Mitchell says: “The product is well suited for many clients who require protection in connection with a mortgage. The policy can also be used for family protection and also business purposes, although it is not marketed as such.”
On the subject of the marketing opportunities that the plan will provide, Miles cannot see any, Mitchell says: “IFAs will be able to promote the product to their mortgage related clients both new and existing. The flexibility of the menu structure means that the product may well be very useful in reviewing existing client requirements.”
Both says the opportunities will be very wide, Moseley says: “Liverpool Victoria is new to the IFA market. An enormous amount depends on its service, underwriting and claims handling, all of which are unknown quantities.”
Moving on to the main useful features and strong points of the plan, Both says: “It combines all of the protection benefits typically requested by clients, who generally prefer fewer plans to more. The unemployment cover is of a high standard, often a weakness in such plans.”
Moseley likes the fact that all the cover is available under one roof, and that you can arrange budget cover to pay out for two years under the income protection policy.
Miles says: “An unusual and valuable feature of the plan is the ability to buyback life cover 12 months after a critical illness claim. The maximum expiry age of 84 and maximum term of 45 years are generous.”
Mitchell picks up on the flexibility and the addition of unemployment cover as being differentiating features.
Turning to the illnesses covered, Miles says: “The plan covers 30 critical illness conditions and is as comprehensive as any in the marketplace.”
Moseley says that the range seems comprehensive, and likes the test of loss of independent existence.
Mitchell says that the range: “Seems to be extensive and certainly matches the competition. It is slightly disappointing to see a number of definitions possible for total disability, as this does tend to confuse clients.”
Both simply calls the range of illnesses covered good.
Casting an eye over the financial underwriting procedures, Mitchell says: “The advisers guide outlines the medical underwriting limits which seem generous especially up to age 40.”
Both calls the procedures fair and reasonable. Miles says: “Liverpool Victoria have sensible medical evidence requirements and their underwriting limits are higher than average.”
Moseley feels that the medical questionnaire is quite comprehensive.
Looking at the flexibility of the plan, Both says it is: “As good as any on the market today.”
Mitchell says that it seems very flexible, and mentions the ability to add or remove elements of cover and increase or decrease benefit levels.
Moseley says that the flexibilty seems excellent, and Miles says: “The plan offers an unprecedented level of flexiblity, and should be able to cope with the changing protection needs of most clients.”
When asked to name the plans disadvantages, Moseley says: “The premium rates for some types of cover may be uncompetitive – it may be cheaper to arrange cover with a number of companies.”
Miles cannot find any disadvantages, Mitchell says: “The only disadvantage is perhaps the relative complexity of the product and the number of choices available. Having said that, it does mean that professional advice is required.”
Both does not like the fact that unemployment cover is excluded in some cases, and that there is no indexation on the life cover options.
The panel has a difference of opinion as to the use of the plan for business protection purposes. Mitchell says: “The plan could indeed be used for this purpose but is really not marketed as such. There are other policies on the market which are perhaps more suitable.”
Both says that it would be very practical for business protection purposes, and that the underwriting exclusions are realistic.