Lifequote has added a whole of life (WoL) comparison service, after research found Inheritance Tax (IHT) and estate planning are adding to the demand for WoL.
LifeQuote's parent company DirectLife surveyed 300 advisers using their portal and administration service what they wanted in addition to their existing services, a third said a WoL service.
Advisers have access to cross-provider comparisons including product features and pricing, with a full transactional service available.
Level and index-linked policies are included along with guaranteed rates, joint life first and second deaths policies and with waiver of premium on selected policies.
The insurers currently on the service are Aegon, Legal & General, Old Mutual Wealth and Zurich.
The average cost of estate administration is now often in excess of £10,000, beyond the funeral plan market and the cash flow of executors.
Neil McCarthy, sales and marketing director for DirectLife, said: "Whether it's for the purpose of providing a capital sum, paying an IHT bill, or just the need for a fairly large cash lump sum in order for executors to manage probate, the demand from advisers to be able to offer Whole of Life insurance has increased.
"From an adviser's perspective this is good news, but also necessitates having systems and processes in place that allow them to search across providers both on cover and price and be able to transact on a single platform."
Further Reading:
Friends Life Fracture Cover now on LifeQuote
