Lutine Assurance Business Protection
Lutine Assurance is the niche and specialist life division of Ryan Direct Group and was established in 1989 as a marketing, administration and service company for a consortium of life syndicates at Lloyd’s. Its new Business Protection product can be used for keyperson, partner/shareholder protection or for business stopgap needs and is based on Lutine’s executive protection policy. Key elements of the package include:
Up to £5m lump sum compensation is available for each executive for life and permanent total disability cover, subject to age and residency.
Up to £1m of critical illness cover is available.
The maximum monthly income protection benefit is 75% of salary.
Various types of cover can all be included in one policy.
Lutine uses a menu style proposal form to make it easy to tailor the cover.
Clients can choose from a wide range of benefits, cover levels and waiting periods.
Cover is available for 1-5 years.
Premiums can be single, monthly or annual.
Commission rates are flexible.
Comment: Lutine’s new Business Protection package is designed to allow employers to set up a single policy that includes life, CI and IP covers. That can help create not just a seamless solution but also a more understandable one for employers. In turn that can be important, as many firms have business protection needs but either haven’t thought about it or find existing solutions too complex.
Relatively little information was available about the package online when we checked at the end of March, but that is something that Lutine could and should remedy reasonably quickly.
For intermediaries with business clients who have business protection needs though, this package could well be worth checking out.
Plus points: A combined business protection package that can include life, CI and IP covers; Business protection is a good business opportunity for intermediaries.
Not so plus points: Little technical information online; Some firms may need more or different cover.
Website: http://www.lutine.com
Rating (max 10): Innovation: 8. Overall: 7.5. Gold
Tags: Other; Lutine Assurance