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Broker in Lutine link to switch policies to PTA

Hargreaves Lansdown has brokered a deal with specialist life office Lutine to offer HL clients with life-only policies the option to switch into Lutine’s pension term assurance with no further underwriting.

Lutine, which is a syndicate of Lloyd’s of London, says it plans to enter the mainstream market and is developing a suite of term insurance products to be positioned alongside its PTA.

It is extending the offer to all Hargreaves Lansdown clients aged under 50 to enable them to get tax relief on their life policies by switching through its online system.

The company says 70 per cent of policies are eligible to be converted into its PTA policy. Customers have to sign a declaration saying they have not had any medical problems since the original life policy was written.

The company will insure up to £500,000 for policies less than five years old and up to £200,000 for policies between five and seven years.

A Lutine spokesman says: “Our plan is to become less specialist and enter the mainstream market. This is our first foray into the mainstream . We are interested in developing our relationships with distributors.”

Royal Liver IFA market manager Andy Milburn says: “Customers buying PTA as a replacement for any current ordinary life cover, no matter who they are buying from and how they are buying it, should make sure they are not worse off.”

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