Kevin Carr gives his verdict on five key developments in protection this month...
1) Deadlines
"If it takes five months to process your application, the deadline was last week."
December may feel like ages away, but an adviser I know made a very good point recently. When speaking to a client who he knew would need a fair amount of underwriting, he said: "If, all things considered, it takes five months to process your application, the deadline was last month." That's a very fair way of introducing clients to the potential importance of G-day, especially as we get closer to the day when gender neutral pricing (and other pricing issues) hit the protection market.
Some life offices have already begun to issue sales aids and guidance information, which must be applauded, although many advisers are already questioning whether there is enough detail. VERDICT: Promising lead
Our protection detective assesses five key developments this month...
2) Easy Street?
A new protection provider entered the market last month. Beagle Street Life Insurance, part of the BGL group, provides instant cover with no further underwriting that can be bought directly through comparison sites.
The majority of customers will buy online, although there is team of telephone advisers as well. I guess the only surprise about this sort of development is that it didn't happen sooner. VERDICT: Promising lead
3) Gender and I-E
LV= has launched a website for advisers on the forthcoming gender directive and I-E tax changes. The adviser site, which is called ‘No more guess work' summarises the changes, the key dates and provides toolkits for advisers to use.
This follows a guarantee from Ageas Protect, which vows to help customers who cannot be placed on risk immediately before the introduction of gender neutral pricing. It will be interesting to see what else insurers come up with before the year ends. VERDICT: Promising lead
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