A new specialist insurance brokerage has set up to offer a quick way of finding life protection for difficult cases.
Risk Placement Services has been established with a panel of UK insurance providers, including Standard Life, Skandia, Scottish Equitable, Royal Liver, Norwich Union and Friends Provident, to which all cases will be referred.
The new firm joins Special Risks Bureau, which launched in September, in the market.
RPS says the company's creation is in response to the need for a “more focused approach” to special risk protection in the UK. It says in 2001, over 20 per cent of life insurance applications were non-standard, including people with previous or existing medical problems and people with dangerous occupations and pastimes.
The firm says evidence from the US shows that insurers taking part in special risk programmes have seen an increase both in non-standard and standard business over time as their relationship with IFAs strengthen.
Director Geoff Tresman says: “RPS offers IFAs a compliant service that avoids the complications of securing best advice through the multiple applications' route. Not only does this avoid time and cost inefficiencies for IFAs, it also gives them the opportunity to offer competitive rates, safe in the knowledge that the product offered is from a panel of providers championing the cause of the non-standard applicants for life cover.”
Special Risk Bureau chairman Garry Heath says: “We look forward to having a bit of competition in the market.”