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Smokers benefit most as CGU rethinks term cover

CGU Life is slashing term insurance and mortgage protection rates.

The biggest cuts are for smokers. A 25-year-old fem ale smoker can take

out mortgage protection on a £70,000 loan over 25 years for £5.43 a month

which means a 42 per cent cut from £9.35 a month.

A 35-year-old male smoker can take out a term insurance policy with a sum

assured of £115,000 over 25-years for £28.22 a month, which is a 21 per

cent cut on the old rate of £35.80.

A male non-smoker with a £70,000 loan over 15 years will pay £11.24, a 7

per cent drop on the old rate of £12.08.

Commission is 100 per cent of Lautro rates plus uplift.

CGU Life head of IFA business John Enos says: “We are writing record

levels of protection business and are able to spread costs across increased

customer volume, allowing us to bring costs down.”

The company offers some of the lowest rates on the market, according to

data compiled by The Exchange.


Revenue shuts stakeholder overfunding loophole

The Government is closing a potential loophole in its stakeholderlegislation which would have allowed controlling directors in occupationalpension schemes to escape overfunding checks.The loophole arose because stakeholder legislation allowed occupationalschemes such as executive pension plans and small self-administered schemesto be transferred to the new defined- contribution tax regime governingstakeholder.As part of the new regime, trustees […]

Tech funds plummet after massive Isa take

Aberdeen&#39s technology fund is claiming first prize in the Isa fund racedespite technology stocks going off the rails in recent weeks.The tech fund took £375m in the past 12 months, with more than £315m takenin the last three months alone. But no technology fund has escaped therecent volatility in the tech, media and telecoms sector.The […]

Peter Dornan

PROFILEFor someone who confesses to not being able to hold down a job for morethan three years, Scottish Equitable&#39s business integration manager PeterDornan seems to be doing remarkably well.The ScotEq high-flier, who is also employee benefits director with theresponsibility of bringing Guardian Employee Benefits into the ScotEq fold,is not doing at all bad for someone […]

Set your sites on IHT reduction

Over the past few weeks, I have been considering whether offshore trustsoffer any advantages to the UK taxpayer over the homegrown version.After looking at this issue in connection with capital gains tax,especially in light of the anti-avoidance provisions in this year&#39s Budget,I will turn to the issue of inheritance tax.When it comes to looking at […]


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