Group Life & IP specialist provider Unum has created a master trust which allows employers to pay out group life cover claims for their employees free of tax.
Usually the only way for claims to be paid tax-free involves setting up a discretionary trust.
Unum says it hopes the move will encourage more small and medium-sized firms to take out group life cover as the additional costs in setting up a discretionary trust are removed through this new method.
Commercial marketing manager Helene Gullen says: “In our experience, the need to set up a trust can act as a real barrier to firms introducing this form of financial protection for their workforce, particularly with SMEs. By using the master trust, for which there is no additional charge, our clients can ensure that they get all of the tax benefits with none of the associated time-consuming and complex administration.”
Unum has made a range of additional changes to its group life offering. These include an increase in the maximum free cover limit from £1.75m to £1.8m and an increase in its standard £15m travel restriction rule to £25m.
The time limit on late entrants, those joining more than six months after they are first eligible, has also been removed. Instead late entrants will fill in a short form for benefits in excess of £250,000 and below the free cover limit.
The maximum lump sum has gone from 12 to 20 times salary for schemes of more than 20 lives where there is no dependants pension on the group with Unum or another insurer.
Categories of three lives or more will be eligible for a free cover limit. Previously the minimum was set at five lives.
The changes are effective from Monday 5th July 2010.
To request a quote on group life cover for your employees call The Money Helper on 0845 003 0065 and an adviser will be happy to discuss your needs
read more....
Tuesday, 6 July 2010
Wednesday, 30 June 2010
Fortis Life Improves Cover Definitions for Heart Claims
Fortis Life have announced further improvements to their already market leading Critical Illness Cover.
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the definition for Heart Valve Replacement or Repair.
Like most Critical Illness policies, Fortis' definition for Heart Valve Replacement or Repair claims had previously required the use of 'open heart surgery', where the breastbone is divided to provide access. With advances in medical science this type of surgery can often be performed without the need for this, and if a policyholder did have advanced techniques used for Heart Valve Replacement or Repair in many cases a claim could not be made under the policy as the definitions would not be met. The new definition has removed this requirement so that claims can still be accepted regardless of this aspect.
We think this is a great move forward and prevents the policyholders receiving advanced heart surgery from feeling short-changed by their insurer over non payment of claims resulting from seemingly trivial aspects surrounding circumstances which are otherwise the same, and most importantly, that have the same impact on the family regardless of this minor point.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day, and whether you are prepared to risk a claim being rejected over small print like this.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the definition for Heart Valve Replacement or Repair.
Like most Critical Illness policies, Fortis' definition for Heart Valve Replacement or Repair claims had previously required the use of 'open heart surgery', where the breastbone is divided to provide access. With advances in medical science this type of surgery can often be performed without the need for this, and if a policyholder did have advanced techniques used for Heart Valve Replacement or Repair in many cases a claim could not be made under the policy as the definitions would not be met. The new definition has removed this requirement so that claims can still be accepted regardless of this aspect.
We think this is a great move forward and prevents the policyholders receiving advanced heart surgery from feeling short-changed by their insurer over non payment of claims resulting from seemingly trivial aspects surrounding circumstances which are otherwise the same, and most importantly, that have the same impact on the family regardless of this minor point.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day, and whether you are prepared to risk a claim being rejected over small print like this.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Monday, 28 June 2010
Fortis Life Improves Critical Illness Coverage Again
Fortis Life have announced further improvements to their already market leading Critical Illness Cover.
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
In addition to these latest improvements, which are covered in more detail in recent posts on this newsblog, Fortis have added yet another Critical Illness Condition to their already market leading product, taking the total number of conditions covered to 40.
The most recent additional condition covered under Fortis Life's Critical Illness Cover is 'Multiple System Atrophy' (MSA). MSA is a progressive neurological disorder that affects adult men and women. MSA is caused by degeneration of nerve cells in specific areas of the brain. This cell degeneration causes problems with movement, balance and automatic functions of the body such as bladder control.
According to information from The Sarah Matheson Trust, a registered charity focused on MSA, 5 people per 100,000 in the UK may suffer from MSA, which usually starts between the ages of 50-60 years, although it can affect people younger and older than this. MSA does not appear to be hereditary and is not infectious or contagious - it is a sporadic disorder that occurs at random.
We think that the addition of MSA to the conditions covered is a great move forward and prevents policyholders whose lives and livelihoods may be affected by MSA feeling short-changed by their insurer an inability to claim on their Critcal Ilnnes Policy in circumstances where they have clearly suffered a Critical Illness and the impact on their lives is comparable to sufferers of other conditions more commonly covered.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this important point could make in the event that you need to make a claim one day, and whether you are prepared to risk being unable to do so if your condition turns out to be not covered under your policy.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
In addition to these latest improvements, which are covered in more detail in recent posts on this newsblog, Fortis have added yet another Critical Illness Condition to their already market leading product, taking the total number of conditions covered to 40.
The most recent additional condition covered under Fortis Life's Critical Illness Cover is 'Multiple System Atrophy' (MSA). MSA is a progressive neurological disorder that affects adult men and women. MSA is caused by degeneration of nerve cells in specific areas of the brain. This cell degeneration causes problems with movement, balance and automatic functions of the body such as bladder control.
According to information from The Sarah Matheson Trust, a registered charity focused on MSA, 5 people per 100,000 in the UK may suffer from MSA, which usually starts between the ages of 50-60 years, although it can affect people younger and older than this. MSA does not appear to be hereditary and is not infectious or contagious - it is a sporadic disorder that occurs at random.
