Collaborative Post | Consumers are being penalised for their loyalty to insurance companies when their policies are rolled over and they don’t take the opportunity to review and find a better deal.
In these difficult times, strapped by a cost of living crisis, consumers could be saving around £877 per year by not allowing automatic renewals of recurring expenses, including insurance, according to Citizens Advice.
Watch out for the loyalty penalty
Consumers are falling foul of the loyalty penalty, a trap set by insurance and other companies who just roll over your policy for another year, costing ever increasing amounts that easily go unchallenged. It’s the most loyal customers that can end up on the worst deal. It's time to do something about it and save money every year.
For other consumers, it’s all too easy to forget to renew certain insurances and they can find they are uninsured at the critical moment. If only there was a way to get reminded in good time to do something about it.
Linked with the ‘loyalty penalty’, price walking, also known as ‘stepped pricing’ or ‘sliding scale pricing’, is a pricing strategy used by companies to increase the price of a product or service over time, usually on a regular basis.
It’s not just in the insurance business. We’re seeing it emerge from other industries too, like telecoms who now openly state things like “we’ll increase prices every April by 3.9% plus the rate of inflation”. That could mean a 20% increase in prices if inflation is running at 16%. Inflation baked right in and more pain for consumers.
So it pays to know when things are going to renew and to plan to look around for a better deal.
Insurance all over the place
Many of us have multiple kinds of insurance, often with a variety of providers. If you own a car, you’ll certainly have car insurance. But you may also have home insurance for your contents, another policy somewhere for buildings insurance, maybe you’ve got an annual travel policy too. And what about pets? You may well have insurance for your dog or cat. And for many people, health insurance for yourself and the rest of the family.
It’s not always easy to remember which companies provide which insurance for us, let alone being sure when it is that the renewal date for each one comes around. And that’s how they get you - the automatic rollover from one year to the next relies on us being too busy with so many other things in life to notice another letter or email from another insurer.
What can I do?
There are several ways to avoid the loyalty penalty and make sure you’re getting value:
Is there a better, easier way to look out for your insurances?
It's time to Rightly Save
A new service from Champions of Data, Rightly, aims to help consumers get a grip of their insurances so that everyone has a chance to get a better deal. Because there must be a better way to organise all your insurances so you have a chance to always be on the best deal around, and never be a victim of the loyalty penalty.
The new service is called Rightly Save and it helps you never miss an insurance renewal so you can get organised and search for a better deal. It’s automatic, quick, simple and free.
In just a few clicks Rightly Save will help you find all your insurance policies, automatically. Then, you’ll see your list of policies organised all in one place, along with the renewal date for each one and the type of policy, whether it’s for car, home, travel or whichever one it is. And then the service will help you by setting up reminders so you never miss another renewal date and have time to find a better deal before they roll you over.
You can try Rightly Save here.
Disclaimer: this is a collaborative post.
Collaborative Post | Whatever your circumstances when travelling in your fifties, whether it’s with a partner, on your own or with friends, there are plenty of places to seek out and escape to. Whether you’re into backpacking or travelling in optimum comfort, there’s something for everyone
Your 50s are the new 20s!
Travelling doesn’t stop when you reach your fifties. In fact, you can approach it in a whole new way. There are endless of opportunities to travel, relax and socialise with great friends and companions by your side – or if you’d prefer, why not go it alone?
Where could you go?
The world is a big place and there’s a never-ending list of places to discover, whether you stick to Europe or go beyond to far-away continents. Across these five destinations, you can find relaxation, excitement and plenty of culture, offering a little bit of everything. Here are five destinations you shouldn’t miss on in your 50s:
From the exotic turquoise seas of Phuket to the volcanic caves of Madeira, the top 5 destinations mentioned above offer a perfect blend of adventure, relaxation, cultural experiences and natural wonders.
Disclaimer: this is a collaborative post
Collaborative Post | Staying fit only gets harder the older you grow, yet the benefits of keeping fit are too great to ignore.
Exercising helps you live longer and enjoy a greater quality of life. It also helps you avoid slips, trips, and falls – removing the possible need to instruct personal injury claims lawyers in later years.
So, how do you keep fit after fifty?
We’ve written this article to give you our best advice. Keep reading for five fitness tips for women over fifty
1. Consult your doctor
When you first start exercising, it’s best to get expert advice. While it isn’t likely that they’ll tell you that you can’t exercise, they can give you insights into the activities and routines that will be most appropriate for you.
This will help you avoid accidentally injuring yourself or aggravating a pre-existing medical condition. For instance, if you suffer from arthritis, your doctor will be able to tell you how you can exercise without aggravating your joints – by using low-impact activities such as swimming or biking, for example.
2. Make fitness fun
Finding an activity you genuinely enjoy makes staying fit so much easier. Experiment with the different options of exercise, sports, and activities available in your local area, until you find one that suits your preferences.
Consider different forms of aerobic exercise. These include walking, hiking, cycling, dancing, and swimming. You can also use light weights to get a workout, which is stimulating for both your muscles and your aerobic system – especially if you perform exercises in supersets or circuits.
If you’d prefer, you can take up an activity such as yoga, Pilates, or tai chi. While many people don’t see these as exercise in the traditional sense, you’d be surprised at how challenging they can be for your muscles and breathing.
3. Build consistent habits
The goal is to exercise consistently. Yet if you try to do this straight away, you may find yourself sore, tired, and disillusioned. It’s far more sustainable to start small and gradually increase your activity over time.
There are a few ways you progress your exercise. First, you can increase the number of times you exercise in a given week. You can also ramp up the intensity with which you do the exercise or activity. Pick a way of scaling your fitness that works for you.
Make sure you pay special attention to recovery too. Be consistent with hydration and nutrition – and consider trying specific recovery techniques like stretching and myofascial release.
4. Stay fit with friends
Exercising with others can let you benefit from the insight of others, plus the added social aspect can make staying fit more enjoyable.
Enlisting the help of a personal trainer is a smart move, especially if you’re not confident when you start exercising. They can share their expertise with you, guiding you on the proper biomechanics, intensity, and recovery methods for you to get the best results.
Alternatively, consider taking group classes. This can be more fun than working out on your own. You get to meet new people and spend time with friends, which adds a social aspect that makes keeping fit just as good for your mind as it is for your body.
5. Enjoy the journey
Exercise is the key to improving your quality of life as you grow older. It keeps your joints mobile, muscles supple, and heart healthy. It can also be a great way to meet new people and participate in activities that bring you joy.
Start slowly and enjoy the process. You want to continue keeping fit for the rest of your life.
Disclaimer: this is a collaborative post
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