View more on these topics

Lifequote boosts Intelligent Protection software

Lifequote has updated its Intelligent Protection software so advisers can now use level term as an alternative to family income benefit for the protection of dependants.

It now encourages income protection to be used for mortgages which go past age 65 and provides a ‘contingency life cover’ facility that allows ad-hoc life cover to be added for gap filling.

Advisers can now input their applicant’s anticipated retirement age and the system will default to the age at which the applicant will become eligible for their basic state pension.

Direct Life & Pensions managing director Michael Ward says the firm was prompted to upgrade Intelligent Protection by new Icob rules that allow advisers to sell protection with terms of more than 10 years past the customer’s 70th birthday.

He also says some advisers prefer to use lump sum life insurances for family protection in addition to family income benefit, so now they have the choice.

Ward says: “We are providing Income Protection quotes to age 65 for mortgages that run past age 65, with the appropriate suitability text warnings about borrowing beyond retirement age. So now rather than not have any income protection we now quote up to age 65 and advise the customer that there is a risk that if they fall sick between their 65th birthday and the end of their mortgage they might not be able to keep up the payments unless they have some short term savings to use to pay the mortgage. Previously many advisers had not provided any cover to 65 which leaves a much bigger protection gap.”

Recommended

Assureweb positive it will turn corner

Assureweb says it will break even for the first time by the end of this financial year.The company says that business quotes will be up by 40 to 50 per cent on last year and by the end of May it expects to have processed 23 million to 24 million quotations.Chief executive John Spellman is […]

80 per cent of taxpayers want IHT cut

More than eight of out ten taxpayers and businessmen want inheritance tax to be cut as part of any future tax reform. Over 70 per cent think the proposed 18 per cent capital gains flat rate is a bad idea and 84 per cent think stamp duty should be scrapped. But two-thirds back a tax […]

A&L and Godivapull 125% loans

Alliance & Leicester and Godiva Mortgages have withdrawn their combined mortgage and unsecured loan range which could see customers borrow up to 125 per cent loan to value.

BNP Paribas looking to build up platform

New wrap market entrant BNP Paribas is looking to sign up to three more white-label platform deals with adviser groups this year.The French bank is already powering Tenet’s investment company Sinfonia Asset Management, which is expected to launch in April, but is now looking expand its proposition to a wider selection of distributors.The company says […]

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com