Impartial reviews on the latest products and how they can impact consumers.
December 2012 Scottish Provident: WL
Scottish Provident has converted its existing Pegasus whole of life plan from unit linked to life cover only to avoid RDR (Retail Distribution Review) implications. The new plan can therefore be sold under ICOBS rules. The plan has optional guaranteed or reviewable rates, waiver of premium is available and rates are already gender neutral and take account of I-E tax changes. The plan is available on a single life, or joint life first or second life basis and pays 135% Lautro initial commission, enhanced by 15% of Lautro for online applications. Comment: By converting this plan to a simple non-investment…
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December 2012 Perfect Health Cash Plans: HCP
Since the intermediary business was sold to Chase Templeton a few months ago, CEO Andrew Tripp has relaunched as Perfect Health Cash Plans and revised the previous offering. All plans are administered by Compass Underwriting and customers (who must live in the UK and be aged 18-61) can now choose one or more of: Sick Pay. This pays £1,500 a month for up to six months if unable to work for more than 30 days due to ill health or accident (‘usual employment’ definition). It costs £21.68 a month and has an initial 90 day qualifying period and a three…
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December 2012 LV=: IP
December 2012 IP LV= Income Protection for doctors LV=’s existing IP (income protection) plan has been modified to better meet the needs of doctors and surgeons. The main changes that have been introduced are: Sick pay guarantee. Advisers can have a single 12 month deferred period, but LV= will pay out earlier for doctors who have less than five years NHS service and so do not yet have maximum NHS sick pay benefits. £3,000 benefit guarantee. If income falls because the doctor has changed jobs or roles, they will be paid £3,000 a month or the full insured benefit if…
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December 2012 Friends Life: GIP
Friends Life has introduced a number of enhancements to its existing GIP. These include: Maximum insured benefit has been increased from £350,000 to £425,000 a year. Pension fund and National Insurance contributions can also be insured on top, with the previous 5% limit on employee pension fund contributions scrapped and replaced with a 40% of salary/£75,000 limit. New lump sum options of 2, 3 or 4 times salary replace the previous one times only maximum. A new simplified option means Government Employment Support Allowance is now only taken into account for the first year of a claim. After that, the…
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December 2012 GIP
December 2012 GIP Ellipse Interact Interact is Ellipse’s second GIP (group income protection) product and follows InteractPlus, which was launched earlier in 2012 and offers GIP benefits with an integrated absence management system. The new plan is effectively a simpler, more traditional GIP plan, targeted at small groups of from two to 300 members, and with quotes available online. Prompt absence reporting (which enables Ellipse to intervene if necessary and helps workers get back to work quickly), is incentivised in the new plan by employers getting a 10% discount off the following year’s premiums if they notify all four week…
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