We think that the addition of MSA to the conditions covered is a great move forward and prevents policyholders whose lives and livelihoods may be affected by MSA feeling short-changed by their insurer an inability to claim on their Critcal Ilnnes Policy in circumstances where they have clearly suffered a Critical Illness and the impact on their lives is comparable to sufferers of other conditions more commonly covered.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this important point could make in the event that you need to make a claim one day, and whether you are prepared to risk being unable to do so if your condition turns out to be not covered under your policy.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Friday, 25 June 2010
Fortis Life Improves Cover Definitions for Burns Claims
Fortis Life have announced further improvements to their already market leading Critical Illness Cover.
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the definition for Third Degree Burns.
Like most Critical Illness policies, Fortis' definition for Third Degree Burns claims had previously been covered under 2 separate definitions, one relating to the face and the percentage of the surface area that would need to be affected as a minimum, and th other relating to the body and the minimum percentage of it's surface area affected. The new definition has simplified this into a single definition for improved clarity and ease of understanding, and makes claims possible if at least 20% of the surface area of the face or body is affected by Third Degree Burns.
We think this is a great move forward and helps to prevent policyholders from becoming confused by or misunderstanding the definitions of the cover under their policy, and potentially feeling short-changed by their insurer over non payment of claims in circumstances where they may have believed the cover in place to be different.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the definition for Third Degree Burns.
Like most Critical Illness policies, Fortis' definition for Third Degree Burns claims had previously been covered under 2 separate definitions, one relating to the face and the percentage of the surface area that would need to be affected as a minimum, and th other relating to the body and the minimum percentage of it's surface area affected. The new definition has simplified this into a single definition for improved clarity and ease of understanding, and makes claims possible if at least 20% of the surface area of the face or body is affected by Third Degree Burns.
We think this is a great move forward and helps to prevent policyholders from becoming confused by or misunderstanding the definitions of the cover under their policy, and potentially feeling short-changed by their insurer over non payment of claims in circumstances where they may have believed the cover in place to be different.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Wednesday, 23 June 2010
Fortis Life Improves Cover Definitions for Paralysis of Limbs Claims
Fortis Life have announced further improvements to their already market leading Critical Illness Cover.
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the definition for Paralysis of Limbs.
Like most Critical Illness policies, Fortis' definition for Paralysis of Limbs claims had previously required at least two limbs to be affected. The new definition has reduced this requirement so that claims can still be accepted where only one limb is affected.
We think this is a great move forward and prevents the policyholders whose lives and livelihoods have been affected through the paraylsis of a single limb feeling short-changed by their insurer over non payment of claims in circumstances where many believe they are actually covered anyway, and where the impact on their lives is similar.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day, and whether you are prepared to risk a claim being rejected over small print like this.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the definition for Paralysis of Limbs.
Like most Critical Illness policies, Fortis' definition for Paralysis of Limbs claims had previously required at least two limbs to be affected. The new definition has reduced this requirement so that claims can still be accepted where only one limb is affected.
We think this is a great move forward and prevents the policyholders whose lives and livelihoods have been affected through the paraylsis of a single limb feeling short-changed by their insurer over non payment of claims in circumstances where many believe they are actually covered anyway, and where the impact on their lives is similar.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day, and whether you are prepared to risk a claim being rejected over small print like this.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Monday, 21 June 2010
Small Businesses Need to Improve Protection
According to Scottish Provident, two thirds of small businesses believe the death of a key employee would have a severe impact on their business, yet suprisingly few have any key employee insurance.
Scottish Provident's research shows that 65% of small businesses fear a key employee dying, but only 18% have cover in place.
And over half (57%) also believe that their business would be significantly affected if a key employee was unable to work for more than six months due to a serious illness.
This gulf between acknowledged need and actual cover is even more surprising, given that nearly half (48%) predict that a key employee will suffer an illness over which they will be off work for at least six months in the future.
Jerry Bayman, national corporate sales manager at Scottish Provident, believes precious few small businesses seem to be acting to safeguard their company in the eventuality of a key employee's death or illness.
"The statistics are frightening," he says.
"In a business with four key male employees, there is a 29% chance one will die before retirement and a 68% chance that one will have a critical illness.
"However, worryingly, over half (52%) say they don't know what the probability is that one of their key employees will suffer an illness meaning they will be off work for six months or more.
"Our research shows that small business owners need to improve their knowledge of how to protect their business and their employees, in case illness or death should occur," he adds.
To speak to a business protection specialist call 0845 003 0065 read more....
Scottish Provident's research shows that 65% of small businesses fear a key employee dying, but only 18% have cover in place.
And over half (57%) also believe that their business would be significantly affected if a key employee was unable to work for more than six months due to a serious illness.
This gulf between acknowledged need and actual cover is even more surprising, given that nearly half (48%) predict that a key employee will suffer an illness over which they will be off work for at least six months in the future.
Jerry Bayman, national corporate sales manager at Scottish Provident, believes precious few small businesses seem to be acting to safeguard their company in the eventuality of a key employee's death or illness.
"The statistics are frightening," he says.
"In a business with four key male employees, there is a 29% chance one will die before retirement and a 68% chance that one will have a critical illness.
"However, worryingly, over half (52%) say they don't know what the probability is that one of their key employees will suffer an illness meaning they will be off work for six months or more.
"Our research shows that small business owners need to improve their knowledge of how to protect their business and their employees, in case illness or death should occur," he adds.
To speak to a business protection specialist call 0845 003 0065 read more....
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