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‘GP report should guarantee payout’

Lifesearch is calling for protection providers to pledge to pay out on all policy claims if a GP report is provided at acceptance stage.

Head of protection strat-egy Kevin Carr says insurers guaranteeing to pay out on all protection policies is preferable to the Law Commission’s proposals to introduce a non-contestability period.

Carr proposes that when an insurer does not automatically require a GP report for a policyholder, the consumer could be given the option to pay a fee for the GP report and would get a guarantee that any claim would be paid. This fee would be paid back in the event of a claim.

But clients who do not want to take this option would be treated as they are under the present system and would not pay any extra fee.

Carr says: “The overall benefit of a system like this would be to boost consumer trust.”

But CBK principal Peter Chadborn says: “I agree that we need to do something but this system would send out mixed messages. It is implying that the policy will not pay out unless you get a GP report, which would call into question the value of the current system.”

Legal & General head of claims and underwriting Russ Whitworth says: “We get many cases of non-disclosure about a person’s intake of alcohol or their smoking habits and this is not necessarily something that people go to the doctor about so their GP may not know. It would not give the insurer certainty of claims in every instance.”


New Star trust to focus on private equity funds

New Star has set up an investment trust that will target private equity funds.The New Star private equ-ity investment trust will be formed from the merger of two private equity portfolios, the August equity trust and the Rutland trust.The fund, managed by Paul Craig, will aim to launch with a minimum of £90m of private […]

Out of Context

“I’ve got the least environmentally friendly car ever but I love it.”Pearson Jones director Yvonne Goodwin on her gas guzzler“Ties or no ties? How are we more comfortable?”Bankhall’s Peter Mann and Uinsure’s Simon Taylor co-ordinate their looks “I don’t know any male fairies.”Aegon PR Mark Locke “I had my first drink in ages the other […]

While on the subject…

While on the subject of Godiva Mortgages, the Diary wonders if some modern-day Godiva were to ride naked round, say, the Intermediary Mortgage Lenders Association dinner in protest at outrageous arrangement fees or stamp duty – would the males of the mortgage industry manage to look away and keep her dignity? The Diary, believing very […]

Borrowers fail to get ongoing service

Mortgage brokers are failing to provide ongoing service to borrowers whose deals come to an end, says Accord Mortgages.The lender is urging brokers to put in place retention strategies, after it found two-thirds of borrowers were having to actively seek advice towards the end of their deal, rather than being approached automatically by their broker. […]

The return of emerging markets

Ewan Thompson, Head of Emerging Market Equities, Neptune Although in political terms 2016 will be remembered for the seismic shocks of the Brexit vote and Trump’s presidential victory, the year was also a watershed for the global economy and emerging markets in particular. Following five years in the wilderness, the conditions are now in place […]


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