Protection market update for
MACRO NEWS AND
Too few workplaces offer women protection
Nearly half of women in employment in the UK do not have any form
of protection in place, according to an Aegon report. The study,
entitled Protection Matters, surveyed 2,051 women and found just 10
per cent of working females receive protection automatically
through their workplace.
ABI partners with LGBT professional
The Association of British Insurers (ABI) has strengthened its
commitment to diversity by partnering with LGBT Plus professional
Life expectancy worsens as pension age is set to
Mortality rates started to increase in 2015, latest figures have
shown, with higher than expected levels of deaths among both male
and female Britons.
iPipeline's SolutionBuilder announces
iPipeline has integrated its SolutionBuilder quote and apply
portal with 360 Dotnet's client management system, 360 Lifecycle.
Accessing SolutionBuilder via 360 Lifecycle allows advisers to
research and compare both single and multi-benefit protection
products on one screen.
Residence nil-rate band - lack of consumer
Two reports for the government - one by John Cridland, the other
an analysis for the Department for Work and Pensions (DWP) - have
raised the prospect of millions of people working longer to qualify
for a state pension.
Residence nil-rate band - lack of consumer
The new residence nil-rate band comes into force this week and
yet, according to research from Old Mutual Wealth, the great
majority of people know nothing about it.
Brexit confusion threatens UK insurance
The UK currently holds number one position in the European
insurance market, with £7.8bn in European revenues - but, according
to the British Insurance Brokers' Association (Biba), this has been
put at risk by the decision to exit the European Union.
PRODUCT DEVELOPMENTS AND
Pulse insurance launches simple life cover for those
Pulse Insurance has launched Positive Life, a straightforward
solution for anyone with HIV who is otherwise healthy. Clients will
have a simple proposal form to complete confirming there are no
other current health issues to consider and that they meet the
basic eligibility requirements. Medicals or doctors' reports are
Aegon uk reveals 2016 claims statistics
Aegon UK's 2016 claims data has revealed the company paid a total
of £123.4m in claims for life (including terminal illness),
critical illness and income protection to more than 1,300 families
and businesses last year.
Cover Me Now to launch instant quote-and-apply
Synaptic Software is due to launch its instant quote and apply
tool, Cover Me Now, at the end of March. It asks 20 simple yes/no
medical underwriting questions and, assuming a customer can answer
'no' to all of these, they can get on risk for a single life level
or decreasing term assurance product within 15 minutes, with the
quote returning in as little as six seconds.
Vitality life adds to serious illness
Vitality Life has made three changes to its serious illness cover
product that the firm believes will lead to more claims. Cancer
relapse benefit is now included. This new offering is unique in the
market and means Vitality will pay out an extra 50 per cent of the
sum assured on the recurrence of cancer.
AIG life and critical illness payouts jump
The firm's life insurance arm paid out 95 per cent of claims last
year, totalling £46m - more than double the £19m it paid in
The Exeter adds range of London hospitals
Private medical insurer The Exeter has added a range of
prestigious hospitals in central London to the hospital list for
its Health Cover for Me and Health Choices for Me plans.
Half the value of your home at risk from average care
New analysis by Royal London shows that the typical person
entering residential care will face total bills of between £50,000
and £93,000 depending on where they live. Variations in house
prices around the UK mean that this could amount to anything from
18% to 56% of the value of the average house.
Mothers have inadequate savings and income
Mothers might expect to do well on the card and flower front this
Mother's Day but research undertaken by Aegon suggests when it
comes to savings, income protection and relying on their partner's
income, they fare poorly.
More people insure their phone than get CI
Aviva has said advisers need to help address parents' lack of
financial preparedness for a health crisis. The company's latest
report revealed nearly half (45 per cent) of families could not
support their lifestyle for a month if the main breadwinner was
unable to work.
Providers need to pay out to boost interest in
The claim is our core product in protection; not the policy. In a
digitally enabled world, where all power is flowing rightly to the
consumer, we should be making the sharp end of what we do - the end
that matters most - utterly brilliant.