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Providers need to get a move on and implement Age 70 changes

Icob advisers are over the moon that they are now allowed to sell life assurance policies which mature after age 70 and extend longer than 10 years, since the Age 70 rule was abolished on June 6.

But this week Money Marketing found that, for the most part, Icob advisers are still restricted because providers have not updated their back office systems since the rule change.

Direct Life and Pensions sales and marketing manager Richard Verdin is furious that many providers are still refusing to offer quotes and process business written by him, and other Icob advisers.

Friends Provident, LV= and Scottish Provident among others, have not updated their back office systems to allow them to process Icob business and claim they are still determining what age to go to.

But Verdin says: “I do not care what the terms of the policies are. I do not care if it is 75, 85 or 105. Why should Icob advisers be disadvantaged because some providers did not get around to making a small but important change?”

The FSA decided to abolish the rule in April so Verdin says providers had plenty of time to rework the systems so they could implement the changes by June 6.

On a more positive note, Association of British Insurers protection committee chairman Nick Kirwan this week starts his new role as ABI head of health and protection, taking over from the Karaoke king Richard Walsh.

Kirwan has been on gardening leave since resigning as Scottish Widows protection marketing director in April and is very excited about his new role. Good luck Nick.

More good newsŠ I have finally removed all traces of mud from myself and most of my belongings after a certain four day festival which saw torrential rain transform a grassy farm into a knee-deep expanse of mud.

LV= is using LifeQuote’s Intelligent Protection software in its advisory arm after the two businesses signed a deal last week.

Intelligent Protection allows advisers to tailor a protection plan to a client’s circumstances and budget, then the system generates all the documentation necessary to complete the sale.

The software has been modified to provide quotes from LV’s protection product range.

And finally we can all sleep more soundly knowing that if we do anything crazy and life threatening our life policies should still pay out, well so says Lifesearch anyway.

The company quizzed providers and found that if you had a sudden urge to jet-ski down Niagara Falls without a parachute your life policy would pay out, providing it was not illegal and all necessary information was disclosed.

Comforting to know isn’t it? (Despite the fact I have no life cover.)


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