Age Restrictions on Term Assurance Removed

Following a period of consultation the FSA has agreed that with effect from 6th June all ICOB authorised sellers of protection will be allowed to sell life insurance products which extend beyond an applicant’s 70^th birthday.

Under current rules life insurance with a term of 10 years or more that extended beyond a customer's 70th birthday would not be available to applicants if their adviser was ICOB regulated and as such they would either have had to take a shorter term or be referred to an adviser with COB permissions.

All necessary alterations to LifeQuote's systems will be in place on 6^th June, however we can not guarantee that insurers will have their own systems ready in time.

This is excellent news for those of you who deal with applicants who may have liabilities running after the age of 70 and have previously had the option of offering a less than perfect solution or losing the business altogether.

Should you have any queries please contact us to discuss them, or speak to the representatives of the insurers on the system.

For the full FSA explanation of the update, please click on the link below

http://fsahandbook.info/FSA/handbook/LI/2007/2007 24.pdf