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Julian Gibbs

An exciting new protection policy called Accelerator has been introduced by the Pensions Annuity Friendly Society. Pafs is backed by the Bank of Scotland and 95 per cent of risks are reinsured by one of the leading international reinsurance companies.

Pafs is not invested in equities so its financial strength is undoubted.

The Accelerator policy will be a huge help to IFAs as Pafs will quote a binding premium to clients whose lives are impaired, without the need to write off for medical evidence first or having an immediate medical. This avoids a delay in underwriting of up to two or three months.

Binding quotations are offered based exclusively on the information disclosed on the application form, so clients should take care to complete the form as fully as possible.

Pafs will underwrite application forms immediately, quote a premium and put the client on risk when the terms are accepted. People who have had minor heart attacks or strokes, diabetes, angina, high cholesterol levels, asthma, stable multiple sclerosis or epilepsy are likely to qualify for the Accelerator policy, provided that the client is under 55 and the sum assured is £250,000 or less.

After the client is on risk, Pafs will request medical information and will honour the original Accelerator quotation unless the client has not disclosed material facts or has misrepresented them.

Pafs offers both level term insurance, ideal for keyperson cover, and decreasing term cover for mortgage protection, as well as whole-of-life policies, ideal for estate planning to pay for inheritance tax liabilities.

Pafs also offers highly competitive terms for those aged 40 and over for standard lives as well. IFAs will find this service very useful.

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