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IFA guide for Equitable policyholders

IFA Dennehy Weller is issuing a guide to help policyholders understand what would happen to their life cover if Equitable Life became insolvent.

Equitable&#39s financial situation is being brought under increasing scrutiny after the publication of its annual accounts revealed its solvency margin is very thin.

The guide sets out an action plan for Equitable life insurance policyholders if the company should become insolvent. It explains the types of policies, benefits and trusts that are available and shows premiums for different terms and ages.

Dennehy believes many policyholders will find they can get cheaper life cover elsewhere as term insurance rates have fallen over recent years.

The guide outlines how the Financial Services Compensation Scheme would step in on behalf of policyholders if Equitable should become insolvent but would only cover the first £2,000 of a policy in full and 90 per cent of the balance death claim.

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