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Term product for ‘socially excluded”

  • 01/01/2001
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Intermediary Fairplay Insurance Services has teamed up with Crowe Life to produce a term assurance p...

Intermediary Fairplay Insurance Services has teamed up with Crowe Life to produce a term assurance product aimed at people who do not have a bank account.

The policy is an annually renewable term contract that can be paid monthly by cash through any UK post office. It is also open to those with bank accounts with direct debit and cheque payments available.

The contract has a simple proposal form with minimal health questions. Cover limits depend on age and underwriting, but typically will be £150,000 up to age 40, £100,000 from age 41 to 50, £60,000 for 51 to 60 and £40,000 up to age 65.

Chris Jordan, managing director of Fairplay Insurance Services said the product will open up the market to people who have in the past been denied life cover because they do not have a bank account. “There are approximately 4 million people in this country who do not have a bank account. This means that they can be excluded from mainstream insurance products that rely on payment by direct debit.

“Our life assurance can be paid monthly by cash through any post office in the UK. We will issue our customer with a swipe card and all they need to do is go to any post office on the date the monthly premium is due, hand over the cash and have the card swiped. It is simple and easy and we believe it will give the opportunity to those people who now feel excluded to obtain traditional life assurance.”

For a non-smoking male aged 35 next birthday, wishing to insure for £100,000, the monthly premium is £8.30.

Fairplay Insurance Services aims to provide insurance to those who feel socially excluded by traditional providers. Its product range includes accident, critical illness, hospital cash and funeral expenses, all of which can be paid through any UK post office as well as home, motor and business insurance for those with criminal records.

* The National Institute for Economic and Social Research has released a report which highlights the role played by social issues in maintaining the number of people currently excluded from the financial services sector.

The report, commissioned by the Britannia Building Society, found issues such as employment and housing status, ethnic background and gender, and the actions of their peers were the main reasons behind the continued exclusion of an estimated 3.5 million adults in the UK from obtaining financial products.

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