Scottish Widows is relaunching into protection with a back to basics critical-illness product that sees the firm offer- ing guaranteed rates for the first time.The CII product is stripped of special features and is only available with level decreasing cover, up to 25,000 of child cover and with an optional waiver of premium benefit. Market director (protection) Nick Kirwan says the Straight Talking CII product is designed to address the issue of customers having claims declined because they have misunderstood to what extent they are covered. Research by Widows shows that around half of clients who have had claims declined did not understand the extent of their cover. A borderline claims’ team has been tested over the last four months to probe claims that fall into grey areas and to assess all claims on children. Widows says stripping out extras does not mean that the number of illnesses covered by the product will be reduced. Currently, 28 conditions are covered. The product will be available through intermediaries only, launching on August 22 with quotes on The Exchange from August 23. Further protection products will be launched in the near future. Kirwan says: “This product does not have an endless list of features and benefits. It is clear and simple to understand and forms part of the treating customers fairly initiative.” Life Policies Direct managing director Jason King says: “We are glad to see Scottish Widows back into the guaranteed market. It is a good option for Widows to have this sort of product as they have got to get the basics right first.”
Head of intermediary development Alan Dring is set to leave Standard Life Bank to pursue new opportunities. He, along with sales and marketing director David Macmillan, has been implementing a phased programme of change culminating in the launch of an integrated sales structure. His position is under review.Macmillan says: “Alan has been a valuable member […]
Personal bankruptcies in England and Wales have leapt by 75 per cent to their highest levels in three years, according to credit-rating agency Experian. It says there were 480 new bankruptcies in June 2005 compared with 275 in the same month in 2003. This increase brings the total in the first half of this year […]
The subject of trustee investments has crossed the mind of many an adviser over the years. Especially for those seeking to do business with other professional advisers, working in this market seems like a classic case for effective collaboration. And it is, but it is not easy.
Sesame is publishing an equ- ity-release booklet for members to give to clients with an expected wave of new providers moving into the market. The guide has been produced in response to mounting concerns about equity-release business which have been compounded by the FSA investigation in May. Equity Release Solutions, the referral service set up […]
Peter Saacke, Artemis’ CIO, suggests what may lie ahead and explains how volatility suits stockpickers.
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Scotland has introduced a new set of income tax bands, but pensions experts warn that the changes could cause issues with pension tax relief calculations. In the Scottish Budget today, the Government announced a new starter rate of 19p and then a 21p rate for those earning over £24,000. The higher rate of tax is […]
The scramble to do as many defined benefit transfers as possible while values remain high is unabated, and I am constantly amazed at how some firms have thrown caution to the wind in the hunt for their share of this – admittedly lucrative – opportunity. The problem is that advisers are putting their profits before […]
The FCA working group tasked with setting a template for fund charge disclosure is considering whether one or multiple templates would be more suitable. The institutional disclosure working group, chaired by transparency champion Chris Sier, has been tasked with creating a new template for fund costs and charges following the package of remedies outlined in […]