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Survey reveals long delay for term cover

A term insurance policy takes an average of 48 days to be put on risk, according to research by IFA Torquil Clark.

Torquil says it sold term policies from 15 providers last year and the average time for a policy to be put on risk was just under seven weeks.

Scottish Widows and new player Bright Grey provided the fastest service, taking an average of 25 days and 30 days to put applications on risk.

Although Bright Grey handled a smaller volume of cases, the company attributes its relative efficiency to a more detailed application form that means doctors&#39 forms are not always necessary.

Standard Life was placed 13th out of 15 providers, taking 69 days to put policies on risk, followed by Scottish Provident (59 days) and Scottish Equitable (56 days).

Norwich Union, which dealt with more than a third of Torquil&#39s policies, took an average of 43 days to put policies on risk.

Abbey media relations manager Christine McAllister says: “We work within our own service standards but, if we are relying on information from third parties, there is a limit to how close to our own standards we can stay despite our best efforts.”

Torquil Clark managing director Don Clark says: “We have a same-day turn-round policy but these results show inordinate delays experienced at life offices. It often means that clients have forgotten why they took out the policy in the first place and are less likely to go ahead with them.”


Widows cuts bonus rates

Scottish Widows has announced it is cutting bonus rates on many with-profits policies. Unitised with-profits life and pension policies regular bonus rates are down between 0.5 per cent and 1 per cent, while conventional life policy bonuses will remain the same. However, most conventional pension policies will see no regular bonuses. The changes take effect […]

Neptune joins Cofunds

Five Neptune Asset Management funds have been added to fund supermarket Cofunds. Neptune&#39s equity income, global equity, European opportunities and UK equity Oeics are now available on the platform, along with its balanced unit trust. It is the fourth platform Neptune, formerly Orbitex, has joined, following its deals with Transact, Selestia and Skandia.


Transfer advice has become impossible

I have recently been involved with yet another complaint, which has been referred to the Financial Ombudsman.I specialise in transfers of occupational pension schemes, and I am now of the opinion that it is not possible to give advice in this area and be compliant.It may be of interest to other IFAs working in the […]

Zurich Life renamed Reassure UK

Recently acquired Zurich Life has now been renamed Reassure UK Life Assurance Company Ltd, with the change taking effect this week. Zurich Life was acquired by reassurer Swiss Re in a deal sealed in November. Swiss Re says the name change is to avoid confusion for customers, saying it is important the company has a […]

Childcare - thumbnail

Three questions for employers…

The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.


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