This builds on the existing quotes and e-submission systems already offered on the Exweb portal.
Royal Liver’s ‘Pension Life Cover’ is the first of the new PTA products launched since A-Day to offer both online underwriting and in-depth tele-underwriting on all applications.
Andy Milburn, IFA market manager, Royal Liver explained further:
“With the removal of automatic medical limits on Pension Life Cover, advisers can place this business on risk in minutes, using straight through processing within the Exweb environment by clicking on the ‘buy’ button. Our full in depth tele-underwriting service will also help advisers to avoid the need to chase unnecessary GP reports – saving both time and money. We look forward to working closely with The Exchange to help advisers benefit from this service”.
Peter Brutin, sales technology manager, Standard Life said:
“We are delighted to have launched our ‘life assurance with tax relief’ (LITR) product on Exweb as our first portal offering. The new legislation has created so many opportunities for advisers to provide clients with an alternative method of protection, such as LITR, which can also be bolted onto any other product (for example SIPPS or critical illness) without affecting the tax relief.”
Compared to traditional life insurance plans, expected savings on Standard Life’s LITR are as follows:
- 8% - 10% basic-rate taxpayers
- Up to 30% for higher-rate taxpayers
David Child, managing director of The Exchange said:
“The addition of Standard Life and Royal Liver to our Exweb PTA service is another example of The Exchange’s commitment to providing comprehensive, market leading services, helping advisers select the best products in the market.”
Liverpool Victoria, Friends Provident, Scottish Equitable, Legal & General, Standard Life and Royal Liver are already live on the PTA service, with a further 4 providers scheduled to join the platform in the next couple of months.
