View more on these topics

Term rates slashed in Colonial&#39s push to IFAs

Colonial Mutual is planning a major push into the IFA market by slashing rates on its term insurance products and launching them to IFAs.

The products to be sold through IFAs are level term insurance, premium and sum assured guaranteed, decreasing term insurance and pension term insurance.

Product marketing manager Roy Chappell says prices have been cut by an average of 28 per cent for men and 22 per cent for women aged between 25 and 40.

On a level term insurance plan with a sum assured of £100,000 for a non-smoking man aged 30 next birthday, premiums have been cut from £16.60 to £13.70 a month.

A woman with similar policy details will see premiums cut to £10.30 from £11.60.

IFAs will receive 140 per cent of Lautro rates standard commission.

Colonial, which has a direct salesforce of 500, launched to IFAs in August with a with-profits bond.

The company has shunned the traditional network of broker consultants and sales representatives, setting up a central phone-based service instead.

Recommended

Standard banks on summer loan attack

Standard Life Bank is to launch a major assault on the mortgage market in August, offering IFAs commission and undercutting rivals&#39 interest rates by up to 1 per cent. The fledgling banking arm, set up at the start of this year, believes it can win a major slice of the market by offering mortgages with […]

&#39Bigger EU will mean opportunities for investors&#39

The proposed enlargement of the European Union will stimulate growth in eastern Europe, creating opportunities for investors, claims Fleming. The next wave of member states, expected to join the EU early in the next century, will be drawn primarily from the Eastern European countries. These are likely to include Poland, Hungary, the Czech Republic, Slovenia […]

A guide to automatic re-enrolment

Since the introduction of auto-enrolment in 2012, it has been a popular topic in the press. Recent media focus has been geared towards small and micro employers; however attention is set to return to the UK’s largest businesses as they prepare for re-enrolment. Johnson Fleming has produced a useful guide that provides essential information to help you […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment