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Critical slump at ScotEq

Scottish Equitable Protect&#39s sales of critical-illness policies have dropped significantly since it withdrew from the guaranteed rate market.

In 2002, critical cover accounted for around 50 per cent of the total protection book and in 2003 this dropped to around 30 per cent. The company says this reflects a variety of factors.

It says some providers have kept guaranteed rates but at the cost of conditions covered such as angioplasty. It still offers angioplasty as a condition and says in future there will be a trade-off between guaranteed rates with fewer conditions and reviewable rates with a “full complement”.

Spokeswoman Lesley McPherson says the guaranteed market is resilient and is likely to be sustained at least until the end of the year. But she says the price differential between guaranteed and reviewable rates is growing.


FSA puts endowments, LTC and drawdown on menu

The FSA has included products such as endowments, long-term care and income drawdown in its menu plans even though it concedes they would not be considered mass-market products. It says it has tried to keep the menu as simple as possible but it includes products outside those most commonly sold, believing they “have particular risk […]

Who is policing policy changes?

It was interesting to read in Product Matters about Norwich Union&#39s commitment to with-profits (Money Marketing, February 19). The strange thing is that it does not offer a with-profits contract any more. You can call a bed a chair because you can sit on it but the other way round it becomes a very restless […]

Pink Home Loans – 10-to-Let mortgage

Type: Discounted-rate buy-to-let mortgage Discounted term: Until July 31, 2005 Discount: 1% Payable rate: 5.1% Minimum loan; £25,000 Maximum loan: Up to 85% of valuation subject to a maximum of £1m, up to 80% of valuation subject to a maximum of £2m, up to 75% of valuation subject to no maximum Income multiples: Rental income […]

Aviva profits boost as it backs realistic regime

Aviva profits rose by 11 per cent last year and the comp-any says it welcomes the FSA&#39s new realistic reporting regime. Its operating profits increased to £1.91bn last year from £1.72bn in 2002. This figure includes life profit, amortisation of goodwill and exceptional items. Aviva&#39s results compare favourably with Prudential, which showed a drop of […]


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