interest rates rise in the next 6 months?

The Bank of England has been holding down interest rates at an all time historic low for almost 3 years.

In an attempt to stabilise the crumbling UK economy, the Bank of England has maintained interest rates at 0.5% for 33 consecutive months.

The situation has been stagnant for so long that experts have begun to speculate over when it may possibly change.

Some experts believe that interest rates will rise by the end of next year, while others suggest that there is likely to be no movement until 2013. Some industry analysts are not so optimistic and believe that rates will not rise until at least 2015!

Ray Boulger, a mortgage industry expert, told The Guardian; “I would see [the base rate] staying at 0.5% until mid-2013, and then only going up slowly."

Currently the rate is being held at a record low to stop the UK economy falling into a double dip recession, which looks an increasing possibility with the potential collapse of the Euro and in the face of high unemployment.

Many UK households have been struggling to cope for the past 18 months as a direct result of the credit crunch. The situation regarding interest rates has been positive for some within the UK, but not everyone.

Savers have suffered tremendously as a result of the low interest rates.

September figures from the Bank of England suggest that savers have actually lost out on an approximate total of £43 billion due to low interest rates.

Those over 50 will continue to see little or no returns on their savings in the near future if the situation does not change. Over 50’s Life Cover could offer an alternative boost to your family in the future if something was to happen to you unexpectedly.

In contrast, homeowners and those in debt have seen the amount of interest they need to pay significantly reduced.

5 expensive drains on your finances when you are over 50

The older you get, the more expensive things seem to become. Below are 5 drains on personal finances for over 50 year olds.

Children

Children are a huge drain on households and individuals over the age of 50. Having children in the house later in life could have a significant impact on any retirement decision you make. A new study by insurance company Standard Life has revealed that 49% of households containing those aged 45-65 years old with two children have no financial plans for the future. The study found that you are more likely to retire later in life if you have children living at home. In fact, a staggering 10% of those who aren’t retired don’t plan on doing so until they’re between 71 and 75.

With this in mind, looking into something life Over 50s Life Cover might not be a bad idea.

Housing

Being a homeowner can be extremely costly. Although you may have paid your deposit and stamp duty, you may still have to pay off your mortgage. There could also be insurance/maintenance left to pay on the property, whether it’s a new kitchen or a new boiler, the costs all add up. The majority of over 55 year olds still have, on average, approximately £75,000 on their mortgage.

Income Tax

Over 50 year olds might be earning significantly more during this period in their life than any other time, but ultimately they will be paying more income tax.

Retirement

Anybody who is close to retirement may need to make larger contributions to their pension pot, subsequently draining their disposable income.

Debt

Over the years you may have accrued some debt through credit cards, personal loans and more. If you’re still paying it off, and the interest that goes with it, it could be a serious drain on your finances.

As you start to plan for later in life, the most important thing is to consider which outgoings are important and which ones can be sacrificed. Considering the current economic climate, prudence is something we could all employ...no matter what age we are.

5 ways the baby boomers changed the world

If you were born within approximately 20 years of the immediate post-war period (between 1945 and 1965) then you can call yourself a Baby Boomer.

This period saw a boom in the number of births in Britain, as couples quickly began to settle down after the war.

The Baby Boomers have had a significant impact on the world in which we live.

Below we take a look at five ways the Baby Boomer generation has changed the financial landscape in the UK.

The first teenagers

Cliff Richard and Elvis Presley may have been replaced by Rihanna and The Black Eyed Peas; the juke-box replaced by the iPod; TV by YouTube; but the Baby Boomers were undoubtedly the first generation to experience what we would still recognise today as teenage years. With the rise of consumerism and disposable incomes, the Baby Boomers set the template of what later generations would rebel against, love and hate. Before the Baby Boomers it was a swift move from childhood into adulthood.

The first consumers

The Baby Boomers taught us all how to shop. The first generation in history on mass to have the benefits of increased income, more leisure time and plenty of enticing ways to spend their disposable cash, the Baby Boomers as a generation are model consumers, certainly when compared to the inter-war generation who experienced the economic Depression of the 1930s.

Property

Although as a nation we have always been obsessed with property ownership, the Baby Boomers have taken property ownership to new heights. This is the generation who were lucky enough to benefit from right-to-buy schemes of council property under Margaret Thatcher; spiralling house price inflation; and the emergence of private buy-to-let Landlords. The Baby Boomers like property and as a generation have done much to push up prices by increasing demand on our already low supply of housing stock, making it difficult for younger generations to get a foot on the ladder.

