Snippets of insurance news:
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Research by Sainsbury’s Finance shows that over one third of university students polled in the UK have no insurance for the belongings they take with them. Which is a sobering statistic when you consider that one third of students will be a victim of crime while at university.
Sainsbury’s encourages students to check whether the average £3,500 of gear is covered by their parents’ home insurance. A sensible and money-saving tip.
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Newly-weds may be leaving themselves exposed to under-insurance if they don’t inform their insurance company of the value of wedding presents they receive. Newly married couples moving into a new home should get a number of building and contents home insurance quotes to ensure they get a competitive deal, but don’t end up lacking in cover.
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The term ‘Internet shopping’ can have sinister overtones. A report entitled The Digital Criminal’ has been released by Legal & General, in collaboration with reformed burglar Michael Fraser. This report looks at the use of social media by the public and criminals.
The report indicates that users of social networking sites such as Twitter and Facebook can be too free with information, such as when they will be away for a weekend. Though this information may be private to the user, users were inclined to accept friend or follower request from people they didn’t know. Do you know everyone who’s following you?
This is something insurance companies are aware of and will be investigating. It would be seriously upsetting if your contents insurance didn’t pay out after a burglary when the insurance company proved you had been indiscrete about your whereabouts.
Tags: building and contents home insurance quote, contents insurance, home insurance
In keeping with the South American theme:
Here is a beautiful piece of writing by Chilean poet Pablo Neruda, one of the most influential poets of the last century. Translated from his native Spanish, the phrasing and the ideas are delicate, aching, yet never stray into sentimentality. How I wish I could appreciate it in its native form and experience the subtleties. But this English version is still highly enjoyable and quite simply, beautiful.
Tonight I can write the saddest lines
Tonight I can write the saddest lines.
Write, for example, ‘The night is shattered
and the blue stars shiver in the distance.’
The night wind revolves in the sky and sings.
Tonight I can write the saddest lines.
I loved her, and sometimes she loved me too.
Through nights like this one I held her in my arms
I kissed her again and again under the endless sky.
She loved me sometimes, and I loved her too.
How could one not have loved her great still eyes.
Tonight I can write the saddest lines.
To think that I do not have her. To feel that I have lost her.
To hear the immense night, still more immense without her.
And the verse falls to the soul like dew to the pasture.
What does it matter that my love could not keep her.
The night is shattered and she is not with me.
This is all. In the distance someone is singing. In the distance.
My soul is not satisfied that it has lost her.
My sight searches for her as though to go to her.
My heart looks for her, and she is not with me.
The same night whitening the same trees.
We, of that time, are no longer the same.
I no longer love her, that’s certain, but how I loved her.
My voice tried to find the wind to touch her hearing.
Another’s. She will be another’s. Like my kisses before.
Her voice. Her bright body. Her infinite eyes.
I no longer love her, that’s certain, but maybe I love her.
Love is so short, forgetting is so long.
Because through nights like this one I held her in my arms
my soul is not satisfied that it has lost her.
Though this be the last pain that she makes me suffer
and these the last verses that I write for her.
by Pablo Neruda
translated by W.S. Merwin
Tags: Pablo Neruda, poetry
One of my favourite places in the world is South America, with its exciting fusion of cultures, magnificent geography and amazing plants and animals.
It’s witnessing the teeming shore life of Patagonia’s Peninsula Valdes, alive with sea lions, elephant seals, penguins and whales, or following Magellan’s wake around the southern tip of the continent into the unknowns of the far side. It might be a cruise on the mighty, jungle-fringed Amazon River, caimans slithering into the water ahead, or trekking the fractured landscape of the Andes, past high altitude lakes, glaciers and waterfalls.
