Fidelity Life risk products can now be quoted to include nib health products. Go to the "Settings" screen to choose either nib's Ultimate Health or Ultimate Health Max to quote alongside Fidelity Life.
Three times in the last week - from very different sources - I have heard people talk about clients on Indemnity IP claim that are not paying tax. Clients who have never received before-tax income in their lives may not realise that they must declare this income and complete a tax return. In fact, the belief is that overwhelmingly they do not do so. That is a big danger for them, but also for advisers. The name "financial adviser" means that a client may think it is your job to advise them on tax - unless you make it very clear to them that they need to get advice from their accountant on that. Companies and advisers wishing to stop themselves getting dragged into complaints about a failure to advise on tax issues should advise every new IP claimant on an indemnity benefit that they need to pay tax.
Chris Daems writes on why professionals should not ignore social media. It is important to remember that his business is being a financial adviser in one of the most highly regulated markets in the world. His arguments that social media allow you to prove some important dimensions of your service offer in advance are persuasive. We have found that to be the case - without this blog there would not have been more than 100,000 visits to the Chatswood website. Link.
Most consumers overestimate the cost of life insurance by three times according to a US survey:
In 2013 Insurance Barometer Study concluded:
“People with no life insurance overestimate its cost by three times. And even those who have coverage, overestimate its cost by two times.“
That's an astonishing figure, and it is accompanied by some other logical deductions about the sales process put together by the good folks at Weiss Insurance Agencies. Read the whole article. Link.
The phrase 'hostage to fortune' is a pretty good description of how a parent views their growing children. We encourage, coach, and occasionally correct and hope for the best. Over the years I have had a few rushes to the hospital and anxious waits. Chris Daems describes one such situation well in this article. It is also why we buy cover.
The new disability claims model is available for research users. This gives subscribers to research an insight into both the basic claims model we use for rating and several scenarios in the detailed claims model which can be used to compare every payment item under an income protection contract.
The three scenarios we pick highlight the different performance of Agreed Value, Indemnity, and Loss of Earnings products. It also shows some great results for total replacement ratios and the value of back to work and partial booster features.
You can access the Disability Claims Model through the research tools area as shown in the menu below.
Insurance is a market which relies on trust - there is asymmetrical information and trust is a way to overcome that to the benefit of all. Few of us could take on some of the most important choices in life, like buying a house, driving, or raising children without insurance. Yet that trust must be built on something. Data can have a big part to play in building trust. In this case it is worth highlighting the claim payment statistics that are a familiar part of the UK market.
The industry in the UK has agreed standard definitions for claims reporting and based lots of claims on standard policy wordings as well. That means consumers are more confident in claims payments. This kind of headline is the direct result of those choices "Aviva pays 93% of Income Protection Claims." Link.
Fidelity Life advised in May that rates for existing business would rise: approximately 7.2% for trauma contracts and 5% for life contracts. These are indicative averages - some ages will have higher increases and some lower. These rates do not apply to new business, but it has been explained that new business will switch to the in-force rates at their first policy anniversary. This will be detailed in projections on Fidelity quotes in the next few weeks.
What does this mean? Every rate-for-age term policy goes through a step increase annually, plus the increase in the sum insured from inflation adjustments. In this case an increase in switching from the new business rate table to the existing business table will also apply. Another way to look at this is a first year discount.
A whole basket of problems can be caused by problems with your internet browser. At Quotemonster our people (Alan, Kelly, Beth, and me) all track every single support inquiry, what was wrong, and how it was resolved. The procedure below fixes about three quarters of all issues. So if you are having some trouble with the way your quote looks, the menu options which appear, how the research tables look on the screen, and even just with a quote that 'hangs' or returns an error message try this quick fix first, as it often sorts out these problems:
- Close the quote, refresh your browser, and create a new quote
If that doesn't work then also please try:
- Closing the browser, opening it again, log on to Quotemonster, and create a new quote.
You may also want to try using another browser. After that, please feel free to click on the mail icon and let us know the details of the problem, or call us and we can help you out over the telephone.
Some users have experienced that there is a minor pricing difference limited to Fidelity Life TPD add on with classes 2 & 3 only when Life Buyback is also being quoted. We hope to have this issue fixed later today.