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Lutine in mass move with indemnity PTA

Lutine is offering a pension term assurance product with full indemnity commission to IFAs which it claims is an industry first.

The move is part of Lutine’s move away from niche protection towards the mainstream market. The Lloyd’s of London syndicate offers PTA as a switch option for customers on an ordinary term life product brokered through Hargreaves Lansdown.

The new PTA product is being launched on October 9 and will be available through The Exchange portal. Maximum sum assured is £300,000 and the maximum age the product can be attained is 50. Minimum premium is £5 a month. Lutine says it will use streamlined underwriting to process applications.

The company will pay indemnity commission of 170 per cent of the first year’s annualised premium with renewal commission of 2.5 per cent payable after four years.

Managing director Jon Clarke says: “This product will bring us into the mainstream market. We decided it was necessary to offer both fee-based and indemnity commission for greater flexibility and to appeal to more IFAs.”

CBK principal Peter Chadborn says: “This is a break from the mould for a Lloyd’s of London syndicate and marks a real change in direction for Lutine towards the mass market.”

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