Or best of all, Carnival in the fantastic city of Rio de Janeiro, where the beautiful people go to be seen. I could spend many years of my life exploring Brazil alone. Sao Paulo, the largest city but still beautiful, with the amazing Ipiranga Museum; Salvador (or Bahia), with the historic and colourful Pelourinho square; the architecturally amazing capital city of Brasilia, built in just three years; and my favourite, Rio, city of beaches, Carnival, and the nearly 40m high statue of Christ the Redeemer – all these are places I’d love to go. I could even look at land and property for sale in Brazil, I think I’d be quite happy living there.
When preparing to travel, you must, of course, take appropriate precautions. Travelling without travel insurance is like, well, you can imagine what it might be like. Be prepared! Make sure your vaccinations are up-to-date, and check with your GP about what precautions are required where you are going. There are parts of South America where you’ll need to take anti-Malarial drugs, and rabid bats are a problem in some areas. Then pack up your bikini and your hiking boots, and away you go.
Tags: land and property for sale in Brazil, South America, travel insurance
Beware, this is an unashamed plug for the New Zealand fashion industry.
courtesy of Air New Zealand Fashion Week/Michael Ng
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This week is Fashion week, when NZ’s brightest and best strut their stuff on the catwalk, and buyers (hopefully) dig deep in their pockets.
courtesy of Air New Zealand Fashion Week/Michael Ng
courtesy of Air New Zealand Fashion Week/Michael Ng
courtesy of Air New Zealand Fashion Week/Michael Ng
These are some lovely shots from early on in the week. I must acknowledge image copyright owners Air New Zealand Fashion Week & Michael Ng, and thanks to them for allowing use of images from the image gallery.
courtesy of Air New Zealand Fashion Week/Michael Ng
courtesy of Air New Zealand Fashion Week/Michael Ng
courtesy of Air New Zealand Fashion Week/Michael Ng
iconic Kiwi label Zambesi…
Tags: Air New Zealand Fashion Week, Fashion Week, New Zealand fashion industry
Not long ago, the Government was admonishing us about not saving enough for our retirements. Now, many peoples savings plans have gone to hell in a handbasket, and they have had to borrow money.
Loans come in many shapes and sizes. Wikipedia tells us that loans are a type of debt, and a debt instrument entails the redistribution of financial assets, over time, between lender and borrower.
Indeed, loans are debts, and debts are not to be treated lightly. The ideal is to be debt-free, with plenty of money to get what you want. But that isn’t always the case.
The downside to loans is that you not only have to repay the amount you borrowed, you also have to pay interest. It is what you pay to your creditor (whoever is lending to you) for the use of their money.
There are two basic types of loans – secured and unsecured. Secured loans use some sort of asset provided by the borrower, in case the loan is not repaid. The lender can then sell the asset to recover the value of the loan if repayments are defaulted.
The most common loan is credit card debt. I count this as a loan for anyone who does not pay their balance off in full each payment. It is, of course, unsecured. If it’s paid off monthly, it’s not a problem, but if not, it’s basically a loan at a very high rate of interest. Unsecured loans are usually at a higher rate of interest than secured.
There is an advertisement for a loan calculator and advice website in which a young woman is explaining how she got into debt on her credit card. She said that, while she kept track of her cheque account, she didn’t keep track of her credit card spending because she didn’t think of it as spending her own money. Using the calculator, she worked out how much she was paying in repayments to her credit card company, and discovered she was paying almost as much interest as capital. That’s very scary kind of ignorance.
Of course, our biggest loan is usually to buy a house. This is a secured loan, with the house as surety. The scariest thing about a mortgage is that you often pay as much in interest as you pay capital. In other words, you end up paying twice as much as the advertised price for your home. Usually though, people are just used to many years of paying a set amount each month for the mortgage.
In the middle of ultra-short-term loans (credit card) and ultra-long-term loans (mortgage) are a variety of other types of loans. Common loans are for purchase of a car, often secured against the car. There are unsecured personal loans, from a variety of reputable and less reputable operators. The interest rates on these are usually very high, and I would not take one of these out except from a reputable institution. Your bank may well provide you with an unsecured personal loan in the form of an overdraft on your bank account. If they are prepared to do this it’s because they have a history of your banking behaviour and will feel confident that you will repay the debit balance of your account.
