View more on these topics

Group protection hit by renewal delays

Advisers have hit out at group protection providers for taking too long to produce costings for policy renewals.

Master Adviser IFA Roy McLoughlin, who says he has waited 11 months for one company costing, believes that the group market is in total “disarray”.

He says: “A month before the renewal date, the insurer will contact the adviser for a list of employees within the scheme and work out the credit/debit. Now, you would expect a costing within a few weeks but instead a lot of companies are taking months to provide a costing.

“This is embarrassing to tell the client and it makes comparing like-for-like quotes very difficult.”

McLoughlin says rebroking business is also affected by a renewal delay. He says: “One reason that advisers shy away from this market is because of problems like this. It is preventing growth in this area.”

A spokeswoman for group provider Canada Life says: “The average renewal time from the client informing us of the renewal to it being completed is 25 days through the office route. For both the office and the class route, three to 100 lives, we issue renewal documentation 12 weeks in advance of the renewal date.”



News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm