• Royal London Announces Sale of Police Mutual Healthcare and Police Mutual General Insurance Businesses to Bspoke Group

    Royal London Announces Sale of Police Mutual Healthcare and Police Mutual General Insurance Businesses to Bspoke Group

    This article was published on Wed 29 Nov 2023. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us.

    The Royal London Mutual Insurance Society Limited (Royal London), the UK’s largest life, pensions, and investment mutual today announces it has reached agreement with Bspoke Group regarding the sale of the general insurance and healthcare elements of the Police and Forces Mutual businesses (Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI)).

    The transaction will see over 250,000 general insurance policies and c16,000 healthcare policies transfer to Bspoke Group, subject to regulatory approval.

    Siobhan Barrow, UK Distribution Director commented:

    “We are delighted to have reached agreement with Bspoke Group on this transaction on the general insurance and healthcare elements of the Police and Forces Mutual businesses.

    “These are not central to our core business of protection, long-term savings and asset management. Customers will be better served by an expert in those GI and Healthcare markets. Central to our considerations has been finding a buyer with the right strategic and cultural fit, and who recognised the heritage of the businesses.”

    Tim Smyth, Bspoke Group CEO, said:

    “With a 150-year history, PMCH and PMGI are both highly regarded and trusted names within the police and military sectors, and we are thrilled to have secured their purchase.

    “This type of specialist product fits perfectly within the Bspoke Group portfolio. It was always our intention to combine organic growth with acquisitions where they have a clear strategic fit to our long term aims.”

    Customers’ policies and impacted colleagues are expected to transfer to Bspoke in early 2024. There is no immediate change for customers and all servicing and claims will continue to be processed in the usual way.

    Royal London and Bspoke will provide updates to customers as the sale progresses.

    For further information please contact:

    Lora Coventry, Senior PR Manager

    Email: [email protected]

    Mob: 07919 170673

    About Royal London

    Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 25 mutuals globally, with assets under management of £153 billion, 8.6 million policies in force and over 4,100 employees. Figures quoted are as at 30 June 2023.

    About the Bspoke Group 

    The Bspoke Group brings together a collection of multi-class niche and specialist MGA insurance businesses, each clearly focussed on individual product specialisms and run by highly experienced and technically skilled underwriting teams. Their product range includes property, leisure, lifestyle, commercial and trades, haulage and transportation and they are able to offer distribution options for brokers, affinities and schemes.

    Their structure and focus on IT and data enables the Group to operate as a ‘virtual Insurer’, with full sales, underwriting, pricing, business intelligence and reserving capability, and is uniquely positioned to understand, manage and deliver superior performance outcomes for their business partners. By being focussed on long term and profitable underwriting, they are proud to have built strong relationships with their ‘A’ rated capacity providers. These partnerships provide support and flexibility for innovation, the appetite to drive new trading opportunities and delivers the financial strength and consumer protection you would expect from market leading insurers.

    The Bspoke Group head office is based in Leeds, West Yorkshire with subsidiary offices in Shropshire, Gloucestershire, Essex and London.

    Bespoke website – bspokegroup.co.uk

    Joanne Palmer

  • Mortgages for the Police family – Frequently Asked Questions

    Mortgages for the Police family – Frequently Asked Questions

    This article was published on Thu 26 Oct 2023. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    With so many mortgages on the market, you may have a lot of questions when you first start doing your research. It’s hard enough to find the time when you’re working 9 to 5 and it can be even tougher if you’re working all hours in your role with the Police.

    Can I get a ‘guarantor mortgage’?

    There’s actually no such thing as a ‘guarantor mortgage’ as such. However, it’s not uncommon for people, especially first-time buyers to turn to their parents for financial support. Sometimes this could mean your parents contributing towards the deposit you need to put down. But it could also involve them acting as ‘guarantor’ on any mortgage you take out. This means that they would be responsible for making payments on your mortgage, if you were unable to. If you think you’ll need financial help from your parents when taking out your mortgage, it’s worth having a chat with a mortgage advisor.

    What size of mortgage can I get?

    The amount of money you can borrow depends on a number of factors, including your income, credit rating, how much of a deposit you can put down and the value of the property you wish to buy. Traditionally lenders would lend no more than four times your salary, however many have individual affordability calculators which will help you establish roughly how much you could borrow.  

    Do I have to have worked in the Police for a certain length of time before applying for a mortgage?

    Broadly speaking, the longer you’ve been in your job the better, as far as mortgage lenders are concerned. Lenders require proof of your income before approving a mortgage application. They may ask to see up to 3 months worth of payslips. If you have been in your role for less time than that, you might need to provide other evidence to support your application. That said, there are some lenders who will consider mortgage applications from people who have only just started their career in the Police.

    Can I get a joint mortgage?

    If you and your partner are looking to buy a home together, it makes sense to get a joint mortgage. The biggest advantage in doing so is that it could increase your buying power. This is because the amount of money you can borrow is based on your income (amongst other things). So, when considering your application, your mortgage provider will look at you and your partner’s combined salary.

    How much of a deposit do I need?

    The amount of deposit you will need to buy a home depends firstly on how much the property you wish to purchase is valued at. This can be around 15% of the property value.