Borrowing money is a minefield of dangers. Interest on loans can be crippling, sliding you further and further into debt. Consider carefully whether you really do need that overseas trip right now. If you are unsure of what option suits you best, consult a firm of reputable loan brokers or financial advisors. Your bank may provide these, or it might be better to try and find someone independent.
Best of all, though, is to stay out of debt as much as possible.
Tags: loan brokers, loan calculator, loans
Ben Bernanke reckons the recession is over. Probably over. Maybe nearly over.
Well, hallelujah. All ye financial services boffins and bankers, rejoice. The recession is over.
But as for the rest of us, I fear it’s only just the beginning.
Tags: recession, recession is over
What does ‘insurance’ mean, and why should we have it?
According to the Online dictionary, it means, amongst other things, ‘a protective measure’.
So what do we need protection against? I guess the main thing about insurance is that it lets you pay a little bit over a long time, in case you are liable for paying out a big sum for something, sometime.
There a lots of different types of insurance. One of the most common personal types (things that insure your person) is life insurance. This provides money if you die. There are various types of term assurance and life cover, from simple lump sum payments when you die, to providing for funeral costs, providing ongoing payments if you leave behind underage children, or paying off the remainder of your mortgage.
A less pessimistic type of personal cover is health-related insurance. This includes medical, which covers treatment for and/or loss of income caused by medical conditions, or injury insurance, which is cover specifically in case of an injury.
Then there is insurance for your assets. Mostly this covers your house, its contents, and your car. If you have a business, there is insurance for commercial buildings, farms, stock and so forth.
Finally, there is insurance in case you do something wrong at work – indemnity insurance. This covers you against being liable personally if you make a mistake in your work that costs someone else. For example, if you are a surgeon, you may have insurance that pays out if you are found guilty of medical misadventure. If you are a project manager, you may have insurance that pays out if you make a mistake in your project that ends up costing your client lots of money.
Within each of these categories there are many variations and specific inclusions and exclusions. For example, car insurance often has extra cover just for broken windscreens.
Insurance companies put many rules around insurance cover. Sometimes insurance can be difficult to claim, as you have to prove that the reasons for the loss are valid in terms of the insurance rules. For example, whiplash is a very difficult injury to prove, so insurance companies often won’t pay out for it.
If you are unfamiliar with insurance, it’s definitely worthwhile getting some knowledgeable help from someone you can trust. Often an older family member or friend who has had insurance for some years can explain the basics, or you can talk to a financial advisor. Just remember that an advisor may be biased if he or she is getting paid commission by some of the insurance companies whose products they are offering.
Tags: house contents & car, indemnity, injury, life insurance, term assurance and life cover, whiplash
A fraternal feud that has been going for over six decades, and has split a small German town, is to be resolved today.
Before 1943, Rudi and Adi Dassler were happily (or perhaps, not so happily) running the family business together in the small Bavarian town of Herzogenaurach. Their business was already well known – they provided the shoes worn by Jesse Owens at the Berlin Olympics.
But after being in an air raid shelter one night in 1943, the brothers were never to work together again. Adi continued the business, which was to become adidas, and Rudi, after spending some time in an American prisoner of war camp after the war, returned to Herzogenaurach and set up Puma on the other side of town.
And the feud has continued ever since. The place is known as the “town of bent necks” because everyone checks what shoes you are wearing before deciding whether or not to talk to you. Employees of the two firms do not fraternise.
But now, today’s bosses are to bury the hatchet (not in one another’s backs, one hopes), shaking hands as part of a peace initiative entitled Peace One Day, which is the brainchild of German film-maker Jeremy Gilley. To consolidate the gesture, the staff of the two firms will play a game of football.
