Share

Hospice launches insurance sales arm as new income stream to the sector

Hospice launches insurance sales arm as new income stream to the sector
News

Hospice launches insurance sales arm as new income stream to the sector

Fundraising | Kirsty Weakley | 13 May 2013

St Luke’s Hospice Cheshire has set up a new charity that will raise money for other charities by collecting commission from selling financial products.

Care2Save is a registered charity which donates 80 per cent of the commission it receives when people purchase insurance to the charity chosen by the consumer. The other 20 per cent of its commission goes to the Care2Save Charitable Trust which will distribute profits to hospices and palliative care projects.

It is an introducer appointed representative (IAR) of Payplan Financial Services (PFS), meaning Care2Save refers consumers for financial products to PFS through its website, and then collects commission for the introduction.

For each transaction it receives 7.5 per cent of the cost of the policy as commission for the first year and 15 per cent for the second year onwards. Payplan receives 22.5 per cent in the first year and 15 per cent thereafter. 

Care2Save has launched offering home, buildings and contents insurance but plans to expand.

The original concept came from Andrea Ladeira, who is director of business and support services at St Luke’s and the new chief executive of Care2Give. She said: "We are immensely proud of Care2Save which we are wholly confident will change the way people give to charity. Initially the site has been launched with insurance products, and this will be expanded over to time to other household utilities. The sky really is the limit.”

She added: “We hear so many stories about under-funded charities, and others concerning businesses behaving unethically. If we can create funding for charities to do more in our communities simply by choosing to buy through Care2Save then why wouldn’t we make that choice.”

 

 Example: Home insurance policy of £276

Year 1 

 

30 per cent commission paid 

£82.80

22.5 per cent of the commission is paid to Payplan Financial Services 

£62.10

7.5 per cent is paid to paid to Care2Save

£20.70  (16.56 to the consumer’s chosen charity and £4.14 to the Care2Save Charitable Trust)


Year 2 onwards

 

30 per cent commission paid  £82.80

£82.80

15 per cent of the commission is paid to Payplan Financial Services

£41.40

15 per cent of the commission is paid to Care2Save

£41.40 (£33.12 to the consumer’s chosen charity and £8.28 to Care2Save Charitable Trust)

 

 

 

website link

 
 
 

Want access to all civilsociety.co.uk content?

Subscribers gain access to all expert advice, analysis, surveys, special reports and the full archive of content from as little as £43.20 per year. Find out more...

Comments

[Cancel] | Reply to:

Close »

Community Standards

The civilsociety.co.uk community and comments board is intended as a platform for informed and civilised debate.

We hope to encourage a broad range of views, however, there are standards that we expect commentators to uphold. We reserve the right to delete or amend any comments that do not adhere to these standards.

We welcome:

  • Robust but respectful debate
  • Strongly held opinions
  • Intelligent relevant discussion
  • The sharing of relevant experiences
  • New participants

We will not publish:

  • Rude, threatening, offensive, obscene or abusive language, or links to such material
  • Links to commercial organisations or spam postings. The comments board is not an advertising platform
  • The posting of contact details for yourself or others
  • Comments intended for malicious purpose or mindless abuse
  • Comments purporting to be from another person or organisation under false pretences
  • Gratuitous criticism, commentary or self-promotion
  • Any material which breaches copyright or privacy laws, or could be considered libellous
  • The use of the comments board for the pursuit or extension of personal disputes

Be aware:

  • Views expressed on the comments board are left at users’ discretion and are in no way views held or supported by Civil Society Media
  • Comments left by others may not be accurate, do not rely on them as fact
  • You may be misunderstood - sarcasm and humour can easily be taken out of context, try to be clear

Please:

  • Enjoy the opportunity to express your opinion and respect the right of others to express theirs
  • Confine your remarks to issues rather than personalities

Together we can keep our community a polite, respectful and intelligent platform for discussion.

Free eNews

Big Society Capital invests £10m to support charity bond growth

25 Jul 2014

Big Society Capital has announced a £10m Charity Bond Support Fund to encourage more charities into the...

HSBC to close bank account of Muslim charity working in Gaza

25 Jul 2014

HSBC has informed the Ummah Welfare Trust that it will close its bank accounts because the charity “now...

Nandy demands PM inquiry into Big Society Network grants

24 Jul 2014

Lisa Nandy, the shadow minister for civil society, has written to David Cameron demanding an inquiry into...

Commission clarifies statements on staff attendance at board meetings

25 Jul 2014

The Charity Commission has rewritten its operational compliance report on the case of Southwark Muslim...

Nandy demands PM inquiry into Big Society Network grants

24 Jul 2014

Lisa Nandy, the shadow minister for civil society, has written to David Cameron demanding an inquiry into...

Workfare charities set to be named after Tribunal rules against DWP

23 Jul 2014

Charities that are involved in the workfare programme run by the Department for Work and Pensions look...

Greenpeace video removed from YouTube following copyright claim

14 Jul 2014

A campaign video by Greenpeace against Lego’s relationship with Shell has been subject to a copyright...

Oxfam advert removed after appearing before extremist videos

10 Jul 2014

Oxfam has removed one of its adverts from YouTube after it was shown on channels showing content from...

Data protection proposals 'potentially catastrophic' for fundraising

8 Jul 2014

EU data protection proposals could have a “potentially catastrophic” impact on charity fundraising,...

Join the discussion

Twitter button

@CSFundraising