    Joanne Palmer

  • World Mental Health Day – 10 October 2024

    World Mental Health Day – 10 October 2024

    This article was published on Sun 01 Oct 2023. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    Mental health problems can affect anyone, any day of the year, but 10 October is a great day to show your support for better mental health and start looking after your own wellbeing.

    World Mental Health Day is run by the World Federation for Mental Health and takes place on 10 October each year. The theme for this year’s event is ‘It is Time to Prioritise Mental Health in the Workplace’. For more details click here.

    Today is an opportunity for people to talk about all aspects of mental health, how we need to look after our own and others wellbeing, and how important it is to talk and get help if you are struggling.

    Taking care of your mental health is as important as taking care of your physical health.

    Mental health problems affect one in four of us*, yet many people can feel isolated, ashamed and worthless because of this. Poor mental health can affect anyone, of any age, gender or background. They range from common problems, such as depression and anxiety, to rarer problems such as schizophrenia and bipolar disorder.

    It is important that we all as individuals do what we can to look after ourselves and each other. You may have concerns about how others are coping.

    Starting a conversation with someone around their mental health can feel daunting. You may be worried that you will say the wrong thing but remember saying nothing is far worse.

    Like adults, the emotional wellbeing of children and young people is just as important as their physical health. Good mental health will allow them to develop the resilience to cope with life’s ups and downs and to grow into well-rounded, healthy adults. For more details on supporting your children, read our Children’s mental health guide here.

    According to the Police Federation, research has shown that emergency services workers are twice as likely as the public to identify problems at work as the main cause of their mental health problems, but they are also significantly less likely to seek help. So during it’s even more important to look after your own mental health when working on the frontline.

    Here are some tips

    • Think about your purpose: Be clear about why you are doing this job.
    • Be clear on expectations: Make sure you know what is expected of you and whether it is realistic.
    • Keep your boundaries: Establish clear boundaries between work and personal life, don’t take work home with you.
    • Talk to colleagues: Make time to talk to your colleagues about your experiences and share fears and concerns.
    • Value your own family and relationships: While work is important, your family and relationships need to be valued.
    • Exercise: Regular exercise can boost your self-esteem, can help you concentrate, relax and increase
    • your overall wellbeing.
    • Get plenty of sleep: Sleep helps regulate the chemicals in our brain that transmit information. These chemicals are important in managing our moods and emotions and an imbalance in those chemicals can result in us becoming depressed or anxious. Read our sleep guide here.
    • Eat well: A balanced diet that is good for your physical wellbeing is also good for your mental wellbeing. Your brain needs a mix of nutrients to stay healthy and function well. For more information read our guide here.
    • Avoid alcohol: The numbing effects of drinking are only temporary and can often lead to mental health issues. It’s advised that if you do drink, that you stay within the governing bodies recommended unit guidelines.
    • Keep in touch: It’s good for you to catch up with friends and family face to face or over the phone.
    • Take a break: A change of scenery or pace is good for you.
    • Do something you’re good at: Enjoying yourself can help beat stress.
    • Care for others: Supporting others uplifts you as well as them.
    • Ask for help: If at times, life gets too much for you, it’s important that you speak to someone, this may be a family member or trusted friend, your GP or a professional organisation, see the list at the end of this guide for details.

    Making positive change is important but it’s difficult to know where to start. Do one thing today, whether it’s going for a walk, learning a new skill or doing something creative, taking the first steps to getting support for yourself, or reaching out to someone else, take the opportunity to do one thing this World Mental Health Day.

    Whatever you’ve been through this year, World Mental Health Day is a chance to make a positive change for your mental health.

    Where to get help:

    * The Five Year Forward View for Mental Health report from the independent Mental Health Taskforce to the NHS in England, February 2016.

    Want to learn more? Access our wellbeing hub here.

    Joanne Palmer

  • Five Reasons Life Insurance is Worth it

    Five Reasons Life Insurance is Worth it

    This article was published on Wed 13 Sep 2023. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    No one likes to think about a time after they’ve gone, but life insurance could offer reassurance and comfort for your loved ones if you die while covered, helping to ease any financial worries at a difficult time.

    The cost of life insurance varies and this can mean many people don’t think about buying any at all, but this can be a mistake. It’s possible that your dependents or next of kin may become financially responsible for any outstanding debts or expenses like childcare costs, a mortgage, medical or care costs for elderly parents, or even to pay for your funeral. Even if you’ve been careful with your finances and have no outstanding debts, you may want to leave your loved ones a legacy towards their future.

    There are different types of life insurance; some provide a fixed amount of cover for the whole term of the policy (the agreed length of time of your policy), while others slowly reduce the amount of cover over time. Often, you can combine buying a life insurance policy with critical illness insurance or serious illness benefit to cover you if you are diagnosed with a serious illness such as a heart attack or stroke. The list of illnesses and the definitions used varies between insurers so check what illnesses are covered before buying.

    Here are five good reasons to have life cover:

    1. It can be surprisingly affordable

    Contrary to what most people imagine, life insurance can be an inexpensive way to protect you and your family. It can be even less than you think.

    You can buy life insurance yourself without advice. You can buy it online, over the phone, or via a paper application. If you choose to buy it through a financial advisor, then expect to pay a fee. The extra cost of a financial advisor might be worth it in the future by helping you to reach a decision that works best for your situation.

