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Unit-linked Companies...

Unit-linked companies are virtually without exception proprietary, and most are much smaller and more recently founded than their larger conventional brethren, though the largest unit-linked companies have now attained considerable size.

Unit-linked offices fall into two categories, those owned by some other large and reputable financial organisation such as a bank or another insurance company, and those owned by private family companies, overseas interests or peripheral financial interests.

Although recent legislation provides substantial protection for policyholders, it is important to assess the financial strength of the company itself, and the likely attitude of the owners if the company were to get into difficulties.

There are two other types of life insurance as well, neither of which properly falls within the scope of this website.

Industrial life insurance concerns the small policies issued for premiums collected weekly or monthly in cash by the company's representative - the "man from the Prudential" being the best-known example.

The majority of policies used to be a matter of pennies a week but today the sums are increasing and some substantial policies are sold. The administrative expenses of the organisation required to collect and handle premiums in this way are such that the policies themselves are rarely good value when compared with their "ordinary branch" counterparts.

Like the credit provided by the "tallyman" who collected debt instalments in cash each week, the industrial offices provide a useful and valuable service for those who do not have access to better facilities.


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Read On: read next:for Cost Of The Policy


Much the same could be said of friendly societies in their role as life insurance companies.
The main function of most of the hundreds of friendly societies still operating is the provision of sickness and disability benefits for their members.
Many also include modest life insurance cover among their schemes; a few, however, make it a major part of their activity. see http://www.axa.co.uk/about-us/unit-linked-funds
The benefits they provide often represent poor value for money........ see: read next:for Cost Of The Policy


Disclaimer

Our insurance website is an independent marketing website which acts as an introducer to 'whole of market' companies who offer specialist Independent Financial Advice. Each company is authorised and regulated by the Financial Services Authority.

 

We are not authorised to give advice and we are not liable for any financial advice provided by, or obtained through a third party. The information published on this website is for information purposes only. This site has been approved for compliance purposes by a Firm of Independent Financial Advisors who are authorised and regulated by the Financial Services Authority (FSA). The Chartered Insurance Institute

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