Life Insurance News: ABI claims age triumph
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Article Published: 01-May-2007
The Association of British Insurers is claiming a victory today for the decision by the Financial Services Authority to scrap the Age 70 rule.
This means that protection insurance without an investment element can now be sold under Icob rules for policies which mature beyond the age of 70.
The ABI said that this decision should now allow a wide range of people to have access to insurance plans with life cover.
ABI’s director of general insurance and health Nick Starling says “This positive move by the FSA will benefit many customers, especially older people. We are pleased that it has listened to our arguments. People now live longer, have a longer working life and start families later. Rising house prices mean many have to spread their mortgage payments over a much longer term. For all these reasons, the need to have life cover at older ages is increasing. Until now it could be difficult for older people to buy life cover alongside a product such as a mortgage, because the adviser was not qualified to sell products under FSA investment rules. Today’s decision will make products such as life insurance, which already provides valuable peace of mind for millions of individuals and families, more convenient for a wider range of people.”
Source: Insurance-4-life.co.uk
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