Impartial reviews on the latest products and how they can impact consumers.
September 2014 Family Building Society: Other
Ever since the (virtual) demise of PPI (payment protection insurance) there has been a need to offer simple protection cover to borrowers to help them protect their financial situation if they can’t work. Long term insurance has failed to plug the gap, but the lending industry has been quietly developing alternatives to PPI and one such is mortgage waiver (or loan waiver). Here, instead of having a separate insurance policy, the lender simply waives mortgage payments for a period of time if the borrower cannot work for a specified reason. The first such product to be launched in the…
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September 2014 AIG Direct: Other
AIG Direct’s All Cancer Cover plan is a simple cancer cover plan that provides a cash lump sum on diagnosis of a covered cancer. The plan is underwritten by AIG Europe. Key features include: Cash lump sum paid on diagnosis (minimum benefit £25,000) of a specified cancer. That includes leukaemia, Hodgkin’s lymphoma and non-Hodgkin’s lymphoma, carcinoma in situ of the breast, malignant melanoma and any malignant tumour. The payment is made on first diagnosis of a cancer at a new primary site. Access to a specialist cancer support service. This includes a helpline and counselling. Cash lump sum of…
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September 2014 Barclays: Term
Barclays has simplified its life insurance offering, which is underwritten by Aviva. Now, the plan (which is only available on individual not joint lives) offers a choice of just sum insured and policy term. On death within the chosen term, the level benefit is paid and the policy ends. The policy meets the simple kitemark definition developed by the Sergeant review. In simplifying the plan, Barclays has stripped out terminal illness and waiver of premium benefits and offers cover up to £500,000 and terms from one to 51 years. Cover is available to UK residents aged 18-68 and cover…
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September 2014 Medex Protect: PMI
Medex Protect’s is a new(ish) company run by directors Matthew Kelvie and Jason Dunks, who both have considerable experience in the PMI sector. The company is an appointed representative of Compass Underwriting and individual plans are underwritten by Gibraltar based Focus Insurance Company and company plans by both Focus and Lloyd’s syndicate Kiln Group. Medex Protect is written as an annually renewable general insurance policy. It covers medical excess and shortfalls and is designed to sit alongside a private medical insurance (PMI) plan. PMI insurers often offer big discounts for excesses, in effect shifting risk to the customer.…
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September 2014 Cirencester Friendly: IP
My Earnings Insurance is Cirencester’s first non-Holloway income protection plan and is being marketed through insurance brokers and mortgage brokers as well as through financial advisers. The plan’s main features include: A choice of level premiums throughout or annually escalating premiums which go up on each birthday. A choice of level or indexed benefits. The latter rise in line with average earnings, up to 10% a year. An own occupation definition applies, with a level benefit throughout the claim period. Choice of day one or 4, 8, 12, 26 or 52 weeks deferred periods. Optional Severe Injury Cover, which…
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