Impartial reviews on the latest products and how they can impact consumers.
April 2016 Legal & General: Term
L&G offers a range of term insurance options and has revisited their design in a way that should increase their appeal still further (it’s already the biggest provider of term and CI in the UK). The key changes are: Term only plans for mortgage, family or business protection can now be written up to age 90. Previously the maximum age to which a plan could run was 80. The maximum policy term is now 50 years. On terminal illness cover, the final 12 months exclusion has been removed. That exclusion meant that customers were unable to claim in the final…
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April 2016 Royal London: Menu
Since dropping the Bright Grey and Scottish Provident brands in 2015, Royal London has been able to select the best bits of both brands and present arguably a more coherent protection insurance brand that builds on the legacy of an £84.5bn group that employs almost 3,000 people and is now the largest mutual life, pensions and investment company in the UK. This plan is Royal London’s business version of its Personal Menu Plan and can include the following covers: Term insurance. Also pays out on terminal illness. Critical illness cover. Covers 54 conditions of which 44 are full payment and…
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April 2016 Royal London: Menu
Since dropping the Bright Grey and Scottish Provident brands in 2014, Royal London has been able to select the best bits of both brands and present arguably a more coherent protection insurance brand that builds on the legacy of an £84.5bn group that employs almost 3,000 people and is now the largest mutual life, pensions and investment company in the UK. This plan can include the following covers: Term insurance. Critical illness cover. Covers 54 conditions of which 44 are full payment and ten are additional payments (which pay the lower of 25% of the benefit or £25K). Sixteen of…
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April 2016 Royal London: Term
Since dropping the Bright Grey and Scottish Provident brands in 2014, Royal London has been able to select the best bits of both brands and present arguably a more coherent protection insurance brand that builds on the legacy of an £84.5bn group that employs almost 3,000 people and is now the largest mutual life, pensions and investment company in the UK. This plan is a relevant life plan that can last to age 75 and pays out on death or terminal illness. As with other RLPs, the plan is placed into a discretionary trust. RLPs are, in effect, non-registered death-in-service…
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March 2016 VitalityLife: WL
VitalityLife has launched two new whole of life options, both of which offer much lower initial regular premiums. Interest Rate Optimiser is effectively an increasing premium whole of life plan, with the customer benefiting if long term interest rates rise. Many actuaries are concerned that low sustained long term interest rates mean they have to be cautious in building up policies’ reserve values faster on their life insurance policies and that means having to charge higher premiums. If the interest rate risk could be taken on instead by the customer, that would open up the possibility of lower premium rates,…
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