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‘It was go down this route or don’t buy a home’

In the late 1980s and early 1990s life insurance policies linked to repayment mortgages were commonly marked up 600 per cent for gay customers, if they were available at all, says Ivan Massow.

He says he helped clients get round this by researching and seeking out endowment providers with the highest sums assured without a lifestyle questionnaire being required.

These products had life insurance included within the product.

Without his specialist knowledge, there was no way for gay people to access this product or if they could, they would be completely ripped off, says Massow.

He uses the example of Skandia Life which offered a sum assured of 125,000 without requiring a lifestlye questionnaire.

He says when the provider found out Massow’s firm was putting so much business its way, it refused to deal with him – although by then it had already amassed 175m of risk.

Commercial Union also refused him when they realised he was putting a lot of gay business its way.

He says at all times abso- lute best advice was given and it was a case of go down this route or do not buy a home.

Massow says: “If you declared you were gay you were HIV tested and your premiums rocketed by up to 600 per cent. There was no other alternative at the time to what we were doing to help the gay community.”


Down on the farm

I read that the Aifa and ABI are telling their member firms to dissuade claimants from being represented by so-called claim farmers in respect of endowments but balk at defining anyone not regulated by the FSA as such. Instead, they define them as being “not members of a professional regulatory body”, which is obviously intended […]

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ScotEq Protect improves its online underwriting

Scottish Equitable Protect is making changes to its online protection underwriting service, including single data entry and better commission. The system now allows single data entry, with pre-population of quotation data and gives 10 per cent commission for online applications. The changes go live on October 24 and Scottish Equitable says IFAs will now be […]


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