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Advising on multiple benefits… Everything you need to know

Advising on multiple benefits… Everything you need to know

When recommending protection to clients there will often be multiple needs that cover will be required for. Whether this be protecting the clients income against ill health, covering a liability or simply providing their family with financial security in the event of their death, it is likely that multiple policies will be needed. Our recent forum (outs of which will follow in the coming weeks) highlighted the difficulties for advisers when apply to multiple insurers for the same client and menu plans have been designed to simplify this process. But are menu plans always the best option? When setting up cover should you use a joint life plan or two single life plans? What are the benefits of life and critical illness compared to life with accelerated critical illness? In this article we explore how advisers can set up multi-benefit solutions for clients

Menu Plans

Menu plans offer many benefits when applying for multiple types of cover for clients. Above all, they offer the ability for clients to complete one application form which will be assessed by one insurer and as such if medical evidence is required this only needs to be requested once. Likewise if there was ever a claim, having all policies in one place with a single insurer could make the whole process far easier.

Conversely using a menu plan may lead to compromises in other areas. The chosen insurer may not be the most comprehensive in all benefit types and where income protection is part of the plan, Friendly Society offerings may not be considered. In this article we look at the benefits and drawbacks of menu plans and what products are available from different insurers.

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Single Life vs Joint Life

When advising couples, it is clear that if two single life plans are put in place the clients will benefit from far greater cover and flexibility. In the event of a claim being made on one policy the other plan will continue and it is far easier to set different sums assured for each. The difference in cost between two single and a joint life plan is also relatively minor and as such for most needs and clients it makes a lot of sense.

There are however situations where a joint life plan may be more suitable. IHT planning for couples is a prime example and there are serious considerations around whether two single life plans are suitable when covering a mortgage. In this article we discuss the merits of two single life plans when compared to joint life.

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Life with accelerated CI vs Life AND CI

Like with single vs joint life when recommending life with critical illness there are different ways in which the cover can be structured. Life with accelerated critical illness will pay out on the first event after which the plan will cease, whilst Life AND critical illness is essentially set up as two different plans so a client could claim for critical illness and leave their life cover intact.

Not all insurers offer life AND critical illness and when quoting for this on quotation portals those insurers will return prices for a slightly different variation in terms of a life AND life with accelerated critical illness quote. Where this happens it is important for advisers to understand what is being provided to the client and in what events cover will continue or indeed cease. In this article we explore the differences that such cover offer and how the different options are affected based on different types of claim.

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Watch out for future “Everything you need to know” pieces where each week we will cover a different topic and provide you with the information you need to know to discuss the topics with your clients.

About The Author

Adam Higgs

Adam leads Protection Guru's detailed protection research and benchmarking of both product and operation features provided by insurers and has a vast knowledge of the protection market. He has been instrumental in building the protection comparison service Quality Analyser and maintaining the data to enable adviser to quickly and easily compare protection products based on qualitative measures. He also works with adviser firms to help in panel reviews and with insurers to help them understand the shape of the market, their strengths and the areas that could be improved in their products. In his spare time and when not spending time with his wife and two children, Adam is a keen Arsenal fan and enjoys hacking his way around a golf course.

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