LifeQuote launches STIP comparison
The launch follows demand from advisers looking for a cross-provider comparison and transactional service due to an increase in demand of a broader range of income protection policies.
The service offers products with a payment period of one, two and five years with the sum insured based on gross annual income and the cover based on an inability to work through illness or injury or loss; it also covers both full time, part-time and self-employed individuals.
The insurers on the new panel are Aviva, Bright Grey, British Friendly Society including both their Protect and Breathing Space products, Exeter Family Friendly, Friends Life, Legal & General, Vitality Life and LV= including both their Budget IP and Personal Sick Pay products.
LifeQuote has also automated the provider maximum benefit calculations with this release to simplify those seeking to identify the levels of cover that insurers offer.
Neil McCarthy, sales and marketing director for DirectLife, which owns LifeQuote, said: “Several factors are driving an increase in demand for short-term income protection as an alternative to traditional IP. Housing inflation has meant that many buyers are stretching their finances, and this, coupled with the demands of the MMR, means that shorter term planning is often taking priority.
“The more buoyant employment market also creates opportunities to change job, which may necessitate a review of any benefits provided, stimulating demand. From an adviser’s perspective this is good news, but also necessitates having systems and processes in place that allow them to search across providers both on cover and price and be able to transact on a single platform.”
In addition Friends Life Individual Protection has launched its fracture cover addition for its life, critical illness and income protection products to LifeQuote.
By launching it on LifeQuote Friends Life now offers advisers the ability to search, select and transact on a single platform. LifeQuote has seen demand from advisers and has worked with FLIP to simplify getting quotes and applying for this valuable additional benefit.
Friends Life expects an increase in demand as a result of the new service for its fracture cover, which pays a lump sum of up to £2,100 for one of 18 specified fractures during any 12 month period.
McCarthy added:“Friends Life has been one of the most innovative companies in recent years and its fracture cover is very popular.
“However, adviser feedback shows that, on occasion, the extra time and thus cost associated with also having to log on to a provider intranet to select an additional product feature could prevent its inclusion. This is not an uncommon issue and, as our mantra is to be the most innovative service provider for insurers and advisers, we are working with the industry to ensure that all product features are available on our platforms.”