View more on these topics

Cherrypicking fears loom over banking cover

Advisers are split over whether or not people working in the banking sector have left it too late to buy insurance cover, with some fearing that cherry-picking is imminent.

Highclere Financial Services partner Alan Lakey says financial sector employees will struggle to get put on risk as more underwriters start to cherrypick.

Lakey says: “Anyone who feels their position is potentially vulnerable should do something now because they may be able to get cover today but probably won’t be able to get cover in two or three months. In fact, it might even be too late by now.”

Direct Life and Pensions Lifequote key account manager Phil Jeynes says that insurers will deny consumers cover because the policy is only being taken out because the customer fears that redundancy is imminent.

But Lifesearch policy adviser Matt Morris says the increasing redundancy rate has made no difference.

He says selling protection is “no more difficult than usual”.

CBK Colchester principle Peter Chadborn says the growing redundancy rate is a perfect opportunity to generate new business.

He says: “The current conditions emphasise the need for regular advice.”

Recommended

ifs unveils plans to offer LTC exam

Ifs School of Finance has unveiled its plans to offer a qualification in long term care after Britain’s leading political parties described it as an area requiring attention during this year’s conference party season.

New transfer deal for UK pensionholders

New Zealand-based pensions transfer service Offshore Pension Services is looking to launch a new scheme enabling individuals residing outside the UK to transfer their UK-registered pension scheme anywhere in the world.

Retirement fund - thumbnail

What price (more) freedoms?

George Osborne will make his last Budget speech of the current parliamentary term this week, and the early media briefings suggest that pensions will again feature heavily in that statement. So what are we able to learn from the weekend’s coverage?

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment