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Ex-smokers told they can save on life cover

People who have quit smoking for a year could be saving a substantial amount of money by rebroking their life insurance cover, according to specialist life insurance broker

The broker says many people who have given up smoking are not aware that they could be saving money as most insurers offer reduced rates after a year of not smoking.

Research from shows that a 39year-old male smoker with a level term policy for £100,000 over 20 years would pay an average of £35.41 a month whereas a non-smoker with the same details would pay monthly average monthly premiums of £18.78.

The company says the situation is much the same for women, with monthly premiums averaging £25.64 for smokers and £14.84 for non-smokers.

Spokesman Lee Davy says: “When people have stopped smoking for 12 months or more, they are classed as non-smokers by life insurance companies.

“By rebroking their policy and securing non-smoker rates, they can make huge savings over the remainder of their policy term.”


Paragon MD appointed IMLA chairman

The Intermediary Mortgage Lenders Association has appointed Paragon Mortgages managing director John Heron as chairman for 2003. He takes over from Britannic Money chief executive Tony Ward who has been chair for the past two years. Kensington Group chief executive John Malty becomes vice chairman. Heron says he will ensure Imla plays a vital role […]

CIS chief retires after 38 years

CIS chief general manager David Hollas is retiring after 38 years with the insurer. His duties are being passed to Finian O&#39Boyle who is appointed chief operating officer of CIS. At the same time Sheila Macdonald has been appointed chief operating officer for The Co-operative Bank.

M&G outsources retail admin

M&G is outsourcing its retail admin service to International Financial Data Services by the end of the third quarter in 2003.

More time for complaints

IFAs are claiming the FSA&#39s move to extend the endowment complaint deadline is a reaction to the Consumers&#39 Association&#39s attack last week.The FSA says consumers will now not be “held out of time” until six months after a second red letter is received, if that is longer than the original three-year period.Insurance Portfolio Consultancy principal […]

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Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


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