    2. It offers protection and peace of mind

    With a policy in place, life insurance could pay out money to your loved ones when you die. They might use a payout from a life insurance policy to pay off an outstanding mortgage or cope with regular bills. If you have children, a partner or others who depend on you financially (such as an elderly relative), it can help make sure they’re taken care of if you die.

    A life insurance pay out can be useful for loved ones after your death, because it will be a very difficult time, emotionally and financially. Having to worry about bills and debts while coping with the loss of a loved one is difficult, and a life insurance pay out can help to ease financial worries.

    Also, some policies pay out early on the diagnosis of a terminal illness. This would enable you to spend time with loved ones without having the financial worry.

    3. Different types of cover available

    There are three main types of cover:

    Level Term Life Insurance –
    This offers a fixed amount of money, covering you over a fixed period of time that you pre-select.  If you die within the chosen time period, known as the ‘term’, the policy pays out a lump sum to your beneficiaries.

    This gives you the certainty of knowing how much the pay-out will be. However, it won’t increase with inflation, so in the longer term it might be worth less against the rising cost of living.

    Decreasing Term Life Insurance –
    This is another type of fixed-term policy aimed at people whose financial commitments reduce over time – for example, if you’re repaying a mortgage. Decreasing term life insurance is a term life policy where the death benefit payout decreases during the time the policy is in place, so the payout gets smaller over time.

    Whole of life insurance –
    Also known as ‘life assurance’, is a  policy that lasts for the rest of your life and pays out if you die (as long as you’re kept up with monthly payments). This type of life insurance could offer you certainty that there’ll be a financial payment to your family, but can be more expensive than other options.

    4. Support your children’s future

    We all want to be there to help our children when they need it most, whether that’s supporting them through university, or buying their first car. But if you were to pass away before your children grow up, you can still help support them if you have life insurance in place.

    5. You would need a lot of savings to get the equivalent payout amount

    You could help the family save or invest to build up an emergency fund. However, most people don’t have enough surplus cash, or the time to build up the same amount of money that a life insurance policy could pay out. A relatively small monthly payment can give protection and could help the family with bills or debts.

    You must remember though that life insurance has no cash-in value at any time, it’s a protection policy only. If you stop making payments your cover ends and you won’t get anything back.

    Joanne Palmer

  • Budgeting: Making the most of your money

    Budgeting: Making the most of your money

    This article was published on Wed 08 Feb 2023. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    Are you struggling to manage your money? Do you wonder where it all goes each month? Then having a budget could help. If you’re not sure where to start don’t worry, we have some helpful information on budgeting right here for you!

    It’s estimated that around 34% of Police Officers and Staff in the UK have below average levels of financial awareness*. To help, we think the below guide on budgeting could be a great way to start when trying to stay on top of your finances.

    By keeping track of how much money you have coming in (your income) and how much money you have going out (your spending) you can get a clear picture of your finances and take control of your money.

    Please remember, if you are struggling with debt then no matter how big you feel the problem is there is help at hand. We have provided some resources at the end of this article which we believe could be helpful. Our friendly Financial Wellbeing Consultants also frequently visit local stations up and down the UK so take advantage and speak to them!

    Why budget?

    Budgeting can help you:

    • See exactly where your money goes
    • Spot overspending or when you’re paying for things you no longer need or use
    • Live within your means – you can adjust your spending when necessary
    • Work out what you can afford
    • Plan for big expenses such as Christmas, holidays and annual bills
    • Save when you can for the future

    Drawing up a budget

    You can create a budget using pen and paper, a spreadsheet or with the help of an online budget planner. We also have our own budget calculator to help you with drawing up your budget following the steps below!

    Budgeting can be harder if you or the person you live with has an income that varies – for example, on a zero-hours contract, are self-employed or on certain benefits. Get tips on how to budget if your income goes up and down.

    Gather together useful information: Include details of any income you receive (salary, pension, benefit payments and income from savings and investments), as well as household bills, food bills, credit card statements, insurance costs and so on.

    Identify all your income: This is money you regularly receive. Work out your total income after tax to see how much you have to spend. If you receive any irregular or unpredictable income such as over-time or gifts from family, think carefully before including it in your budget as you cannot always rely on it. It may be better to put this to one side.

    Work out your spending: Make a list of everything you spend. As well as regular spending, this can include occasional spending such as for Christmas, holidays and meals or days out. Work out how much you spend on average and then calculate how much you need to set aside for each relevant occasion. This can vary so you might only set aside a certain amount and stick to this!

    Take your spending away from your income: This may result in you having a surplus each month which is great. If not, and your spending is higher than your income, then you should look to take action where possible. 

    Ways to increase your income

    There are various ways you may be able to boost your income but we understand all these are not options to many of you in the Police, but they may be helpful and appropriate for your family.

