View more on these topics

Only 6% of advisers protect term deals

Only 6 per cent of life insurance policies are written in trust by advisers and direct sales channels which could lead to consumer detriment in future.

Research conducted by Money Marketing with six providers found that less than 10 per cent of life insurance policies are placed in trust, with just 6 per cent of policies on average being written in trust.

Hargreaves Lansdown head of protection research Jonathan Briggs says this is concerning because consumers could be hit hard by inheritance tax if their policy is not written in trust.

Bright Grey, with 5 per cent, and Liverpool Victoria, with between 2 and 5 per cent, reported the lowest percentages of life policies written in trust. Standard Life estimated that one in 10 of its policies are written in trust, with Scottish Equitable at 7 per cent, Friends Provident 6 per cent and Scottish Widows at 8 per cent through intermediaries but 80 per cent through its salesforce.

Aegon Scottish Equitable protection spokesman Mark Locke says: “This is one area where advisers should be setting themselves apart from direct sales forces. These figures are worryingly low and something does need to be done about this.”

CBK principal Peter Chadborn says: “This is a shockingly low percentage. There are a couple of reasons why policies might not be written in trust, for example, if it is mortgage protection or if more pension term assurance is being written instead. But this would still not go a very long way to explain why the figures are so low.”

Protection, p50

Recommended

Private numbers

In the usual raft of statistics that has passed across my desk recently were a couple of interesting figures. There was confirmation that private investors are again piling back into the market.

The Money Portal acquires Swaines

The Money Portal has acquired 100 per cent of the Swaines compliance services consultancy.The move will offer Swaines financial security while adding compliance support to TMP’s stable. Chief executive Allen Swaines will continue to head up the business as it carries out its existing strategy. The Swaines brand is also expected to remain.TMP chief executive […]

Nigel Speirs

Mounting frustration with product providers led the chief executive of Wales’ biggest IFA firm, Buckles, to take them on with his own investment product, the Snowdonia Oeic. In an interview with James Salmon, he explains why IFAs should refuse to be subservient to providers and what he believes is wrong with principle-based regulation.

Why prevention is better than cure

Quoting the famous adage, prevention is better than cure; there are many proactive benefits that can improve wellness in the workplace, decrease stress, increase staff morale and reduce absenteeism, as well as attracting and retaining employees of a higher standard. With a recent study showing that employees in Britain are working below peak productivity, preventative benefits can ensure you address potential health issues or causes of stress at their source and ensure productivity in the workplace remains at an optimum level. With this in mind, how are you using preventative benefits to help keep your workforce happy and healthy?

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Oh1TRQ nbveechoayuu, [url=http://ujscrjhegjsb.com/]ujscrjhegjsb[/url], [link=http://oradyyppljuc.com/]oradyyppljuc[/link], http://lteqsmnfeyco.com/

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