Archive for the ‘Life Assurance’ Category

What Happens When My Car Fails MOT under Warranty?

January 13th, 2012 No Comments

Many vehicle owners who have purchased cover such as a Honda Warranty want to know what happens if their car fails MOT testing. This isn’t always an easy question to answer for several reasons. The first issue is in finding the right warranty company. Some companies simply don’t like to pay out on claims and that’s a fact. On the other hand, Warrantywise does everything in their power to make sure that their customers have the best possible warranty for their vehicle, in the condition it is in when being covered.

Say for example, a customer of Warrantywise has a Lexus Warranty and it fails the exhaust and emissions portion of the MOT test. If the vehicle had previously passed and was certified at the time of being warranted, then there is a possibility that the failure may be serviced as well as the fee being paid for re-testing. However, there are some problems which are only covered if an optional MOT warranty is purchased along with the Warrantywise warranty.

Actually, you are immediately protected against parts that fail due to premature wear and tear so if a used vehicle that is only a few years old and under warranty fails MOT due to those defects, it probably would be covered. Therefore, a Mazda Warranty that was issued by Warrantywise would be quite specific as to what can be covered. If the part that failed was found to be in working order and eligible for warranty, then it would be covered.

Even so, it is always in your best interest to spend the extra bit of money to get the MOT warranty on any vehicle to avoid paying the high costs of repairs if a vehicle fails testing. With this particular cover worn parts will be covered if it fails inspection due to those parts. Of course, as mentioned, it is an extra outlay of cash, but well worth the cost because of the extra protection it offers. You can’t drive a vehicle that fails MOT and this is one way to ensure that it passes, at least on retesting.

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The need for Life Assurance cover increases

September 20th, 2011 No Comments

According to Roy McLoughlin, senior partner of London-based Master Adviser IFAs are not doing enough to promote income protection and few people are aware of it.

Backed by a report by a report from Swiss Re, still more needs to be done to get people to buy cover,

He added, “You would have thought that the welfare reform act and all the subsequent publicity around it would have encouraged people to examine their long-term illness situation more, which would lead to an increase in income protection sales.  This has not happened.  There is a huge education process that needs to take place among advisers and the public.”

However, new sales of Life Assurance Cover rose in 2010 and IFAs increased their share of the distribution.

The Term and Health Watch report showed that sales of individual term life assurance, critical illness cover and whole of life policies rose last year.  New whole of life business increased by 16.8 per cent to 371,467 policies, compared to 318, 078 in 2009, while critical illness sales showed a more modest increase of 0.8 per cent.

Roy McLoughlin said he was disappointed that income protection sales had taken such a hit.  He agreed with Mr Wheatcroft that more needed to be done to educate consumers about the need for protection.  He said, “The positives here are that more protection is being sold through IFAs.  The negative is the fall in income protection because it should arguably sit at the head of the protection table, and the fact that those figures have come down is disappointing.”

“Being ill long term is the thing that is most likely to happen to you in your lifetime.  The more cover that is sold the better, but income protection should be going up.”

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Lifesearch say ABI fail to support protection

September 15th, 2011 No Comments

Duncan McMillan, of Lifesearch Head of Sales, has hit out at the Association of British Insurers for failing to highlight the importance of life cover for customers, reports new review site Quote Life Cover.

He says: “Last time I checked the FSA handbook, part of the mission and remit of that regulatory body was promoting understanding of the financial system.  I cannot remember a time when they genuinely did that positively in protection.

Following the failure of the consumer protection insurance engagement campaign, Lifesearch head of sales Duncan McMillan says the regulator has not promoted the need for protection.

McMillan also says the ABI does not do enough to promote protection.  He says: “If we cannot look to the industry’s trade body of our regulator, who do we look to?”

However, Mithrandir Consulting Principal and former Swiss Re Head of Life and Health underwriting Jerry Brown says; “ I am not surprised that the campaign did not take off, it is like herding cats.  Yes, it is about time that the ABI got involved but there are too many vested interests there.”

Pru Protect director of protection development Kevin Carr says:  “I am yet to hear a solid and unresolvable reason as to why the campaign could not proceed one way or another.  Some of the rebuttals are little more than red herrings.”

ABI assistant director of health and protection Nick Kirwan says; “We agree that more needs to be done to promote protection, but need to work together to achieve this.”

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