UK insurers, consultants produce de-risking guide as medical underwriting gains ground

first_imgThe sector needed to develop an atmosphere of trust, she said, by highlighting potential benefits and risks as well as setting out what companies, advisers, trustees and consumers could expect from the process.“We’re trying to make sure the document gives a fair and balanced view of medical underwriting compared to a conventional approach,” said Mike Edwards, head of product development at L&G in the bulk annuities business.  “In some cases it would be the right thing to do in other cases it wouldn’t,” he said.One of the potential advantages of medical underwriting is that it might result in a lower premium, he said.But trustees and sponsors had raised concerns that if they did opt to have individual scheme members’ health and lifestyles assessed in order to set annuity prices, the price could end up being higher as well as lower than it would otherwise have been, he said.And once a scheme had made a detailed enquiry about medical underwriting, if it then decided not to go ahead with the deal, other bulk annuity providers might take this as a sign that the membership was in better-than-average health and decline to quote. Other firms behind the Good Practice Guide are CMS Cameron McKenna, Just Retirement, Law Debenture and LCP. Insurers and advisers in the UK pensions sector are putting together a guide for trustees and sponsors to help them decide whether or not to use medical underwriting when buying bulk annuities.JLT Employee Benefits,  Partnership, Aviva, Hymans Robertson, Legal & General and others said they plan to produce a “robust guide for the industry”, which will aim to formalise and improve existing industry standards.The move has been prompted by the arrival of new insurers in the market, ready to look at the health and lifestyle characteristics of individual scheme members when setting premiums, the group said.Margaret Snowdon, director of JLT Employee Benefits, said: “With an increasing number of businesses keen to explore using medical underwriting as part of their de-risking strategy, now is the time for the industry to step up and develop a robust guide to ensure good practice.”last_img read more

Darlene (Freeland) Meyer, 84

first_imgDarlene (Freeland) Meyer, 84 of Greensburg passed away on May 29, 2020 in her home of natural causes with loved ones by her side. Born April 4, 1936 in Batesville, Indiana, she was next to youngest of 5 children of Walter and Amelia Freeland. Darlene graduated from the Oldenburg Academy of the Immaculate Conception.Darlene married her high school sweetheart, Leon Meyer, on January 26, 1957, moved to Greensburg, and together they raised 3 children, Greg, Christy and Suzie. She was a loving and devoted mother, grandmother and wife. Darlene was a talented cook and enjoyed entertaining family and friends. She also enjoyed growing flowers, crafting, sewing and watching her hummingbirds out her kitchen window. She was a member of St. Mary’s Catholic Church and Adams Fire Department Auxiliary. Darlene was a Retail Manager for many years in Greensburg.Darlene is survived by husband Leon Meyer, and daughters Christy (Mike) Bokelman of Greensburg, and Suzanne (Paul) Ritter of Indianapolis; grandchildren Jennifer (Jason) Stiemann, Ashley (Josh) Snapp, David Bokelman, Abby Bokelman and Lily Ritter; Great-grandchildren Taylah (Thomas) Weber, Cathan Stiemann, Rowan Stiemann, Ryan Rutherford, Carter Rutherford and Ellie Snapp.Darlene was preceded in death by her son Greg Meyer, parents, and siblings, Louise (Bob) Hammerle, Walter (Dolores) Freeland, Leroy Freeland, and Jeanne (Dan) Duvelius.A private service will be held at St. Mary’s Catholic Church with Father John Meyer officiating. Online condolences may be made at contributions can be made to Hospice of Indiana.last_img read more