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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.”

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