    • If you’re working, you may be able to increase your hours or pick up some overtime where it suits your schedule. If you’re not working, you may be able to get a part-time job that suits your needs and gives you an income.
    • Check you’re claiming any benefits or other financial help you’re entitled to. If you’re on a low income you may be entitled to some form of income support or help with your housing costs. If you care for someone, are in poor health or your household changes (e.g., someone moves out or dies) you may be entitled to other benefits. To find out more about benefits and check your benefit entitlements use one of the government’s benefits calculators.
    • If you have a spare room in your home, you may be able to rent this out. You can earn up to £7,500 in rent before you have to pay tax on this money. Find more about the government’s rent a room scheme.

    Ways to cut your spending

    If you can’t increase your income, you may be able to cut your spending.

    • Check your budget for any over or unnecessary spending.
    • Divide up your spending into needs and wants. Needs are things you have to pay for such as rent and food, wants are things you could do without at a push. Once you’ve worked out your essential spending (your needs) you can then see how much cash you have left for other things (your wants).

    If your circumstances change

    It’s a good idea to regularly review your budget as your income and spending patterns can change. You may also find that prices go up which affects how much you are spending in total and what money you have left over.

    Your circumstances might change if someone moves in or out of your household, you cut your working hours or stop work altogether, your health deteriorates, you start to receive extra income such as the State Pension or a private pension.

    Money saving tips

    Here are some tips for saving money on household bills.

    • Take advantage of supermarket offers, money-saving vouchers and retail discounts. Find out more on MoneySavingExpert.com.
    • If you need help with energy bills visit the energy regulator’s website at ofgem.gov.uk. To find ways to save energy in your home visit gov.uk for details.
    • Not everyone has savings but if you do, ensure your savings are earning the best rates of interest by a using price comparison website. For a useful guide on using price comparison websites, see the MoneyHelper.

    Useful Resources

    Support with debt:

    You can find more on budgeting at:

    You can find budget planners at:

    *Source: Experian Data and Police Mutual Database – January 2023

    ^ PayPlan is a trading name of Totemic Limited. Totemic Limited is a limited company registered in England, Company Number: 2789854. Registered Office: Kempton House, Dysart Road, PO Box 9562, Grantham, NG31 0EA. Totemic Limited is authorised and regulated by the Financial Conduct Authority. Financial Conduct Authority Number: 681263

    Joanne Palmer

  • International Day of People with Disabilities – 3 December 2022

    International Day of People with Disabilities – 3 December 2022

    This article was published on Thu 01 Dec 2022. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    International Day of Disabled Persons is the 3 December 2022. First launched in 1992, the event is in its 29th year of marking meaningful change for the disabled community.

    International Day of Disabled Persons recognises visible and invisible disabilities, to promote the importance of inclusion in life and the workplace. The day is hosted by the United Nations (UN) and encourages business leaders across the globe to value the unique contributions of disabled people.  For more information click here.

    The day is about promoting the rights and wellbeing of persons with disabilities, and to raise awareness of the situation of persons with disabilities in all aspects of life. The World Health Organisation (WHO) joins the UN in observing this day each year, highlighting the importance of securing the rights of people with disabilities, in order for them to participate fully, equally and effectively in society, and face no barriers in all aspects of their lives.

    Why International Day of People with Disabilities is important

    • Celebration – to recognise and value the diversity of our global community, and to celebrate the role we all play, regardless of our abilities.
    • Learning – to understand and learn from the experiences of people living with a disability.
    • Optimism – to look forward to a world where a person is characterised by their abilities not their disabilities.
    • Awareness – to build awareness of people with disabilities, as people with disabilities sometimes feel invisible in our society. To reduce any stigma and discrimination those with disabilities may feel.
    • Legal – Under the Equality Act 2010, which prohibits discrimination against people with the protected characteristics that are specified in the Act. Disability is one of the specified protected characteristics.

    Just because you can’t see it, doesn’t mean that it is not there

    Annually WHO decides on a theme, in 2022, the theme is ‘Not All Disabilities are Visible’. Some disabilities, like mental health disorders, chronic pain and fatigue, are invisible, but that does not make them any less devastating to someone’s quality of life.  

    Non-visible disabilities, also known as invisible or hidden disabilities are not immediately obvious. They can be physical, mental, or neurological and include, autism and Asperger syndrome, cognitive impairments such as learning disabilities and dementia, mental health conditions and speech, visual impairments or hearing loss, as well as many other conditions.

    They also include respiratory and chronic conditions such as asthma, diabetes, chronic pain and sleep disorders when these significantly impact day-to-day life. Some physical disabilities are not always visible until in their later stages, this includes conditions like Multiple Sclerosis.

    And often, many people experience a combination of both visible and non-visible impairments and conditions.

    Globally 1 in 7 of us live with a disability. And of those, 80% are invisible. That is 1 billion people who are living with a non-visible disability.

    The more we all understand about both visible and non-visible disabilities, the more we can help to improve the lives of people experiencing them. Some people with a non-visible disability choose to wear a Sunflower lanyard with details of their condition.  For more details click here.

    Overall, the day is to help everyone become more compassionate and understanding of the challenges faced by people with disabilities. To ensure that all people in the world have equal opportunities for work, play, health, and success. To appreciate that people with disabilities are valued members of society.

    Getting information, help and support

    Want to learn more? Access our wellbeing hub here.

    Joanne Palmer

  • Cost of Living: Tips to Help You Manage Your Finances

    Cost of Living: Tips to Help You Manage Your Finances

    This article was published on Mon 31 Oct 2022. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    With rising prices in almost every aspect of life, many people are struggling to cope as pressure on household finances continue.

