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‘Life offices misleading with advertised rates’

Torquil Clark director Jason King claims that life companies are not treating customers fairly by having standard rates that almost half of applicants cannot qualify for.

He said the number of critical-illness applications that are rated has doubled in the past five years and believes insurers who advertise a standard rate are misleading consumers.

He said: “Over 40 per cent of the applications we put through are now rated. Are insurance companies treating customers fairly if they are only giving standard rates to half the people that apply?”

King added that clean lives are being processed quicker and receiving better service than they were in previous years but he has found that for people not in perfect health the process is taking far longer and clients and advisers are frustrated.

He said: “The number of clean lives is getting smaller with preferred life models. This means that the experience of the minority has improved but the experience of the majority has deteriorated.”


Insurers agree to change online PPI sales

The FSA says product providers have agreed to change the way they sell payment protection insurance over the internet after it took action against them.The regulator says firms were offering loans where PPI was included automatically, using techniques such as a pre-ticked box. It says this could lead to customers buying PPI without making an […]

Snowdonia Fof gets new benchmark

Buckles has changed the composite benchmark of its Snowdonia growth fund of funds as it felt the previous benchmark did not reflect the portfolio’s global remit.The fund, managed for Buckles by UBS Wealth Management, was launched in 2004 with a benchmark comprising 50 per cent FTSE All Share index and 50 per cent MSCI World […]

Active bids to speed overseas loan decision

Active Lending Solutions has linked up with Banco Halifax Hispania to offer online agreements in principle in a bid to speed up overseas lending for brokers.Joint chief executive Mike Buckley says the new process developed with BHH means an adviser will know very quickly if a client can borrow sufficiently to buy a property abroad.The […]

LibDems planning 500k IHT nil rate

The LibDems have unveiled radical plans to cut the basic rate of income tax to 16p and almost double the inheritance tax threshold to 500,000.Speaking in London, leader Menzies Campbell also announced plans to reform the structure of stamp duty and replace council tax with a local income tax.To pay for the proposals, which the […]


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