COVID-19 has caused disruption, leading life insurers to adjust their underwriting guidelines. In the short term, sales are anticipated to fall. This report focuses on the UK's term assurance market in the context of the wider protection space. It provides an in-depth assessment of the term assurance market, looking at current and historical market size with regards to changes in contracts and premiums. It examines how term assurance products are distributed, and highlights key changes in the competitive landscape, as well as the propositions of the key market players. It provides five-year forecasts of contracts and premiums to 2024, and discusses how the market, distribution, and...
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The claim, being filed in the Isle of Man courts by law firm Signature Litigation, is seeking compensation for the losses suffered by investors as a result of the insurers’ “misrepresentation” of and “failure to conduct due diligence” on the investments sold through their insurance vehicles. According to the claimants, Old Mutual (now Quilter International) and Friends Provident’s offshore Isle of Man subsidiaries sold ‘portfolio bonds’ or ‘insurance bonds’ — described as life assurance policies — which were in fact unit-linked and held high risk funds inappropriate for unsophisticated investors. Quilter denies any...
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It’s time to get to the bottom of the difference between life insurance and life assurance. They have similar names, and in some ways they are similar products. But there are key differences that you need to be aware of before deciding what’s best for you and your circumstances. What are life insurance and life assurance used for? Nobody likes to think about the unexpected. But knowing that you can provide for your loved ones after you have gone is really important. Both life insurance and life assurance are designed to provide a lump sum for your nearest and dearest in the event of your death. This is typically used to pay off the mortgage, cover the cost of funeral arrangements and other...
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Route 1 - Online quote and apply Carry out a quotation online and you'll then be presented with a panel of Insurers. You will then be able to select an Insurer and continue to complete the application. If the Insurer does not need any further information (from your GP for example) then you will be able to start the policy immediately. Once the policy has been confirmed you will then need to go back onto our site to pay our one-off fee of £25.00 (for fee based applications). If you prefer not to pay a fee then we do also offer a no-fee option where the monthly premium is generally slightly more expensive and the Insurer will pay Cavendish Online a small amount of commission instead. This may...
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Launch of new German life assurance product STM Group PLC (AIM:STM), the cross border financial services provider, is pleased to announce the launch of its first proprietary product for the German market through its subsidiary STM Life Assurance PCC Plc ('STM Life'). By working with tax experts and lawyers in Germany, STM Life has developed a product solution that complies with all German tax and insurance regulatory requirements thereby offering significant tax advantages and wealth structuring opportunities for both expatriates and local nationals living in Germany. The product offers a tax free roll up of gains, dividends and interest with the prospect of reduced taxation of the final...
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NEW PRODUCT DEVELOPMENT AS A STRATEGY FOR EFFICIENT MARKETING OF LIFE ASSURANCE PRODUCT IN NIGERIA This research titled new product development in insurance industry as a strategy for efficient marketing for life assurance products in Nigeria was carried out with the objectives of identifying why marketing of life assurance product are low in Nigeria. Why many life assurance companies do not go into new product development and the prospects of new product development in life assurance industry. Related literatures were reviewed and structure questionnaire and oral interview were used to collected primary data from the respondent. The data collected were analyzed using likest-scale of...
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OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of BMO Life Assurance Company (BMOLAC) (Toronto, Canada). The outlook of these Credit Ratings (ratings) is stable. BMOLAC is ultimately owned by the Bank of Montreal (BMO). The ratings reflect BMOLAC’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. BMOLAC underwrites a full suite of individual insurance products, including term life, whole life, universal life, critical illness, structured settlements and annuities...
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A joint life second death policy is a life insurance product that pays out when both members of the couple insured are deceased. AIG Life will also offer a ‘gift inter vivos’ plan - offering the opportunity to pay the reducing IHT liability on gifts made over the term of the insurance - without the need for policyholders to answer additional health or lifestyle questions. Andy Roberts, technical sales manager at AIG, said using life cover for inheritance tax planning was not always as simple as taking out a whole of life policy. He said: "Financial advisers proactively help clients reduce their liability over their lifetimes and the developments we are announcing today dovetail...
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What Is Life Assurance The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you. These people could include family members or business partners. It can provide the reassurance of financial protection for you, your family and your business associates. A Life Assurance policy pays out a sum of money when the person who is covered by the plan dies. The money is intended to pay off any outstanding debts and support your dependants financially by providing them with a further lump sum or a regular income if you die. Even if there are no dependants who may be financially affected by your death,...
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Growing regulation of financial products sales around the world has resulted in huge changes to the way such products are structured and marketed. Here, Paul Golden looks at one major product category in particular: unit-linked life insurance plans… Concerns over commissions and conflicts of interest on the part of those selling unit-linked life insurance products continue to plague the industry, even as the providers of such products continue to go to what they say are often dramatic lengths to overhaul their products. For decades, unit-linked life insurance products, such as offshore bonds, have been regarded as a standard wealth planning tool that advisers have adapted to suit a wide...
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