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System problems thwart changes to 70-plus cover

Icob advisers are still unable to sell life policies maturing after age 70 because most providers have not changed their systems since the rule change, says Direct Life and Pensions sales and marketing director Richard Verdin.

He says Icob advisers are frustrated because many providers are unable to offer quotes and process business.

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 board voted to scrap the age 70 rule in April, giving providers enough time to update their systems, says Verdin.

Aegon Scottish Equitable, Legal & General and Bright Grey have all implemented the changes while Friends Provident, LV= and Scottish Provident have not. All three are still considering which age limit they will insure.

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