Innovation

Has there been a more innovative generation than the Baby Boomers? The first teenagers continue to be rebels into pension-hood, fuelling innovation wherever they go. In areas such as music, the Boomers can boast the likes of The Beatles, The Rolling Stones and Elton John among their number – as well as all the other stars of sixties pop culture; Hollywood stars such as Meryl Streep, Robert De Niro and Al Pacino. In technology and business, the likes of Steve Jobs, Bill Gates, Sir Richard Branson and Sir James Dyson are all Boomers; and in the political field boomers include the likes of Tony Blair, Bill Clinton and Barack Obama.

Pensions

Baby Boomers have benefitted from private company pension schemes and final salary schemes like no generation before or since. For most workers in their thirties or forties to think about retiring on full or even half pay at the age of 60 or 65 in the future is simply unimaginable. Many Baby Boomers achieved this feat.

If you are a part of the baby boomers generation and want to make sure you leave something behind for the next generation, Over 50s Life Cover could be an option.

The world’s oldest people

Thanks to the latest medical and scientific advances, the overall life expectancy around the world has increased to unexpected levels recently.

Below is a brief look at the three oldest living people on Earth right now.

Besse Berry Cooper

Born on the 26th of August, 1896 in Sullivan County (Tennessee, US), this American centenarian is now 115 years old.

She was the third of eight children and graduated from East Tennessee State Normal School in 1916 and then worked as a schoolteacher. By the time the US entered into World War I in 1917 she had moved to Georgia. In 1924, she married Luther Cooper and was widowed in 1963.

At the time of her 115th birthday, Cooper had four children, 12 grandchildren, and many more great- and great-great-grandchildren.

Chiyono Hasegawa

Born on the 20th of November, 1896, Hasegawa has been the oldest person in Japan since the 2nd of May 2010 when Kama Chinen - the oldest person in the country at that time - died.

Although she is in a wheelchair, Hasegawa enjoys relatively good health and communication skills.

Dina Manfredini

Manfredini is only one year younger than Cooper and Hasegawa. This 114 year-old Italian-American centenarian was born on the 4th of April, 1897. Today, she is the second oldest living person in America, and the oldest living Italian-born individual.

After being born in Italy and living there for 23 years, she then moved to Iowa in 1920 with her husband Riccardo Manfredini, who died in 1965. They had four children, three of whom are still alive today. In addition to this, Manfredini also has seven grandchildren, seven great-grandchildren and 12 great-great grandchildren.

Over 50s Life Cover

Thankfully, you can now leave your loved ones a cash lump sum which can help with unpaid bills, funeral costs and generally making life easier to deal with financially.

Over 50s Life Cover will ensure that, in the unfortunate event of your death, your family will not have to deal with a large financial burden on their own.

Have you saved money for retirement?

New research suggests that the average pensioner is short by over £6,000 in order to live comfortably in retirement.

A number of financially unstable pensioners are £6,200 short of the figure required to live comfortably in later life, according to a survey produced by Prudential.

They suggest that the average amount needed to live comfortably in retirement is £22,000.

If we contrast this figure with the average income that pensioners receive, £15,800, something clearly doesn’t stack up.

Two out of five pensioners admitted to Prudential that living on their retirement income is harder than they had initially anticipated. The research found that pensioners who find it difficult to make ends meet have various ways of boosting their disposable income.

Almost a fifth of pensioners have continued to work part time and 12% have downsized their property in order to make extra cash. A further 6% have released equity from their homes to make money.

Despite the tough economic times, and the recent state pension reforms raising the retirement age by 6 years, 70% say they enjoy retirement.

One in four pensioners are keen to spend their money while they still can.

The research found that women are more likely than men to find it difficult to live on their retirement income. Across the UK, pensioners in London and the East Midlands find more difficult than most to make ends meet.

"Recent returns on property and equity investments have been uncertain and we therefore strongly encourage people who are currently saving for retirement to seek financial advice to ensure they have an appropriate range of savings in place,” said Vince Smith-Hughes, Head of Business Development at Prudential.

"As people are living longer and need to fund more years in retirement, it is increasingly important to seek advice from professionals and put by as much as possible, as early as possible."

If you are struggling to save for retirement, Over 50s Life Cover could provide you and your family with some much needed re-assurance in the event of your death.