View more on these topics

Lakey launches CI comparison website

Highclere Financial Services partner Alan Lakey has set up a critical illness insurance comparison website which allows advisers to compare policies from every CI cover provider.

CIExpert.co.uk allows advisers to key in client details and the website will generate a list of suitable products. For each policy, the site offers a detailed list of conditions and claim statistics.

The site also has a section aimed at consumers, detailing the different types of CI plans, common misconceptions about the products and what conditions are the most likely to occur.

Advisers can sign up to the service for three, six or 12 months, with subscriptions costing £90, £160 or £280 plus VAT. There is also an introductory offer of 15 months for £300 plus VAT.

Lakey says: “This is the first tool available that enables advisers to compare CI policies from all providers.”

Plan Money director Pete Chadborn says: “It is a fantastic tool for advisers and arguably essential for anyone who is active in the protection market.”

Recommended

Financial planning case study: Relief route to retirement

The problem: The clients are a married couple aged 64 and 65 looking to reduce inheritance tax and minimise capital gains tax. They have a good income and plenty of assets. They own two homes with only a small outstanding mortgage. The husband’s pension is worth around £300,000 and there is an Isa portfolio worth […]

Cost of FSA’s budget increase falls on largest firms

The proportion of the FSA’s budget being funded by small firms has fallen by almost 50 per cent since 2008/09. Figures in the FSA’s Business Plan, published this morning show in 2008/09 small firms contributed 31 per cent of the regulator’s budget while in 2012/13 that figure is only expected to be 16 per cent. […]

2

Budget 12: Gov’t to introduce £140 single-tier state pension

Chancellor George Osborne has given the green light to proposals to introduce a single-tier state pension worth around £140 a week for future retirees. In his Budget speech today, Osborne (pictured) paid tribute to Liberal Democrat pensions minister Steve Webb as he confirmed the Coalition will press ahead with the reforms. He said further details […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 11 comments at the moment, we would love to hear your opinion too.

  1. I can’t see any advisers paying that much money just to compare CI cover. That seems awfully expensive to compare a single product when there are much, much cheaper options that compare all manner of product types.

  2. Dear Anonymous

    Given the amounts that advisers spend on Trigold, Mortgage Brain, O&M Pensions, Synaptics, various back office systems etc, etc. This site has been priced competitively.

    You show me a site that can offer the same knowledge base as this.

    CIExpert is aimed at educating consumers and giving them greater confidence in the market.

    It aims to provide advisers with the necessary tools to fully understand the definitions, the value of these definitions and the overall picture regarding plan selection.

    Additionally, it provides copious historic plan definitions as well as access to all current brochures, KFI’s etc.

    Shortly we will provide a claims history for every provider.

  3. Having seen this comparison tool, there is, in my opinion nothing on the market that comes close. Comparing CI is a serious business if it is to be done properly.

  4. I understand the decision behind creating the site but for goodness sake come on!

    Lakey says: ” A CI plan should NEVER be purchased without independent advice – it is far too complex”. Absolute twaddle. No wonder the protection gap is increasing and CI sales are falling if comments like this are being peddled. Don’t underestimate the intelligence of the internet savvy shopper, who are more than capable of making an informed decision if provided with the information. People on the whole aren’t stupid Alan!

    Lakey also says there is a VAST gulf between the better and lesser plans, in reality there isn’t within the intermediary market. According to Bright Grey, 84% of claims are for the big 3, cancer, heart attack and stroke – so let’s stop pretending that a policy which covers 4 more conditions (probably that unknown that Hollywood would make a film about them) is VASTLY superior to another.

    And then to say CI is actually very affordable – probably the most subjective statement on the site. Affordability is relative! And in comparison with straight life it ain’t!

    Buy CI certainly (but not before IP), but don’t fall for this self adulating propaganda. Price comparison and online protection sites would 8 or 9 times out of 10 put Aviva or the Legal & General plan top of the tree on price (and at a far cheaper price than most advisers would pitch it at) – and you’re telling me that’s not a good deal for the consumer?

  5. just had a look at the site and strikes me that it would be a must buy as a tool for advisers who are active in this market, how can you not use something that offers such an extensive depth of research ? It is just like somebody working in the pension transfer market NOT having selectapension or O+M you can do it but it ain’t very easy and you might get stung going forward.

  6. Dear Anonymous 12.16 p.m.

    If you are an adviser then you’d better up your PI cover. If you’re a provider then you should know better.

    CI is complex. Too much is sold on price. You want a car so you buy a Kia, right?

    Advisers assess value. Any idiot can look at a list of prices but how many can assess the differences, sometimes overt, sometimes subtle, between competing plans?

    IP is certainly essential for many clients but not instead of CI. Don’t forget that everybody is able to take out a CI plan whereas many are debarred from IP due to income, occupation or the fact that some form of employer cover is made avauilable.

  7. CI cover certainly is a serious business, but there are many other tools that do the job admirably.

    As good as this one looks, it seems a bit like using a sledgehammer to crack a chestnut. An expensive sledgehammer.

  8. An interesting read. The comments I mean!

    This site seems to have turned into a Baigrie vs Lakey for the “most righteous advisor” award.

    I have got to say that is the worst looking and unprofessional website I have ever seen – it renders wrong, the text is out of focus, the pictures are rip offs from istock which every other finacial website use!!. You may have put alot of effort into the content but the presentation is horrific.

    Good luck with the project – but not sure you will make much money out of it 🙂

  9. This looks the best of the best so far – takes the Defaqto ratings but puts a value on them

  10. Great idea, CI is complex and this seems like a great tool to address that . . . if only they had spent some time researching a web designer too.

    It seems unforgivable for any web based business to have dodgy mouse overs and poorly rendered images, let alone one that is charging £300 for it’s services.

  11. Just tried the site to be honest not impressed. For one far too expensive and to be far the same companies keep coming top when they are quite clearly not the best in the market. Not for me.

Leave a comment