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Consumers give their health cover a workout

Gym memberships increase in the new year as more people resolve to get fit and sales of health insurance policies also rise, according to IFA Hacker Young.

The firm says it has seen a surge in interest in protection products as people consider their financial health as well as their physical well-being.

It points out that the younger and fitter an applicant is, the cheaper a product such as critical-illness cover will be.

Partner Harvey Rosenfield says: “There is certainly more interest in health insurance and life insurance at this time of year as more people check their financial health as well as their physical health.

“When choosing a scheme, it is vital that you pick the best one suited to your needs. Different people require different levels of services and benefits from their monthly outlays. Getting lumped with the wrong cover could be disastrous.”


No compensation for drawdown, says Equitable

Up to 81,000 policyholders who consider they could have misselling claims against Equitable Life for being sold income drawdown instead of guaranteed annuities have been told they will not receive compensation. A letter to policyholders from the stricken insurer states that, under clause 17b of the rectification scheme, compensation is not payable unless policyholders can […]

Regulator to lower limit for waiver and offer offset

IFAs would be able to offset their professional indemnity insurance excess against their capital reserves and firms with annual turnovers of £10m or more would be exempt from PI cover under proposals outlined by the FSA this week. Director of investment firms David Kenmir says the 5 per cent of IFA firms with £10m or […]

Simple saving

The Pensions Green Paper might have been disappointing but the same cannot be said of the proposals for tax simplification, launched in a simultaneous consultation paper. Consider the joint objectives: •Providing choice for everyone by simplifying the structure and removing the mystique born of years of legislative “tinkering”. •Increase protection for members of occupational schemes, […]

Don&#39t cash in pension too early, warns FSA

The FSA is warning consumers of the pitfalls of accessing their pension pot before they retire. It says people should consider cashing in other investments before accessing the tax-free cash in their pension. The regulator says its initiative is aiming to counter recent TV, press and mail campaigns that have targeted over-50s who have occupational […]


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