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London & Manchester Assurance Review
London & Manchester Assurance – Background History
London & Manchester Group first saw the light of day back in 1869, when it was then registered as the London and Manchester Industrial Assurance Co. Limited. The word ‘Industrial’ was dropped from the name in 1915, and in 1981 it just became London and Manchester Group Plc.
London and Manchester (L&M) once had their own Financial Adviser sales force, although maybe one of the smaller players. They operated across both the UK life & pensions marketplace also for Ifa’s & Brokers among Uk Life Insurers.
Originally London and Manchester Assurance co ltd were based from their head offices in Finsbury Square, London – with various memorial commemorations still around the London area.
However in 1976, the London Manchester Insurance Co then moved across to the South West to their new head offices at Winslade Park, Exeter.
Friends Provident Takeover
The now Exeter-based business was then acquired by Friends Provident in 1998. Friends Provident reportedly said at the time it was being strengthened by this acquisition of the London & Manchester Group.
London to Manchester
London & Manchester life insurance review.
Who took over London and Manchester Assurance?
In 2010, Friends Provident then instead agreed to sell its life assurance arm to Resolution & then rename the new company Friends Life.
The new Friends Life Group was finally launched in 2011, this following the merged UK life operations of 3 old life insurance companies – Friends Provident, AXA and BUPA life assurance.
Is ‘London and Manchester’ now part of Aviva?
Yes, Aviva look after many of their old ‘London and Manchester’ policy administration. However, so does Royal London for some other London & Manchester assurance older plans eg; endowments.
Royal London had acquired via Friends Provident, a smallish book of life and savings plans all taken out before 1999. These old plans were taken out with London & Manchester and were usually sold to customers door to door (often referred to as their Industrial Branch).
Note; Re any London & Manchester life or savings schemes taken out after 1999 or a Bonds, London and Manchester Pension and Shares plan, taken out at any time, these were all currently acquired by Friends Life (part of Aviva).
Please contact either customer services for any ongoing life insurance London & Manchester old policy queries.
London & Manchester now part of Aviva
Can you make changes to your old ‘London and Manchester’ insurance policy?
In terms of changing your existing Life Insurance London & Manchester policy, often you can request some of the following via Aviva:
- reduce or perhaps extend the period of cover
- decrease or increase the amount of lifecover
- remove indexation option or any specific paid for policy features
- change the collection date of your usual premiums
- take off a life assured from a joint policy eg; if a unmarried couple or new parents sadly split up
These changes could be subject to new Aviva medical underwriting based on your circumstances at the time & may well affect your premiums.
For London and Manchester assurance contact number best via either Aviva or some through Royal London customer services eg; you have a London and Manchester assurance ppi or London and Manchester healthcare query .
Should I put my Life Insurance policy into Trust?
When a life insurance policy isn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the death insurance benefits will fall into your estate if you died prematurely. If you have not made a will, this can then cause further complications with the life insurance monies.
Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues.
So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage. It can also help avoid possible probate delays & IHT costs. Ask the Insurers to kindly provide their available standard trust form wordings & seek legal advice if unsure.
London & Manchester Assurance Review
Importance of Disclosure & Claims?
All Insurers are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the original insurance policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying.
The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. eg; Not disclose if you familial history of high blood pressure or cholesterol to London Manchester insurance.
Should you make a claim, your Insurers will send you a claim form for you to complete. Once received back, they will usually contact your GP to confirm any health details. They will then assess if your insurance claim is valid and cross check if you originally disclosed all the correct details. If you look at most Insurers recent claims payout, you will see that it is Good (but like most Insurers – not 100%).
What if my health or lifestyle changes after I had taken the Life policy out?
Any health or lifestyle changes since, usually does not void your existing London and Manchester life insurance policy, if it wasn’t relevant at that time of initial underwritten insurance application eg; later on diagnosed diabetic type 2. It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed. Likewise they may not.
So take care to doubly re-check on your application what you initially disclosed to the Insurers ‘London and Manchester’ (now Aviva), as this information then stands now and in the future. Please check your original T&C’s.