    In September 2022 Royal London carried out research, amongst 4,000 UK adults, to explore the changes people have already made to help with the cost of living and how they are coping with the current pressures on their finances.

    Key Research Findings

    • Approximately a third of adults are already spending money they don’t have, by going either overdrawn (often or occasionally) or borrowing to meet everyday expenses.
    • Over 9 in 10 adults (93%) said they are worried about energy bills and almost the same number (89%) are worried about the cost of food.
    • Approximately one in six people (16%) said they have already taken on an additional job to help pay for the cost of living crisis*.

    For more research findings click here.

    Top 10 Tips That Could Help

    You may already be making changes to feel more in control of your money, but if not, here are some tips to help you get on top of your finances.

    1. Find out where your money’s going

    Start by finding out where your money’s being spent. It sounds obvious, but many of us don’t realise exactly how much we’re spending each month – and what we’re spending on – until it’s laid out in front of us.

    Keep a spending diary for a month where you write down everything you spend, or track your spending using your phone. Many banks now have features on their mobile apps that you can use to track spending. Monitoring your money can help you build a picture of exactly where it’s going.

    2. Go through your statements

    Grab your last three bank statements and credit card bills and spend some time going through them, highlighting any areas where you think you’re spending money unnecessarily or spending too much. This could be on anything from a top of the range broadband package that you don’t need, to a mobile phone contract where you’re paying for data you don’t use.

    3. Cancel old subscriptions

    A number of households are spending £168 a year on subscriptions for goods and services they don’t even use, according to research by GOV.UK**.

    This can include gym memberships, phone contracts and video streaming plans like Netflix or Amazon Prime. Even magazine subscriptions of a few pounds a month are money down the drain if you don’t have time to read the magazine! Take a few minutes and cancel any subscriptions you don’t really use to save yourself a bit of cash.

    4. Save money on your bills

    Switching your energy supplier used to be a good way of saving money on your household bills, but with energy prices soaring, you may be better off staying on the standard tariff with your existing supplier once your fixed rate tariff comes to an end.

    You may also be able to save money on your water bills by having a meter if you don’t already have one. It will depend on the size of your home and how much water you use.

    5. Break any bad habits

    Take a look at your spending and see if there are areas where you’ve fallen into bad money habits, such as buying a coffee or lunch every day. Cutting that takeaway coffee to once or twice a week, or preparing more of your meals at home, will add up to meaningful savings over a year.

    6. Draw up a budget

    Drawing up a weekly or monthly budget will help you get your finances under control. There are plenty of templates online to get you started, like the MoneyHelper budget planner.

    Alternatively, you can also use budgeting apps to plan what you want to spend and keep track of it. There are plenty available, including Money Dashboard and Moneyhub.

    We have our own handy budget calculator which you can use to get an idea of your current monthly expenditure. Take a look here.


    7. See if you can pay less interest

    If you owe money on an expensive credit card, it may be worth considering whether you can transfer the balance to a credit card charging 0% interest. Although these cards are interest free, you will normally be charged a balance transfer fee of up to 3% of the amount you transfer. Because you won’t be charged interest on your balance, more of your money can go to repaying what you owe.

    These cards aren’t right for everyone, and it’s important to make sure you can pay off your balance by the time the 0% interest deal runs out. It may also affect your credit score, especially if you do it multiple times.

    8. Get help with unmanageable debts

    If you are struggling to pay for the essentials, you are using one credit card to pay off another, or your debts are causing you worry, then contact a debt advice charity, such as StepChange. They will be able to give you help with your debts, free of charge. They may also be able to tell you whether you are able to claim any state benefits.

    We’ve teamed up with PayPlan, one of the UK’s leading free debt advice providers, who offer free and confidential advice to anyone in serious financial difficulties.

    9. Check your credit report

    Your credit report is a snapshot of the information that’s on your credit file. And this information is used by companies you already have a credit agreement with, and lenders you apply to, to make decisions about how good a risk you are. You have the right – by law – to see a copy of your credit report free of charge. It’s worth doing so you can see the information that lenders you apply to can access. Importantly, if there are any mistakes you can get them corrected.

    There are several different credit reference agencies, but the main ones are Equifax, Experian and TransUnion.

    10. Check if you’re entitled to state benefits

    Billions of pounds of state benefits go unclaimed each year, and you could be missing out. The national charity Turn2us has a free and confidential benefits calculator on its website which can help you work out which means-tested benefits you’re entitled to. It also has a grant search tool and information on grants you may be able to apply for.



    Sources:

    * Royal London research – Cost of living report – Royal London

    ** Compare The Market Source – New measures unveiled to crack down on subscription traps


    PayPlan is a trading name of Totemic Limited. Totemic Limited is a limited company registered in England, Company Number: 2789854. Registered Office: Kempton House, Dysart Road, PO Box 9562, Grantham, NG31 0EA. Totemic Limited is authorised and regulated by the Financial Conduct Authority. Financial Conduct Authority Number: 681263

    Joanne Palmer

  • Cost of Living Crisis – What Regular Payments are Most Under Threat?

