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Product matters

Income protection has been in the doldrums with continually falling sales.

LV= has broken this mould with the mortgage & lifestyle protection plan which is aimed squarely at the mortgage market but is equally worthwhile for non-mortgage-related clients.

The plan incorporates many sensible aspects that are usually missing from mainstream products. It offers own-occupation cover to all but the highestrisk occupations, allows applications up to age 65 and only uses guaranteed premium rates.

It looks to reconcile the simplicity of PPI plans with the more sophisticated and essential cover of an income protection plan. It allows a deferred period choice of one, two, three or six months and waiver of premium automatically kicks in during a claim.

Another innovation is the ability to tailor the plan term to suit either the mortgage term or the client’s preference. Most plans insist on an expiry age of 55, 60 or 65.

All applicants will be tele-interviewed which means that only minimal client details need be logged in. This saves time and removes the adviser from arguments over non-disclosure.

Premium rates reflect gender, age, smoker status and occupation and premiums for lower-risk occupations are especially competitive. This is an excellent product which, subject to underwriting, looks certain to take significant market share.

Alan Lakey is a partner at Highclere Financial Services


Advice you can bank on

Institute of Financial Planning chief executive Nick Cann believes banks are well placed to take financial planning to the next level and predicts that major names will enter the fray within five years.

Grand theft auto

The private-sector final-salary schemes that have been so dominant in the workplace for nearly half a century will probably be almost gone by then.

Star of India

Emerging markets continue to attract large amounts of investors’ money and single-country funds are grabbing a lot of attention. Brokers should remember, however, that these are inherently more volatile than funds with a wider remit. One of the countries grabbing most of the headlines is India.


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by Debra Corey, group reward director  You just planned and booked what you thought was the perfect vacation for you and your family. You call everyone together to share the great news and instead of receiving sounds of glee and delight, you receive groans and complaints.Your youngest says: “I hate beaches, didn’t you know that?” (You think to […]


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