John Lamb Hill Oldridge has launched its Renewal and Valuation Service for life insurance policies.
Clients, Trustees and Advisers face a myriad of issues where they are looking at the insurance policies held by their clients, particularly where the client holds pre-2013 policies encompassing a range of different options and often having underlying investments.
Among the issues facing clients/trustees/advisers are:
• Annual schedules of cover not produced
• Regular reviews not carried out
• Changes in client circumstances not taken into account
• Changes in trusts/trustees not reflected in insurer
records
• Renewal and conversion options are misunderstood or
missed and not costed against current market rates
• Indexation options are misunderstood
• Sufficiency of cover not regularly reviewed against
liabilities
• Appropriateness of cover in the light of current market
alternatives not researched
• Termination dates of cover not considered
• Data required for 10 yearly periodic charge in relevant
property trusts not readily available
• Death claims not effectively handled
Paula Steele, director of John Lamb Hill Oldridge said: "We find that insurers have lost staff skills and expertise in dealing with their legacy policies, and many advisers no longer have staff competent to deal with these historic policies.
"The John Lamb Hill Oldridge team has provided this Renewal and Valuation Service for many years for its own clients and has dedicated staff dealing with these matters. We are delighted to expand our service to a wider audience".
