View more on these topics

Norwich Union looks to the future

Norwich Union has introduced the future assured plan, a future needs long-term care plan that has three levels of cover.

Benefit is paid if the policyholder cannot perform at least one of six activities of daily living (ADLs). These are washing, dressing, feeding, going to the toilet, mobility and transferring, for example, from a bed to a chair.

Blue is the lowest level of cover, silver is mid-range and gold is the highest level of cover. Upon failure of one ADL, all levels pay out independent living benefit. This is a cash payment to buy a piece of equipment such as a stair lift, which makes it easier for the elderly person to live independently.

If the policyholder cannot perform two ADLs, they receive no payment under the blue option, half the monthly care benefit with the silver option and all the monthly care benefit with the gold option. The inability to perform two or more ADLs results in a payment of all the monthly care benefit with all level of cover. Mental impairment also results in full payment.

PPP Lifetime Care&#39s lifetime care plan is a similar future needs plan that has also has three levels of cover. However, it compares unfavourably to Norwich Union&#39s plan in that policyholders get nothing if they cannot perform just one ADL. Instead, payments are made upon the failure of two or three ADLs, depending on the level of cover taken out.

A 65-year-old female requiring annual benefit of £12,000 on an index-linked basis would pay £58.94 a month for the lowest level of cover with Norwich Union and £68.48 a month with PPP Lifetime Care.


Newcastle Building Society – Guaranteed Property Bond (3 Year Term)

Friday, April 12, 2002 Type: Guaranteed equity bond Aim: Growth linked to the performance of the Halifax house price index Minimum-maximum investment: £5,000-£500,000 Term: Three years Guarantee: Capital returned in full at end of term regardless of the performance of the index Return: 100% growth in index Interest rate: 4% gross a year Closing date: […]

Commerzbank says Jupiter up for sale

German banking giant Commerzbank confirmed this week that it is to sell UK asset manager Jupiter. The news follows last month&#39s announcement that the bank was conducting a strategic review of its global asset management operations. It now also says it is seeking a buyer or strategic partner for its US fund management business, Montgomery.

Time for disclosure overhaul

In the seven years since the disclosure regime started, fundamental changes to product structures and provider behaviour arising from price competition mean that a review is long overdue.The various reviews of this subject are focusing on simplifying the presentation of charges, illustrating the long-term impact of inflation and unbundling advice and product costs, but there […]

L&G launches new discount mortgage

Legal & General’s Mortgage Club is launching an exclusive two-year, stepped discount mortgage.The deal offers a 2.5 per cent discount in year one, followed by 1.82 per cent in year two. This discount from standard variable rate means borrowers will currently pay 3.45 per cent for loans up to 95 per cent loan to value.While […]

Jelf flexible benefits

In Focus: How to choose a flexible benefits provider — seven top tips

Jelf Employee Benefits looks at some of the key considerations employers should think about when reviewing and choosing a flexible benefits provider. Choosing the right benefits for your employees is one thing but delivering a successful employee benefits strategy is about understanding the complete picture and delivering it in a personalised way so that it resonates with each and every individual in your business. 


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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