Peach Global Financial Solutions has launched a new group life policy with a low administrative burd...
Peach Global Financial Solutions has launched a new group life policy with a low administrative burden that enables IFAs to choose their level of commission.
The All Employee Protection Plan is run online, allows instant quotes and once the scheme is established the IFA need do nothing until renewal.
Phil Smallwood, director at Peach, said: 'Mid-year joiners are covered free and there will only be a charge if new joiners have increased the risk by more than 20%. What this means is that the IFA does not have to go back to the company and re-sell at each anniversary, unless the company has dramatically changed size.'
Commission levels, and the corresponding premium rate are the choice of the adviser. Smallwood said: 'We have a series of commissions and the IFA is in control of them. It can take a lot of work to set a scheme up, in which case the IFA would elect for more commission than if the scheme was set up quickly.'
The standard plan has a commission set at 20% but caters for levels from 0% to 50%. At renewal the intermediary can adjust the commission to reflect the work undertaken.
