View more on these topics

Liverpool Vic expanding with group life and critical cover

Liverpool Victoria is expanding its presence in the group protection market with the launch of group life and critical-illness cover products in November.

The move is the first major protection expansion that the friendly society has made since its acquisition of Permanent Insurance was finalised in February. It says this is an opportune time to get into both markets as employers are reviewing benefit packages due to stakeholder.

The products will be targeted at IFAs who are already active in the corporate market and brokers looking for new income streams.

The group life market , was worth £650m in 2000, according to reinsurer GE Frankona. The biggest players by number of policies sold are Royal & Sun Alliance, AIG Life, Swiss Life, Legal & General and Canada Life.

Group critical-illness cover is a much smaller market, worth only £10m last year. The major providers by number of schemes are Swiss Life, Unum, Royal & Sun Alliance, Scottish Equitable and Legal & General.

Liverpool Victoria head of IFA marketing Rod Macdonald says: “We will be looking to target the IFAs already in the group market but also looking at IFAs looking at new avenues to try and move them into the group market.”

IFA Portfolio Insurance Consultancy principal Brian Lentz says: “It is still an infant market. Group critical-illness cover has a long way to go. Right now, employers are looking at their benefit arrangements because of stakeholder and Permanent has always been a major player in the protection market so I think it is a good move.”

Recommended

ICS demanded £1m pledges from Towry Law&#39s directors

The Investors&#39 Compensation Scheme says it demanded £1m personal guarantees from Towry Law executive directors to cover any potential further pension misselling liabilities. The guarantees were made a condition of the £30m Advizas&#39 deal. They will apply only if it emerges the seven executive directors were aware of but failed to fully disclose additional liabilities,. […]

Intermediaries ignoring well-performing trusts, research shows

Sales of well-performing trusts are being hampered by intermediaries lacking experience of specific providers according to research from Henry Samuels Marketing Service. This finding emerges from the “IFA Networks, Unit Trusts and Isas” which examines the attitudes of network members to a range of unit trust and Isa providers. It says Fidelity consistently scored high […]

Northern Rock gets the seven-year flexi itch

Northern Rock has filled a new niche in the mortgage market.The seven-year flexi mortgage is one of only two flexible mortgages that have a fixed-rate for the first seven years of the loan. It has a fixed-rate of 5.79 per cent for loans of up to 90 per cent of the value of the property.It […]

We are not valued and not wanted

The letters page of the August 9 issue of Money Marketing had various references to “logic”. Logic and this industry parted company donkeys&#39 years ago. It would be logical to assume that life companies have staff who can turn a proposal form into a policy document without being trained each time one is submitted. It […]

Parental leave and pensions

Fiona Hanrahan  – Senior Product Insight and Technical Support Analyst We are often asked how parental leave impacts workplace pension schemes in terms of funding in general, auto enrolment and salary exchange. This article will explain each of these. How does parental leave impact the funding of workplace pension schemes? A member of a defined […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment