Trustees and advisers face a myriad of issues when reviewing the insurance policies held by their clients, particularly where the client holds pre-2013 policies with a range of different options and underlying investments.
These issues include:
- 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
Our Renewal and Valuation Service provides a solution to all these issues and the work is covered within the standard renewal commission terms offered by insurers, meaning that there are no ongoing charges to the clients or trustees.