F&TRC launches 2016 protection ratings

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F&TRC launches 2016 protection ratings

F&TRC has announced its 2016 product ratings to help advisers understand the most suitable life cover, mortgage protection and family income benefit for clients.

Each provider has been awarded either a Gold, Silver or Bronze medal for both their overall proposition as well as in several important underlying categories.

These categories, and the metrics used to assess the providers, were selected after consultation with a range of independent experts and adviser firms.

The categories are:

• Terminal Illness
• Added value benefits
• Guaranteed Insurability Options
• Trusts
• Waiver of Premium
• Underwriting limits
• Single/Joint Life options
• Underwriting services
• Exclusions
• Interest Rate Options
• Free Cover
• Claims processes

The overall awards in the F&TRC ratings are:

Life Protection
GOLD: AIG Life, Friends Life, Royal London
SILVER: Aviva, LV=, VitalityLife
BRONZE: Aegon, Legal & General, Zurich

Mortgage Protection
GOLD: AIG Life, Aviva, LV=, Royal London
SILVER: Friends Life, VitalityLife
BRONZE: Aegon Legal & General, Zurich

Family Income Benefit
GOLD: AIG Life, Friends Life, Royal London
SILVER: Aviva, Legal & General, LV=, VitalityLife Comprehensive
BRONZE: Aegon, VitalityLife Essentials

Ian McKenna, director of F&TRC said: "We have consulted extensively with advisers over an extended period to understand the features they see as most important in different contracts.

"This has enabled us to create a robust, objective and comprehensive methodology to ascertain which providers excel overall, as well as in a range of sub-categories.

"The ratings are supported by fact sheets for each provider highlighting their respective strengths in different areas and the overall medal table allows advisers to compare quickly different insurers side by side to reinforce their recommendations."

Carlos Thibaut CEO of 360dotnet said: "Independent research that can provide a quick and easy way to compare insurer propositions should be welcomed by advisers.

"The F&TRC ratings table provides both an overall rating and a rating for each feature analysed and this enables advisers to quickly and easily identify who offers the most comprehensive cover in the areas that are applicable to their clients.

"The fact sheets also enable advisers to understand what the differences are in insurer propositions providing information that would otherwise take time to collate."

Debbie Kennedy, head of protection at Royal London Intermediary said:
"I'm delighted we've achieved three Gold medals from F&TRC for key products in our protection range.

"When we launched the new Royal London product range at the start of the year, we wanted to achieve the 'best of both brands' [Bright Grey and Scottish Provident] and these awards show that we have achieved our aim.

"We will continue to review our range to ensure that we offer advisers the products that meet their clients' protection needs, now and in the future."

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