Building on the existing quotation and e-business services already offered, the 23,500 users of Exweb will be able to review clients’ protection needs, showing a like-for-like comparison of the new style PTA products against traditional term quotations.
Liverpool Victoria, Scottish Equitable, Legal & General and Friends Provident have PTA products live on the service with a further six providers scheduled to join the platform in the next couple of months. The Exweb PTA service will only require basic client information to be entered once for any particular quote, keeping administration and errors to a minimum.
Mike Newton, CEO of Liverpool Victoria, commented: "Liverpool Victoria is delighted to support the new pension term assurance service on Exweb. The launch of a revised life assurance product with tax relief represents a tremendous opportunity for both advisers and consumers. Liverpool Victoria is committed to being a leading provider of tax efficient life assurance and we look forward to working closely with The Exchange to develop this market now, and in the future."
David Child, managing director of The Exchange said: “With A-Day now upon us it is essential that we play a key role in helping advisers maximise the opportunities of the new era. As well as a whole host of pension-specific changes, the new legislation has created a real opportunity for advisers to provide their clients with an alternative, more tax efficient, method of protection. Pension term assurance will be an important product in many client’s portfolios and the new service will provide an extremely useful mechanism for advisers to help clients select the best PTA products in the market.”
