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Compliance News 7/20 (Over 50’s Life Cover)

Our preferred insurer for an Over 50s Guaranteed Life Cover Plan has been AIG, but they have removed their product from the intermediary market.  As a result of that we have reviewed the market for a replacement provider.  We’re delighted to be able to offer you a direct replacement product from One Family.

What is this type of cover?

The Over 50s Guaranteed Life Cover Plan is a type of Whole of Life cover which is not medically underwritten.  It is an alternative to either Term Assurance or conventional Whole of Life, and should not be confused with either.

We do, however, consider it to be a suitable product for funeral costs or for small legacy payments being left to nominated individuals.  It could also be used where any clients over the age of 50 are unable to obtain life cover from any of our insurers who underwrite the applicant.

Where can I find more Information?

Firstly, please review our updated Advice Standards here.

Secondly, please read through the One Family Product Overview for their Over 50s Guaranteed Life Cover Plan here.

Thirdly, the commission terms for this contract are 130% of the annual premium, paid on a non-indemnity basis (on-the-drip) over two years.

How do I quote and apply?

Once registered, quoting is simple using the One Family adviser portal.  Below is a screenshot of the portal including the quote system.

What’s next?

Having reviewed the product information, if this is a product that you wish to advise on, then please inform Pete Burgess who will make arrangements for you to be registered with One Family for the purpose of selling this particular contract.  (Please note this product is only available to Multi Tie Advisers).

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