AIG and Royal London have scooped gold ratings across life, mortgage and family income protection in F&TRC’s 2016 product rankings.
Each provider in the market has been awarded either a Gold, Silver or Bronze medal for both their overall proposition, as well as in several important underlying categories.
These categories, and the metrics used to assess the providers, were selected after consultation with a range of independent experts and adviser firms.
The metrics include: terminal illness; added value benefits; guaranteed insurability options; trusts; waiver of premium; underwriting limits and services; single/joint life options; exclusions; interest rate options; free cover and claims processes.
| Overall awards in the F&TRC ratings are: | |
Life Protection | |
| GOLD: | AIG, Friends Life, Royal London |
| SILVER: | Aviva, LV, VitalityLife |
| BRONZE: | Aegon, Legal & General, Zurich |
Mortgage Protection | |
| GOLD: | AIG, Aviva, LV, Royal London |
| SILVER: | Friends Life, VitalityLife |
| BRONZE: | Aegon, Legal & General, Zurich |
Family Income Benefit | |
| GOLD: | AIG, Friends Life, Royal London |
| SILVER: | Aviva, Legal & General, LV, VitalityLife Comprehensive |
| BRONZE: | Aegon, VitalityLife Essentials |
Ian McKenna, director of F&TRC, said he consulted extensively with advisers over an extended period to understand the features they see as most important in different contracts.
“This enabled us to create a robust, objective and comprehensive methodology to ascertain which providers excel overall, as well as in a range of sub-categories,” he explained.
“The ratings are supported by fact sheets for each provider, highlighting their respective strengths in different areas and the overall medal table allows advisers to compare quickly different insurers side by side to reinforce their recommendations.”
Carlos Thibaut, chief executive of 360dotnet, said the independent research provided a quick and easy way to compare insurer propositions.
He said: “The fact sheets also enable advisers to understand what the differences are in insurer propositions providing information that would otherwise take time to collate.”
