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Welfare reform is a chance to sell cover


Measures to achieve savings from welfare benefits, including radical plans to reform the incapacity benefit system, have been outlined by the coalition government.

All 2.6 million people claiming incapacity benefit will be reassessed and those regarded as being capable of work will be moved on to Jobseeker’s Allowance, which is less generous.

Many people mistakenly believe that if they can’t work due to accident or sickness the state will provide for them.

Now is the time for us to re-educate customers about the realities of the level of support that is actually available, both now and in the future.
Even under the current incapacity benefit system, most individuals would not be able to rely on state benefits alone to maintain their standard of living.

Current basic Employment and Support Allowance is only £65.45 a week.

With the average weekly income standing at £489 a week, could the majority of your clients survive on such a significant drop?

We should be under no illusion that things are only going to get tougher under the new government.

At a time when we are being flooded with press coverage on funding cutbacks and reducing state provision, I urge advisers to strike while the iron’s hot.

Speak to your customers about the benefits of income protection and the financial peace of mind that such a product will provide in times of such uncertainty.


Retirement Plus gears up again with further advances

Retirement Plus is now offering further advances. But Duncan Young, managing director at Retirement Plus, says it is unlikely to return to lending for a while. The home reversion provider was forced to close its doors and suspend new lending in April 2009 after the number of applications it received outweighed its funding line. Young […]

More 2 Life back in business as it prepares to launch lifetime deal

More 2 Life, the specialist lending arm of Key Retirement Solutions, has re-entered the equity release market with funding from insurer and annuity provider Partnership. The company intends to launch a lifetime mortgage distributed exclusively through advisers and specialist brokers which offers enhanced terms for clients with medical or lifestyle impairments. The provider withdrew from […]

lending strategy round table

Slim pickings for pessimists

Lending Strategy recently hosted an HML-sponsored round table on arrears and repossessions which provided little comfort for doom-mongers, although there were warnings about pitfalls that must be avoided

L&G calls for more flexible lenders

Legal & General Network believes that the self-employed and complex prime mortgage markets are under-served and that more lenders need be flexible when it comes to risk assessment.


Guide: reporting to the Pensions Regulator — what and when?

Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.


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