Protection
29
L&G targets over 50s
Building on the success of The Increasing Plan and Funeral Plan fer a burial, this plan will pay a got three different plans to give
Fixed Plan which comes with are reviewable annually in line contribution towards these costs. advisers and their clients the flex-
fixed monthly premiums and a with inflation, as measured by the Malcolm Cowcher, sales direc- ibility to choose the product
fixed cash sum paid out on death, Retail Price Index. However, poli- tor, Legal & General Partnership which best serves their needs."
Legal & General will now be cyholders can choose to freeze Services Limited (LGPSL), said: Policyholders are guaranteed a
launching two further guaranteed their sum assured at any time and "This is an alternative revenue payout after two years if they die,
acceptance life insurance plans not increase it any further. stream for our business partners, as long as the premiums are paid
for the over 50s. Premiums will also be reviewed which is welcome whilst mort- when due. If death occurs within
The plans are available to any- each year and will increase by gage-related protection sales are the first two years the premiums
one aged between 50 and 80 and 1.5% for every 1% increase in the challenging. People traditionally will be refunded in full unless the
applicants are guaranteed to be benefit. The Funeral Plan covers take out this type of life insurance death is the result of an accident
accepted for cover. Monthly pre- the cost of a cremation funeral, to provide their family with funds in which case the full benefit
miums stop aged 90 although provided through Dignity, the to go towards funeral expenses or amount will be paid. None of the
cover will automatically continue UK's largest funeral plan unpaid bills, or as a gift for chil- plans have any cash-in value at
until death. The benefit for the provider. If customers would pre- dren or grandchildren. We've now any time.
Aviva meets 744 CI AEGON increases
claims underwriting limits
Aviva paid out 744 critical illness The number of claims declined
claims during the six months to end as the condition claimed for was
AEGON has announced further adviser and their customer.”
of June 2009, totalling almost £60 not covered by the policy was 9%.
improvements in the financial The sum assured limit for when a
million, with the average payment Cancer remains the most com-
underwriting limits for its personal personal financial questionnaire is
increasing to just over £80,000. mon cause of claim at 64%
and mortgage protection proposi- required has increased to over
The company also paid out a fur- Commenting, Michael Whyte,
tion. £750,000 for critical illness protec-
ther £82 million to the families of chief underwriter for Aviva, said:
It will increase the sums assured at tion.
loved ones who have died, or been "Critical illness and life policies are
which the main residence mort- In August, AEGON announced
diagnosed with a terminal illness. the type of policy nobody wishes to
gage offer letter is required for life improvements to its financial
Key statistics include: need to claim against yet evidence
and critical illness cover. underwriting limits for its business
Total payments for CI policies shows that these are vitally impor-
Matt Rann, head of underwriting protection offering by increasing
were almost £60 million. In total tant policies that can support fami-
and claims at AEGON UK, said: the sums assured at which the
744 claims were paid during the lies and secure their financial well-
"These recent improvements to our business loan offer letter and com-
first six months of the year. being during the worst of times. We
personal and mortgage protection pany accounts are requested. At the
Aviva paid 89% of all claims. are proud that we can make a dif-
enable us to make decisions based time, AEGON also increased its
The number of claims declined ference to these families when they
on fewer pieces of evidence, help- immediate cover facility for life
for non-disclosure of medical facts need it most, removing financial
ing to ensure the whole process is cover from over £2.5 million to
at the policy's outset was consistent worries so that they can focus on
turned around as quickly as possi- over £3 million, making it the
with the full year 2008, at 2%. what is most important to them."
ble. This benefits both the financial highest in the market.
Thunderhead streamlines Royal London
Royal London Group has selected agement of £33.5 billion, Royal the scope of functionality offered by Manchester. "We are particularly
Thunderhead to deliver adviser and London provides life, pensions and the Thunderhead NOW platform. pleased that Royal London has
policyholder communications. protection products to 3.6 million Thunderhead will help the compa- recognised the breadth and depth
Royal London Group has select- customers, operating through a ny ensure that all its customers are of our capabilities and that our
ed the Thunderhead NOW plat- number of brands including kept appropriately informed with solution will be a key component in
form to manage the creation and Scottish Life, Scottish Provident and accurate, relevant and easy to fulfilling its commitment to put
delivery of communications to poli- Bright Grey. understand communications. customers first. Royal London is
cyholders and their financial advis- Royal London Group selected "We are delighted that Royal an outstanding example of how
ers for its Bright Grey brand, with Thunderhead to replace Bright London Group has selected Thunderhead NOW can increase
the potential to extend to other Grey's existing in-house system, Thunderhead as its strategic cus- operational efficiencies whilst also
businesses in the Group. mainly due to Thunderhead's tomer communications platform," providing a more personalised,
With group funds under man- unique business user control and said Thunderhead CEO, Glen engaging experience for customers."
www.mortgageintroducer.com October 2009 Mortgage Introducer
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