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Pioneer to extend underwriting at application to all protection clients

Pioneer is looking to offer financial underwriting at application rather than at he point of claim to all its income protection applicants.

It offers financial underwriting at application to people in low-risk occupations with its professional income protection plan and aims to extend this to all occupation classes, including high risk.

Financial underwriting at application ensures that a policyholder gets the amount of insurance they pay for. Some income protection providers financially underwrite at the point of claim which means that a policyholder may get less if they are earning less at that point.

Premiums are expected to be guaranteed. The firm launched the Pip plan in July which guarantees premiums.

Chief executive Andy Chapman says: “Pip gives people the certainty that if they have bought £100,000 of cover, they will get it, even if they are earning less at the point of claim. We believe that this has got to be good for everyone, not just professionals.”

Master Adviser senior partner Roy McLoughlin says: “This is a great idea. Anything that shines a positive light on income protection is fantastic.”


Tenant’s extra

A client has asked for advice for his mother. Since her husband’s death a few years ago, she has become worried that, on her death, a very big chunk of the family’s wealth could go to the Exchequer. What steps can be taken to reduce inheritance tax?

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Value remains within European equities

By Rob Burnett, Neptune European Opportunities Fund

In recent months, investors have become more pessimistic about both the European and the US economic outlook and yet stockmarkets have pushed on to new highs. Some would argue that this is a worrying divergence. We would take the opposite view. This appears to be classic bull market behaviour. A wall of worry has been rebuilt, and stockmarket resilience should be taken as a sign of strength. The market is discounting an improving economic outlook ahead, particularly in the south of Europe.


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