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Bright Grey says private drug top-ups could boost CI sales

The Government’s move to allow patients to pay privately for drugs not normally available on the NHS is an opportunity for advisers to promote alternative uses for critical-illness cover, says Bright Grey.

Product director Roger Edwards says last week’s announcement by Health Secretary Alan Johnson allowing patients to top up their NHS care with drugs paid for privately “plays to the alternatives that CI cover can be used for”.

Edwards says: “CI cover is perceived as being expensive with reason. We have become so used to saying your mortgage is £200,000, therefore you need £200,000 of CI cover with a £150 premium, that people are more likely to drop CI in favour of paying £15 for life cover.

“If you present people with alternatives and explain that you do not need the full amount – for example, an emergency fund of £30,000 which could cover a couple of years of top-up treatment – then this creates a good opportunity for us to say protection is not just about clearing the mortgage.”

Highclere Financial Services partner Alan Lakey says: “There will be sufferers who choose to top up out of their CI payout but I do not believe it will cause extra plans to be taken out.”


Duo offer investment writing service

HSBC Asset Management ex-head of marketing Alison Savage has teamed up with financial journalist Kira Nickerson to offer IFAs and fund firms an investment writing marketing resource.

Paul McMahon

It has been four years in the planning but this week sees the formal launch of the Elevate wrap under the stewardship of Axa Distribution Services managing director Paul McMahon.

Don’t shoot the albatross

With defined benefit schemes going the way of the dodo, it is good to hear the Government listening to the demands of employers before they become completely extinct.

Help, I’ve been appointed as a trustee. What are my responsibilities?

Graeme Robb, Technical Manager at Prudential looks at the key duties and responsibilities of a trustee.  This article will consider the following: Duties to be performed on appointment Investment duties Protecting the interests of beneficiaries Keeping accounts and records Distributing property to beneficiaries Duties to be performed on appointment Obtain a copy of the trust […]


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