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Relaunched Lifetime looks at bringing in protection

Norwich Union’s Lifetime platform is considering ways of integrating new products such as protection to increase its mass-market appeal following its relaunch to new business.

Lifetime managing director Toby Strauss says the platform is hoping to reopen for new business in June for the first time since 2007 after admin problems forced it to close.

Protection will not feature in the first phase of its relaunch but it is something that Strauss is looking at carefully.

He says: “The first priority was getting the basic functionality up and running again and then we will be looking to add enhancements to that over the coming years and months based on adviser feedback.

“We are thinking about how, over time, we can link protection to investments. We think that there are one or two ways in which protection can sit within the wrap.”

Strauss says Lifetime will offer a one-stop shop via its new por tal, which will act as an umbrella over the front of all Norwich Union’s products and services, including its wrap and Sipp.

Strauss says: “It is not an alternative to the platform, it is an addition. It allows an adviser to use the platform, Sipp and traditional product set and look at any of their clients across the range of products they have with us.”

Highclere Financial Services partner Alan Lakey says: “It is difficult to see why and how protection plans could be incorporated onto a platform. If it is purely for the purpose of seeing all of one’s various financial plans within a convenient umbrella proposition, then fine, but surely that is as far as it can go.”

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