Impartial reviews on the latest products and how they can impact consumers.
May 2011 Holloway Friendly: IP
Hollow Friendly (the UK’s first Holloway society) has launched its Purely IP product as a simple long term income protection (IP) plan, with no investment element (unlike its Holloway style plans, which build up a cash value available at retirement). The plan is available to UK residents aged 18-54 at outset and has a minimum term of ten years. Selected retirement age can be between ages 50 and 65. Key features of the plan include: • Maximum benefit is the lower of £26,000 a year or 50% of income. • Deferred periods of 4, 8, 13, 26 or 52 weeks.…
read more »
May 2011 AA: WL
Automobile Association Insurance Services Ltd has launched a guaranteed acceptance whole of life plan for those 50 or over, underwritten by Friends Provident Life Assurance. The plan is available to UK residents aged 50-80 and premiums and acceptance are guaranteed (no medical questions or medicals). Premiums are payable until the life insured reaches age 90. In the event of death in the first two years of the policy, the plan pays back 1.5 times the premiums paid only. After that, the full sum insured is payable on death. Minimum premium is £4.99 a month; maximum £49.99. A male aged 60…
read more »
April 2011 PruProtect: Term
PruProtect has launched no less than seven new products including whole of life cover and family income benefit. This review focuses on the unique Education plan. This product covers the cost of school and tuition fees in the event of a parent’s death. The plan’s key details are: • On death of a parent pays £750 per school term per child covered. • Or, the Private School option pays school fees, up to £10,000 per term per child. • £1,000 star award if a child excels in a particular discipline e.g. grade 8 in a musical instrument. • Tuition fees…
read more »
April 2011 LV=: IP
LV= has introduced a raft of changes to its existing Critical Illness Cover and Income Protection plans. The CI plan can now run to age 70 (or 40 years if less) and more CI conditions are now included. The main changes to the IP plan are: • Minimum benefit £1,000 a month (e.g. if income fluctuates and is low at the point of claim). • Cover available up to age 70 for 94% of occupations covered (reflecting higher State retirement ages). • One and two month deferred periods now available for all occupations. • Removal of the ‘suited’ definition and…
read more »
April 2011 General & Medical: PMI
Established in the 1980s, Peterborough based General & Medical has added cancer cover to its entry level Equs private medical insurance product. Cancer cover in year one is £5,000, rising each year over five years up to £25,000 provided a cancer claim has not been made. The plan also includes: • Full refund for in-patient hospital charges, including diagnostic tests. • Up to £500 a year for initial out-patient consultations and up to £250 a year for physiotherapy. • Choice of three hospital rate bandings. Customers get £100 a night. • Travel insurance and cover for up to two pre-existing…
read more »
