Life Insurance News - November 2010

Can UK Life Insurance Companies Embrace the Web?

Lifebroker prides itself on being an online purchasing tool for consumers wanting to make their own life insurancepurchasing decision. All systems have been engineered and refined by Lifebroker over the last 10 years to promote ease of online purchase.

Consumers can purchase online without pressure or call and ask question to obtain clarity. The process is efficient, clean and seamless...what could be easier?

According to Tess McDonald at Lifebroker, the UK life insurance industry 'does not get it'. Tess McDonald said “Most insurance companies are all geared towards the traditional IFA market in that their screens are designed to be looked at by a potential client. In my opinion many have huge legacy issues with their reporting in that it is not detailed enough and it is not instant.”

Major life insurance brands in the UK are introducing direct to market (D2M) offerings that they believe will revolutionize the way that the online sector works. James Markwick, Managing Director at Lifebroker believes that this may not be best for the broker. He said “Here at Lifebroker we have looked at the D2M space and have concluded that Lifebroker is more advanced than the market right now. Most players in this arena use their website to generate telephone based leads that their brokers call out on to sell over the phone, Lifebroker is different in that the client buys instantly from the website or they come back later.”

Lifebroker currently have Bright Grey’s Lifestyle life insurance product on the site however it has not had the impact that was expected. The reason for this is that the reporting from it is too slow. James Markwick said “in the online space everything moves quickly and this also goes with the reporting. Visitors to websites move quickly; if they do not get instant satisfaction they are gone. The same applies for life insurance websites in that if the insurance D2M application is too hard to complete, the browser is closed and revenue missed.

Lifebroker has its’ own proprietary Fastrack application system that provides in-house feedback on consumer activity. Bettina Richen, Sales and Marketing Manager at Lifebroker said “Our Fastrack applications are tailored to each provider so that their questions are mirrored. Forms are intuitive and will inform Lifebroker when consumers start, complete or abort their application. This allows Lifebroker to contact the online purchasers that are not decided or are having technical PC issues. At this point we can capture their information over the phone or just track them via email and phone calls if they want to think about it more.”

An insurance company may have a great application process but without the back end to support it they whole process falls apart. Lifebroker can only work with the companies that they have synergy with.

Lifebroker recently took part in Incisive Media’s questionnaire that focused on UK Protection and Healthcare providers. More than 400 UK intermediaries took part. The report provides feedback on each Life Insurance Provider based on the following factors; customer service, marketing, price, product, technology and underwriting. Lifebroker is more interested in the technology part of the report as it supports the business, particularly - ease of transaction.

James Markwick said “According the report 45% of respondents were IFA’s. Of this amount it would be interesting to see the breakdown of face-to-face advisers versus online. I am sure that the responses to the survey would be very different indeed. From a personal perspective I find Legal & General to have the best solution in the market for the online D2M space. At the other end of the scale sit companies like LV= who are way behind of the pack in terms of online reporting and general feedback. I have been told that Legal & General and PruProtect are nearing the launch of their new online D2M system and Lifebroker are genuinely excited about what they are offering. Only time will tell how well they operate.
 

Posted under : LV=, Liverpool Victoria, Income Protection, Legal & General, PruProtect, Life Insurance Research, Life Insurance Broker, Personal Insurance, Insurance Products

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Over 50’s Life insurance

Lifebroker has launched a new Over 50’s Life Insurance channel and has selected Scottish Friendly as their preferred life insurance partner.

Why has Lifebroker chosen the Scottish Friendly Over 50's Guaranteed Protection Plan?

Brydee Greene, Senior Sales Consultant at Lifebroker said “It's simple; it is a guaranteed and affordable way to provide a lump sum of money for the inevitable. The over 50's life insurance is guaranteed to pay your family a cash lump sum or help pay for funeral expenses.”

Over 50’s Life Insurance Features:

• limited non intrusive health questions
• no medical required
• guaranteed cash lump sum payable on death

Once your application is accepted you are then fully covered for as long as you continue to pay your premiums. Please be aware that full life insurance only starts after your second year. If you die of natural causes during your first 2 years, Scottish Friendly will return your premiums in full. If you die of accidental causes during this time, Scottish Friendly will pay out your life insurance in full.
On reaching 85 years old your monthly premiums will stop. Your life insurance will remain in force and your loved ones will receive the same payout.
James Markwick, Managing Director at Lifebroker said “This is a new channel for Lifebroker and only time will tell how much interest there is. The early signs are that it is going to be very successful.”

