Three of the market's four immediate needs care plan providers have teamed up to share ' and streaml...
Three of the market's four immediate needs care plan providers have teamed up to share ' and streamline ' a single application process.
IFAs can now complete a single process to obtain quotes from Norwich Union, BUPA and PPP lifetime care.
Only one questionnaire is sent to an independent medical processor, Medicals Direct Screening, which obtains a single medical report for the specified providers and passes it on, resulting in considerable time savings for IFAs and their clients.
Sandy Johnstone, long term care strategy manager at Norwich Union, said: 'The underlying philosophy is we want more IFAs to get up to speed on how to write this business, and if we can take the administration headache out of it, then we can all benefit. Immediate needs care plans are time-consuming for both the IFA and the family involved in identifying the best quote, as each provider individually underwrites the case and needs full medical evidence. Now the IFA doesn't have to go through three separate applications involving the same information to get a quote from each company.'
Johnstone added: 'The offer has always been open for the fourth market provider ' the Pensions Annuity Friendly Society (PAFS) to join and that offer goes for any other company that joins the market.'
Ben Nightingale, marketing manager at PAFS, explained why the company was not involved: 'We heard about it too late, so in September, when the first review is due, we will have our say and will most likely join up.'
