Zurich enhances level protection range
by Gill Montia
Story link: Zurich enhances level protection range
Zurich UK Life has enhanced its level protection range to help clients who may need to make changes to their existing life cover when their circumstances change.
Renewable and convertible options are now available, allowing customers to either renew or convert their policies at a later date, without the need for further medical evidence.
The [...]
Equitable Life compensation scheme details due in October
by Gill Montia
Story link: Equitable Life compensation scheme details due in October
The Chadwick report on the part government maladministration played in the losses suffered by Equitable Life policyholders has been published today, and Treasury minister, Mark Hoban, has announced that details of a compensation scheme will be included in the Autumn Spending Review.
However, the minister describes Sir John Chadwick’s review as “just one of the building [...]
Equitable Life appoints BlackRock asset manager
by Gill Montia
Story link: Equitable Life appoints BlackRock asset manager
Equitable Life has announced the appointment of US investment manager, BlackRock, to provide investment and risk management services for its 400,000 policyholders and group scheme members.
The agreement takes effect in October when BlackRock will be tasked with maximising returns on the failed mutual’s £5.7 billion of assets.
BlackRock currently has £2.2 trillion under management and [...]
FSA reports “mixed performance” in with-profits review
by Gill Montia
Story link: FSA reports “mixed performance” in with-profits review
The Financial Services Authority (FSA) has published the findings of its review of with-profits funds, which looked specifically at how senior managers have implemented FSA rules on treating policyholders fairly.
The regulator has reported a “mixed performance” with a significant number of firms “not adequately demonstrating” the practices it expects from a well-run with-profits business.
The two [...]
ELSA launches IFA life settlements consultation
by Gill Montia
Story link: ELSA launches IFA life settlements consultation
The European Life Settlement Association (ELSA) has launched a retail market consultation into the practices and issues surrounding life settlements.
The body is in the process of developing a code of practice for sellers of traded life policy investments and has decided to engage specifically with the IFA community because of questions already raised by [...]
CBI: life insurers lead the way in volume and profit
by Gill Montia
Story link: CBI: life insurers lead the way in volume and profit
A Confederation of British Industry (CBI) / PricewaterhouseCoopers survey published today revels that UK financial services grew in the three months to June 2010, at the fastest rate since September 2007.
Life insurers saw “healthy increases” in volumes, and profitability grew strongly for the second successive quarter.
General insurers’ volumes were largely flat and overall profitability [...]
RIAS launches Life Plan
by Gill Montia
Story link: RIAS launches Life Plan
Over 50s insurer, RIAS, has launched a new life assurance policy aimed at offsetting funeral costs, and underwritten by sister company, Fortis Life.
Premiums for the Life Plan start at £5 a month and with the average cost of a funeral standing at £2,7331, RIAS suggests the policy could provide a welcome relief to family members [...]
CUNA extends offering to building societies
by Gill Montia
Story link: CUNA extends offering to building societies
CUNA Mutual Group is launching a new life insurance product for the building society market, with the promise of paying out valid claims within 48 hours.
FamilyLife+ is designed to provide peace of mind for the policyholder and their family by removing the worries that can be caused by unexpected funeral costs.
During product testing, initial [...]
BIBA appoints Millennium for PPI launch
by Gill Montia
Story link: BIBA appoints Millennium for PPI launch
The British Insurance Brokers’ Association (BIBA) has appointed Millennium Insurance as the exclusive provider of its new members’ scheme for payment protection insurance (PPI).
Millennium, which is the distribution arm of Direct Group, will provide a product to be sold on a standalone basis, with or without a mortgage or personal loan.
Key features of the [...]
Aggregator sites to present new challenges
by Gill Montia
Story link: Aggregator sites to present new challenges
New research from Accenture suggests that the rapid pace of online adoption among UK insurance customers will not abate.
The management consultancy’s recent survey indicates that 63% of Britons have purchased motor insurance online; 45% home insurance; and 23% life assurance.
Over the next 12 months, 69% of respondents said they will be switching or purchasing [...]
