Impartial reviews on the latest products and how they can impact consumers.
July 2014 VSP: Other
VSP was set up in the USA by a group of optometrists in 1955 and today has 75m members worldwide. The not for profit organisation established in the UK in 2013 and is now expanding its operation in the UK and Ireland through financial advisers. VSP Vision Care is a system for employers to provide eyecare benefits for their employees. As well as being a valuable employee benefit, it also helps employers meet duty of care obligations and provides a valuable return on investment (ROI). VSP says a typical ROI is 70%). Benefits can include savings such as less…
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July 2014 Friends Life: IP
Friends Life has made some changes to its established income protection plan, focusing around maximum insured benefits. The changes are: The maximum insured benefit is now 65% of the customer’s first £10,000 of income, and 55% of anything above that. Previously the limits were 70% of the first £10,000 and 50% of the next £50,000 and 40% of the balance. The changes therefore reduce from three to two the number of income tiers to take into consideration. P11D benefits – which includes the value of company cars, benefits such as private medical insurance and accommodation – can now be…
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June 2014 Towers Watson: Other
Global Access is Towers Watson’s newly launched global benefit solution, which allows multinational employers to deliver local country benefit programmes. The plan can include prepackaged life, accident, health and disability insurances with three, fixed, benchmark levels. Those levels are based on Towers Watson’s global data against general market practice data in each country (25th/50th/75th percentiles). Fixed or indicative pricing is provided by age group, allowing almost immediate quotes with little data. Enhanced underwriting and flexible underwriting features – such as guaranteed issue, or free cover limits and removal of pre-existing condition requirements – are included. The plan also offers renewable…
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June 2014 Legal & General: IP
L&G is a major income protection (IP) player and has now updated its IP plan, introducing a number of changes and improvements. They add up to both simplifying the plan and to offering wider cover for many people. There are four key changes are: • All customers in occupation classes 1, 2, 3 and 4 now get an own occupation disability definition. That is, only housepersons still have an activities of daily living (ADL) definition. The ADLs themselves have also been updated and are now consistent with the specified works tasks definitions on L&G’s critical illness plans. • An income…
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June 2014 April UK: ASU
April UK’s new ASU plan provides up to £2,500 monthly benefit (minimum £250 a month) if the customer cannot work because of sickness or accident (or £300 a month for non-working partners). Unemployment cover can be added at extra cost. Customers must be aged 18 to 59 and resident in the UK, Isle of Man or Channel Islands. April says premiums are level, in order to meet people’s concerns about rising premiums and future affordability. So, there are no age, occupation or hazardous pursuit ratings or exclusions and customers can insure up to 60% of their taxable earnings. In terms…
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