Posted under : Life Insurance Broker, Scottish Friendly, Personal Insurance, Over 50's Life Insurance, Life Insurance Quote

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Coffee at Prêt or Life Insurance

Nearly 1 in 3 Brits have decided that life insurance is not as important as having their daily dose of caffeine according to a recent study carried out by Lifebroker.

Brydee Greene, Senior Life Insurance Consultant at Lifebroker in London said "In my opinion a good cup of coffee is a daily necessity that is real for most people. Buying life insurance is not really a tangible process therefore it becomes less important when it comes to prioritizing."

James Markwick, Managing Director at Lifebroker said "A quality life insurance policy may cost you a few quid a day, however eating and drinking at somewhere like Prêt has knocked insurance on the head for many consumers. It is a shame that some people do not see the importance."

Ultimately it is Lifebroker's aim to keep offering quality life, critical illness, mortgage protection and income protection insurance policies to visitors to their site.

James Markwick said "Once consumers see how competitive Lifebroker's life insurance quotes are I am sure that they will think a bit more about protecting their loved ones."

Posted under : Income Protection Quote, Income Protection, Critical Illness Cover, Life Insurance Broker, Personal Insurance, Life Insurance Quote, Insurance Products

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What is Inheritance Tax?

According to HMRC Inheritcance Tax is defined as:

“A tax that is usually paid on an estate when somebody dies. It's also sometimes payable on trusts or gifts made during someone’s lifetime.”

You will find that most estates do not pay Inheritance Tax (IHT) as the value of them is too low. In order for there to be tax they have to be valued at more than £325,000 in 2010-11.

Everyone’s Inheritance Tax circumstances are unique. The normal process is for the Executor or Personal Representative to pay the IHT liability using funds from the deceased’s estate.

This is not to be confused with a Trustee. Trustees are responsible for paying Inheritance Tax on assets in, or transferred into, a trust. Sometimes people who have received gifts, or who inherit from the deceased, have to pay Inheritance Tax - but this is not common.

Click on the links below to read more information from HMRC about Inheiracne TaX:

• Who pays Inheritance Tax
• Tax if you have inherited money, assets or property
• Trusts and Inheritance Tax

If you want get a quote for Inheritance Tax Life Insurance (or Gift Intervivos Life Insurance) please visit the Gift Intervivos section of the website and get a Gift Intervivos Life Insurance Quote.
 

Posted under : Gift Intervivos Life Insurance, Inheritance Tax Planning & Trusts, Life Insurance Research, Life Insurance Broker, Personal Insurance, Over 50's Life Insurance, Life Insurance Quote, Insurance Products

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Life Insurance for People in the Armed Forces

Lifebroker has experience in dealing with British Forces and in particular people employed in the Armed Forces. Steven Stewart from the Lifebroker London office said "We find that Legal & General are really flexible towards offering life insurance to Soldiers. The key to the life insurance with Legal & General is that the applicant or military personnel must not be 'under orders' or off to a war zone."

Armed Forces personnel need to be aware that when applying for life insurance that Legal & General will increase or load your life insurance premiums dramatically. Steven Stewart said "Consumer's premiums are increased for the first 2 years to reflect the additional risk involved in insuring a Soldier, however after the 2 years are up the premiums revert to the standard premiums that other members of the public have access to."

Lifebroker has found that most Armed Forces can get their employer to pay for the loaded part of the life insurance. Steven Stewart at Lifebroker said "If your monthly standard premium is £20.00 and it is increased to £50.00 due to your occupation then the additional £30.00 is paid for by your employer. All you have to do is speak to HR and ask for a form called JPAFO10."

Please contact Lifebroker if you have any questions about Life Insurance for Soldiers on 08452 51 61 71.

Posted under : Armed Forces Life Insurance, Insurance Products, Life Insurance Quote, Personal Insurance, Life Insurance Broker, Level Term Life Insurance, Legal & General

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