    Cost of Living Crisis – What Regular Payments are Most Under Threat?

    This article was published on Mon 31 Oct 2022. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    Price increases and rising inflation continue to put a lot of pressure on household finances. A recent survey by YouGov identified some regular subscriptions and monthly payments that people are looking at cutting back on as part of the cost of living crisis impact[1].

    Of the 6 subscription categories, gym memberships were most likely to be stopped completely. 7% of adults surveyed ceased gym subscriptions completely. By comparison, only 1% of adults surveyed stopped their home insurance payments completely.  

    In terms of making cutbacks to reduce monthly outgoings, about half of those surveyed didn’t make any cutbacks to their car insurance or home insurance (50% and 56% respectively didn’t make any cutbacks). Only mobile and broadband contracts were higher percentages (64% and 67% of those surveyed didn’t make any cutbacks), where people are likely to be tied into contracts. Only 11% of the adults surveyed didn’t make any cutbacks to their gym membership payments.

    Only 4% of respondents made cutbacks through choice not necessity for their car insurance and 3% for home insurance.

    When it comes to car and home insurance, only 1% of adults surveyed stopped paying completely for home insurance and only 2% for car insurance. Car insurance is a legal requirement in the UK, but home insurance isn’t. Fortunately, people look to be recognising the extremely high-risk decision of not insuring their home and contents.

    Around one in ten adults surveyed looked to reduce their car or home insurance payments by switching (13% for car insurance and 11% for home insurance).

    So how do I best review my car and home insurance costs

    Firstly, remember that the vast majority of people in this survey made the positive decision to continue with their car insurance and their home insurance. In addition, over half of car and home insurance holders didn’t make any cutbacks to their payments.

    If you are looking at making cutbacks, these could be achieved by options such as opting to pay a higher excess in the event of a claim, or not covering home contents for accidental damage.

    Some policies allow you to pay monthly instead of a lump sum annual payment for no extra charge. This helps you with your budgeting and can save you money each month if you don’t have to pay any charges to spread your costs over a 12-month period. The Police Mutual Car Insurance and Home Insurance policies allow you to pay monthly for no additional charges.

    If you are looking at switching insurance providers or making cutbacks in other ways it is important that you consider your personal needs and the value you want your policy to continue to provide.

    Some insurance policies may promote a lower headline cost, but either not include certain elements that you personally would find useful or need, or make you pay extra for elements that you want to make use of.

    Examples could include:

    • choosing a policy that doesn’t charge to make changes during the policy term (e.g. mileage, address and insured driver changes, provision of duplicate documents, changes to cover levels)
    • including a courtesy car so you can remain mobile if your car needs to go in for repairs as a result of a claim
    • choosing a policy that includes protection for officers travelling to or from work in their car whilst carrying official kit such as their Police Uniform.

    Police Mutual car and home insurance policies don’t charge you to make changes to your policy, whilst car insurance includes courtesy car and Police official kit protection as standard.

    So, it pays to look beyond the headline cost and get a policy that works for you and your specific needs.

    If you do decide to investigate switching, Police Mutual Insurance policies also allow you to switch from your existing provider to Police Mutual without having to wait until your renewal date.

    Check out more about Police Mutual Car Insurance and Home Insurance here.

    Car Insurance and Home Insurance is provided by Royal & Sun Alliance Insurance Ltd.

    PMGI Limited, trading as Police Mutual is authorised and regulated by the Financial Conduct Authority. Financial Services Register No. 114942. Registered in England & Wales No.1073408. Registered office: Brookfield Court, Selby Road, Leeds, LS25 1NB. For your security, all telephone calls are recorded and may be monitored.

    [1] YouGov – Cost of living cutbacks subscriptions and insurance.pdf

    Joanne Palmer

  • World Mental Health Day 2022

    World Mental Health Day 2022

    This article was published on Mon 10 Oct 2022. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    Mental health problems can affect anyone, any day of the year, but 10 October is a great day to show your support for better mental health and start looking after your own wellbeing.

    World Mental Health Day is run by the World Federation for Mental Health and takes place on 10 October each year. The theme for this year’s event is ‘Make mental health and wellbeing for all a global priority’. For more details click here.

    Today is an opportunity for people to talk about all aspects of mental health, how we need to look after it, and how important it is to talk about things and get help if you are struggling.

    Taking care of your mental health is as important as taking care of your physical health.

    Mental health problems affect one in four of us*, yet many people can feel isolated, ashamed and worthless because of this. Poor mental health can affect anyone, of any age, gender or background.

    They range from common problems, such as depression and anxiety, to rarer problems such as schizophrenia and bipolar disorder.

    It is important that we all as individuals do what we can to look after ourselves and each other. You may also have concerns about how others are coping.

    Starting a conversation with someone around their mental health can feel daunting. You may be worried that you will say the wrong thing but remember saying nothing is far worse.

    Like adults, the emotional wellbeing of children and young people is just as important as their physical health. Good mental health will allow them to develop the resilience to cope with life’s ups and downs and to grow into well-rounded, healthy adults. For more details on supporting your children, read our Children’s mental health guide here.