AXA partners Newcastle in over 50s life plan
by Gill Montia
Story link: AXA partners Newcastle in over 50s life plan
AXA Sun Life has joined forces with Newcastle Building Society to launch a Guaranteed Over 50s Plan aimed at those who don’t want to burden their nearest and dearest with their funeral costs.
The new life cover is available to Newcastle members aged between 50 and 85 regardless of their health history, and pays out [...]
CBI reports strong growth for life insurers
by Gill Montia
Story link: CBI reports strong growth for life insurers
The latest CBI/PwC Financial Services Survey has reported that activity in the UK financial service sector has been broadly stable over the past three months, and somewhat better than expected.
According to the study, which is published by the Confederation of British Industry, life insurance companies have seen business volumes rise at the joint fastest pace [...]
ELSA promises Code of Practice for life policy securitisation
by Gill Montia
Story link: ELSA promises Code of Practice for life policy securitisation
The European Life Settlement Association (ELSA) has announced that it is developing a Code of Practice for sellers of traded life policy investments.
The body has also welcomed an address given by the Financial Services Authority (FSA) earlier this week at the ELSA/LISA European Life Settlement Trade Mission in London.
The regulator raised concerns over the [...]
Aviva promotes life and critical illness coverage
by Richard Kilner
Story link: Aviva promotes life and critical illness coverage
New research commissioned by Aviva has revealed that the British household would only have enough money to cover bills for a fortnight should they or a partner suffer critical illness or death.
According to the research 24% would be able to access only £100 without borrowing, and that without borrowing the average household would have access [...]
Family income benefit sales soar at Scottish Provident
by Gill Montia
Story link: Family income benefit sales soar at Scottish Provident
Scottish Provident has reported a four-fold increase in sales of its family income benefit plan, which pays out a regular income to claimants.
The life and pensions provider observes: “As the economic instability remains in the UK the security offered by this kind of product is becoming ever more popular as consumers seek products that are [...]
AEGON increases multi-benefit discounts
by Gill Montia
Story link: AEGON increases multi-benefit discounts
From tomorrow, AEGON is increasing the multi-benefit discounts available when a customer takes out two or more benefits on the same plan.
The move should reduce costs because customers can consolidate all their protection needs into one plan, rather than using separate providers for different types of cover.
It also makes the application and underwriting process [...]
Zurich UK Life launches protection plan guide
by Gill Montia
Story link: Zurich UK Life launches protection plan guide
Zurich UK Life has launched a new guide to help advisers explain its protection plans to their customers.
“Here to help at every step” aims to ensure the correct level of cover is provided and that claims are paid out swiftly.
The guide covers application and underwriting processes, emphasising the importance of disclosing accurate personal information [...]
ACLI calls for ban on securitisation of life settlements
by Gill Montia
Story link: ACLI calls for ban on securitisation of life settlements
The European Life Settlement Association (ELSA) is opposing calls from the American Council of Life Insurers (ACLI) for policymakers to ban the securitisation of life settlements.
ELSA was set up in 2009 with the aim of promoting the development and reputation of the life settlement industry and now represents over 11 members across the sector.
According [...]
Health exclusions should equal premium cuts
by Gill Montia
Story link: Health exclusions should equal premium cuts
LifeSearch is advising consumers to seek premium reductions when health conditions are excluded from their protection insurance.
The price comparison website estimates that one or more illnesses are excluded in around 15% of critical illness and income protection applications.
In such cases, the extent of the policy is reduced but not necessarily the premium.
According to the [...]
Equitable Life awards surprise interim bonuses
by Gill Montia
Story link: Equitable Life awards surprise interim bonuses
Long-suffering policyholders at Equitable Life have been awarded increases of up to 5.5% in policy values.
The failed mutual said it was pleased to announce that, with immediate effect, it has reintroduced interim bonuses and reversed the reduction in policy values made in March 2009 as follows:-
An interim bonus of 3.5% has been awarded to UK [...]