I wonder what brand of shoes the referee will be wearing.
Tags: adidas, Herzogenaurach, Puma
Some savings news…
ISA allowance to increase for over-50s: Anyone aged over 50 before April this year will see their ISA allowance increase almost 50% to £10,200 this October. An altogether more realistic figure.
Offshore account tax: The Government is expecting a good tax take from offshore accounts that will come under scrutiny following a historic agreement with Liechtenstein. They’ll need it to offset the multi-billion pound financial sector bail-outs of the last year or two.
Child Trust Funds reach 4.4 million: That’s a lot of children in the UK under seven years old, who have been set on the road to starting tertiary education with savings in the bank, and encouraged to get into the savings ‘habit’. Good stuff.
FSA considering banning commissions for IFAs: The Financial Services Authority (FSA) is thinking about banning commission payments to Independent Financial Advisors (IFAs). Makes sense really – how independent can they be when the companies whose products they are touting pay them?
Britons ‘save for England’: According to National Savings & Investments’ (NS&I) quarterly savings report, Britons are saving more than ever. This is somewhat at odds with public perception, with half the people interviewed believing they are saving less. There is certainly a plethora of savings vehicles available, from ISAs, SIPPS investments, CTFs (child trust funds – yes, children are being encouraged too), premium bonds and so forth, many of which have tax incentives.
Expatriates targeted: Britons overseas can save with their home banks, with online expatriate savings accounts, allowing them to take advantage of their preferential tax status.
Why is it important to save for the future? Click here to find out.
Tags: child trust fund, online expatriate savings, savings news, SIPP investments
A parent’s worst nightmare – my pre-teen is turning into a mobile phone monster.
Last Christmas, the big presents were Rock Band, and a mobile phone for my daughter, then just 11. We were optimistic and thought she would be different. She wouldn’t become a textaholic like all the rest.
Bzzt. Wrong answer. I’ve just taken the phone off her for the second time because she’s running the pre-pay balance down too far. The first time, she got through her three-month allocation in about five weeks. There were 60c left – not even enough to make that emergency call, which is what she has the phone for.
Three months is too long for her to try and keep track, I thought, so I devised a sheet where she writes down her balance every day, and compares it to how much she should have left on the phone. Three weeks in all had seemed well – she was writing up a figure every few days, and seemed to be tracking nicely, even under-using the phone a bit – but then I offered to check the phone (which I was always going to do, I’m not that wet behind the ears), and the admission comes out, she’s been lying and writing up false records.
So the phone’s with me again. The deal is, she loses it until the balance catches up with what the balance should be, which will be about the 3rd of October. Which makes me think again about why she has the phone.
From a kid’s point of view, mobile phones are not emergency contact devices. I need my daughter to have one of these, but it’s not the fully-functional mobile phone she currently has (or doesn’t have, just now). She wants something she can use to keep up with her friends, who are texting away furiously. I need her to have something so I can text or talk to her, to make arrangements and so forth. So that’s my first issue – how to separate the two uses. Might mean two phones. I’ll need to ponder that one.
The second issue is, how do we (she and I) make sure that her use of the social interaction tool that is what a mobile phone is for kids, is balanced and doesn’t adversely affect her life? I’m not prepared to fund a mobile phone habit. My daughter gets pocket money each month – she can use that to pay for her top up. One thing to watch out for is late night contacts. Young people are apparently the most sleep-deprived in our society because they stay up very late communicating by text. So I think the mobile will be spending nights with me, switched off, and doesn’t get switched on again until it leaves the house in the morning.
So, I have about three weeks to ponder this. I’ll talk it over with her father – he is a secondary school teacher, and has lots of experience with kids and mobile phones – and after 3rd of October, we might have a new scheme to put into place.
And this doesn’t even begin to address the fact that she lied and misled me, something she doesn’t normally do. That’s a whole different kettle of fish.