    According to the Police Federation, research has shown that emergency services workers are twice as likely as the public to identify problems at work as the main cause of their mental health problems, but they are also significantly less likely to seek help. So during the pandemic it’s even more important to look after your own mental health when working on the frontline.

    Here are some tips:

    • Think about your purpose: Be clear about why you are doing this job
    • Be clear on expectations: Make sure you know what is expected of you and whether it is realistic.
    • Keep your boundaries: Establish clear boundaries between work and personal life, don’t take work home with you.
    • Talk to colleagues: Make time to talk to your colleagues about your experiences and share fears and concerns.
    • Value your own family and relationships: While work is important, your family and relationships need to be valued.
    • Exercise: Regular exercise can boost your self-esteem, can help you concentrate, relax and increase your overall wellbeing.
    • Get plenty of sleep: Sleep helps regulate the chemicals in our brain that transmit information. These chemicals are important in managing our moods and emotions and an imbalance in those chemicals can result in us becoming depressed or anxious. Read our sleep guide here.
    • Eat well: A balanced diet that is good for your physical wellbeing is also good for your mental wellbeing. Your brain needs a mix of nutrients to stay healthy and function well.
    • Avoid alcohol: The numbing effects of drinking are only temporary and can often lead to mental health issues. It’s advised that if you do drink, that you stay within the governing bodies recommended unit guidelines.
    • Keep in touch: It’s good for you to catch up with friends and family face to face or over the phone.
    • Take a break: A change of scenery or pace is good for you.
    • Do something you’re good at: Enjoying yourself can help beat stress
    • Care for others: Supporting others uplifts you as well as them.
    • Ask for help: If at times, life gets too much for you, it’s important that you speak to someone, this may be a family member or trusted friend, your GP or a professional organisation, see the list at the end of this guide for details.

    Making positive change is important but it’s difficult to know where to start. Do one thing today, whether it’s going for a walk, learning a new skill or doing something creative, taking the first steps to getting support for yourself, or reaching out to someone else, take the opportunity to do one thing this World Mental Health Day.

    Whatever you’ve been through this year, World Mental Health Day is a chance to make a positive change for your mental health.

    Where to get help:

    NHS

    Samaritans

    Mind

    AnxietyUK

    Mental health org

    * The Five Year Forward View for Mental Health report from the independent Mental Health Taskforce to the NHS in England, February 2016

    Want to learn more? Access our wellbeing hub here.

    Joanne Palmer

  • World Menopause Day 2022

    World Menopause Day 2022

    This article was published on Mon 03 Oct 2022. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    The menopause is a natural stage of life that millions of women experience. It is marked by changes in hormones and the ending of menstruation. It can also bring many other physical and emotional changes. The good news is, you’re not alone. Millions of women go through the menopause and there is now great support available, along with a lot more knowledge and understanding about this.

    In the UK, the average age for a woman to reach the menopause is 51, but the menopause commonly happens any time between the ages of 42 and 56 as a woman’s oestrogen levels decline. But around 1 in 100 women experience the menopause before 40 years of age. This is known as premature menopause and may be caused by hormonal imbalances, chemotherapy, radiation or a hysterectomy.

    The menopause is a natural turning point in a woman’s life that marks the end of the menstrual cycle.

    Please note this guide is not intended to replace professional consultation. Please see your doctor for all medical concerns.

    Stages of the menopause

    The menopause usually happens over a few years and occurs in three stages:

    • Peri-menopause. The ovaries gradually produce less oestrogen in the four to five years leading up to menopause. In the last two years of perimenopause, oestrogen levels drop significantly. This is usually the stage where the most severe menopausal symptoms are experienced.
    • Menopause. Twelve months after the last period marks the official stage of the menopause. At this point, the ovaries produce no progesterone, low levels of oestrogen and stop releasing eggs.
    • Post-menopause. In the years after the menopause, symptoms like hot flushes usually ease while health risks caused by decreased oestrogen levels typically increase.

    Symptoms

    There are many possible symptoms of the menopause and each woman feels them differently but most women will experience some menopausal symptoms. The duration and severity of these symptoms varies from woman to woman. About 8 in every 10 women will have additional symptoms for some time before and after their periods stop. Some of these can be quite severe and can have a significant impact on everyday activities for some women.

    Common symptoms include:

    Physical changesEmotional changes
    Hot flushes
    Night sweats
    Vaginal dryness
    Insomnia
    Bloating and weight gain
    Heart palpitations
    Headaches
    Nausea and dizziness
    Hair thinning & loss
    Dry eyes
    Itchy skin
    Urinary tract infections
    Breast pain
    Fatigue
    Joint stiffness, aches and pains    		Low mood and Depression
    Anxiety
    Reduced libido
    Poor concentration
    Low self-esteem
    Irritability
    Forgetfulness
    Panic attacks
    Loss of control
    In some rare cases – suicidal thoughts

    Menopausal symptoms can begin months or even years before your periods stop and last around 4 years after your last period, although some women experience them for much longer.

    Low levels of oestrogen are linked to a number of health problems common in older women. Postmenopausal women are more likely to suffer from:

     
    When to see a GP

     It’s worth talking to a GP if you have menopausal symptoms that are troubling you or if you’re experiencing symptoms of the menopause before 45 years of age.

