Impartial reviews on the latest products and how they can impact consumers.
June 2015 Havensrock: IP
Havensrock is part of the Punter Southall group and launched in October 2014. Its new group income protection plan (GIP) is underwritten by Aviva and is distributed through Punter Southall Health and Protection Consulting (PSHPC). The product includes a conventional GIP core but with a strong emphasis on helping employers maximise productivity. Rates are guaranteed for three years and the plan is aimed at 50+ members (there is no maximum scheme size). Commission can be included or the plan sold on a nil commission basis. A useful online technical guide to the plan is available. On top of the traditional…
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June 2015 AIG Life: WL
AIG Life is the new name for what was Ageas Protect (and previously Fortis) and its new pure protection whole of life plan is available to customers aged 17 to 84 and offers sums insured up to £20 million. Premiums are guaranteed and the plan pays out on death at any time or on terminal illness at any time. Customers also have access to the Best Doctors service. There is no surrender value at any time. Customers can increase their cover by up to £5 million (if they are below age 90) if the government announces legislative changes to the…
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June 2015 Holloway Friendly: IP
Holloway Friendly is the original disability benefits insurer in the UK and its new hybrid plan pays up to 60% of gross income (up to a maximum of £120,000 a year) if the customer can’t work because of one of the specified critical illnesses. The benefit is paid monthly and there is a choice of 4, 13 and 26 week deferred periods. The plan can run to any age between 50 and 70 inclusive and the maximum age at the start is 54. Benefits can go up each year in line with increases in the Retail Prices Index (RPI) up…
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May 2015 AXA PPP healthcare: PMI
AXA PPP healthcare has introduced a new personal private medical insurance (PMI) plan called Personal Health. It is a modular plan and the core plan pays for: Inpatient and daypatient treatment. Outpatient surgery and scans. Private ambulance Nurse administered intravenous antibiotics. An NHS cash payment of £50 a night up to a maximum of £2,000 a year. Oral surgery (certain procedures). Heart cover. Cancer diagnostics, surgery and scans. Children’s cover. To these core benefits, a number of options can be added: Standard outpatient option. This pays for up to three consultations a year. Full outpatient option. This pays full outpatient…
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May 2015 Partnership: Other
Partnership has long been a leader in enhanced annuities and indeed in products aimed at those with poorer than average life expectancy. Later this year it is expected to revisit its enhanced annuity plan but meantime has introduced a number of changes designed to make it more appealing. As a reminded, annuities pay a regular income to the customer until they die. Enhanced annuities are targeted at those with a shorter than average life expectancy. This is typically due to their medical history or lifestyle. Although such customers could expect to pay a lot more for life insurance, the opposite…
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