Children avail least life coverage by insurance companies. All most all insurance companies have a few policies designated specifically for children . The objective of these insurance plans is to provide financial security to children, additional savings along with life coverage.

Broadly there are two types of children’s life insurance policies available in the insurance sector. In one type the child is the life is insured whereas other loan plan ensures the earning parent or guardian of the children. These policies are also considered as disciplined investment plans to make money at predetermined future dates. Being a conventional insurance policy, the monetary returns from this type of plan may not be such lucrative.

Council tax bills, petrol prices and food prices have to be tackled before people feel they can put money to one side.

Furthermore, letting unpaid bills and debts become too unwieldy is “not in anyone’s interest”, according to Gareth Mackie, a spokesman for Halifax.

“The main pressures on savers are rising costs, like day-to-day living costs, which put pressure on people’s ability to save,” he remarked.

“The advice is to keep on top of bills first of all because they’re the important things to pay, be it mortgage, rent, council tax or utility bills.”

People who find themselves in financial difficulty should speak to their providers and also another bank or building society, Ms Mackie added.

Meanwhile, a new report by Help The Aged and Barclaycard shows that a quarter of all people approaching retirement are still in debt.

The association has stated that consumers need to think seriously about exactly what it is they are looking for from a bank.

Brian Capon, spokesperson for the BBA, explained that with the wealth of savings, current and deposit accounts available, things such as headline rates need to be explored in depth.

“Are there any limitations or conditions to getting that interest rate, such as only making a limited number of withdrawals?” he said. “Also look at the protection you are getting.”

By checking whether a bank is authorised on the Financial Services Authority website, consumers can check that they are eligible for its compensation scheme limit of £35,000, Mr Capon added.

Research by the National Savings and Investments found that British savers have increased their savings 39-fold in real terms since the 1960s.

The finance firm advised people to ensure they are given the accurate registration documents, such as the vehicle’s V5 form, along with an up-to-date service record.

Look around, it recommended, claiming that it is unwise to buy the first car on offer and a second opinion is always useful.

Additional tips included doing research such as checking the internet for good deals, shopping around for finance to fund the purchase and also taking any potential vehicles for an adequate test drive.

Mark Huggins, head of the firm, commented: “One in four drivers will knowingly sell a second-hand car without revealing a known fault with the vehicle, so it’s important that car buyers are vigilant no matter whom they are buying from.”

Britannia Rescue named January 2nd as the day cars are most likely to break down, due to a lack of use over Christmas combined with heavy traffic and bad weather.

The firm recommended taking out the housecall option on car insurance policies, covering the event of a vehicle failing to start.