    They can usually confirm whether you’re menopausal based on your symptoms, but a blood test to measure your hormone levels may be carried out if you’re under 45.

    If you’re experiencing severe depression or anxiety, bleeding after menopause, or your symptoms are interfering with daily life, you should seek medical attention straight away.

    Your GP can offer treatments and suggest lifestyle changes if you have severe menopausal symptoms that interfere with your day-to-day life.

    These include:

    If your symptoms are giving you discomfort, your doctor may recommend hormone replacement therapy (HRT), which provides almost instant relief from many symptoms by replacing the hormones that you are losing.

    Different HRTs contain different levels of oestrogen and progesterone, obtained from different sources. Your doctor will recommend the best type for you. Some women are not suitable candidates for HRT. Your doctor will discuss this with you. Unsuitable candidates for HRT may include women with a personal or family history of breast cancer, or women with unexplained vaginal bleeding or active liver disease.

    Your GP may refer you to a menopause specialist if your symptoms do not improve after trying treatment or if you’re unable to take HRT.

    It’s crucial that you see your doctor regularly in the years leading up to and following menopause. Get regularly screened and checked to keep an eye on these conditions. Stopping smoking, reducing your blood pressure, regular exercise and a healthy diet will all help lower the risks for the concerns above.

    Self-care

    There are many ways to help relieve your symptoms yourself and make the transition as comfortable as possible. Here are some things you could try:

    • Make some time for yourself: It’s extremely important that you look after your own wellbeing and this includes finding time for yourself.  This may be regularly meeting friends, doing exercise, yoga, meditation, going for a walk, having a bath or just sitting reading a book. 
    • Hot Flushes:  Your hot flushes may be triggered by something, so try documenting what you’re doing when they start. It could be things like spicy food, alcohol, weather changes and hot beverages. Once you know the cause, you can try and avoid the trigger and reduce their effects.  Another tip is always to dress in layers, it’s then much easier to take off an item of clothing. Confined spaces can increase hot flushes for some people, if this is the case for you, then try to avoid them.
    • Sleep: You may be struggling to sleep, if this is the case try to avoid caffeine and instead exercise in the morning. Use relaxation techniques before going to bed and stick to a regular schedule. If hot flushes are disrupting your sleep, adjust the temperature in the room and always sleep with layers. If you are struggling to sleep read our sleep guide here.
    • Weight: It’s common to gain weight during the menopause. It’s thought that this may be due to hormonal changes, ageing or lifestyle. During the menopause your metabolism starts to slow down, which leads to weight gain unless you change your lifestyle.   Eating more healthily and exercising regularly will not only help you lose weight but it may also help you avoid heart disease and other health problems.   Losing weight has also been found to help reduce hot flushes and night sweats.
    • Exercise: Aim for at least 30 minutes of physical activity every day, this will help you feel good, improve your sleep and help you remain at a healthy weight, which is likely to increase during the menopause, as well as keeping your heart healthy and bones strong. Other forms of exercise like yoga have also been proven to help reduce hot flushes and help you to relax.
    • Your diet: Ensure you are eating a healthy, balanced diet that’s low in saturated fats, sugars and oils and high in fruit, vegetables and whole grains. Make sure you’re getting enough calcium and vitamin D or take a supplement. Some women find that soya products (soya milk, tofu, etc.) and whole-grain foods bring relief. This may be due to the oestrogen-like effects of the phytoestrogen contained in these foods.
    • Drink water: During menopause, women often experience dryness. This is likely caused by the decrease in oestrogen levels. Therefore, keeping hydrated is essential. Drinking at least 2 litres of water a day can help with these symptoms. Drinking water can also reduce the bloating that can occur with hormonal imbalance.
    • Vitamins: It is commonly known that changes in hormones can cause bones to weaken, increasing the risk of osteoporosis. Calcium and vitamin D are linked to good bone health, so it’s vital to get enough of these nutrients in your diet. There is a wide range of foods that are calcium-rich, for example dairy products (yogurt, milk and cheese), green leafy vegetables (kale, spinach), tofu, beans, sardines are also worth considering.
    • For vitamin D, sunlight is your main source, since your skin produces it when exposed to the sun. However, as you get older, your skin gets less efficient at making it. The main foods sources are oily fish, eggs, cod liver oil and foods fortified with vitamin D.
    • If you struggle to eat the vitamin rich foods, then take a general vitamin tablet every day.
    • Smoking: As well as all the health problem associated with smoking, it’s also linked to early menopause and may increase hot flushes. For help quitting smoking click here.
    • Alternative therapies:  Acupuncture, meditation and relaxation techniques may be able to reduce the stress of menopause.
    • Natural remedies: Try evening primrose oil, licorice, ginseng or wild yam. There is limited scientific evidence on their safety or effectiveness so talk to your doctor before trying alternative treatments.

    Before selecting a type of treatment or making a dramatic change to your lifestyle, though, you should always talk to your doctor.

    Menopause brings many changes, and it can sometimes feel overwhelming. It’s important that during this time, you make your health a priority.

    Further help and support

    NHS

    Daisy Network

    My Second Spring

    Menopause Support

    My Menopause Doctor

    Menopause in the Workplace

    Want to learn more? Access our wellbeing hub here.

    Joanne Palmer