Protection market update for January 2018, including; news, regulation & legislation, product development & innovation, consumer trends and experts corner.
MACRO NEWS AND DRIVERS
Advisers failing to serve group life market
Advisers are not serving the small and medium-sized enterprises well enough when it comes to group protection benefits, the head of Protect My People has claimed.
Two thirds of UK adults suffer stress, anxiety or depression
Two thirds (65%) of UK adults have suffered with feelings of stress, anxiety or depression, a survey shows. Of those, 58% did not go to their GP for help.
REGULATION AND LEGISLATION
FSCS ups total levy to £336m for 2018/19
Firms across the sector will pay a total of £336m to fund the Financial Services Compensation Scheme (FSCS) for the nine months to March 2019, according to the body's Plan and Budget.
Govt sets out new rules on funeral expenses payments
The government has announced several changes to the eligibility conditions relating to the Social Fund Funeral Expenses Payments scheme that will take effect from 2 April.
PRODUCT DEVELOPMENTS AND INNOVATION
Canada life extends businesscare to all class policies
The insurer confirmed that this will give an additional 4,500 employers access to 24/7 advice from qualified lawyers, online legal document creation and guides about business law, via Epoq Legal. Launched in 2006, Business Care was previously only available to firms who had group income protection schemes..
Just and ilc-uk launch project to tackle later life vulnerability
Just and ILC-UK have launched an initiative to develop solutions for tackling vulnerability in later life, after the Financial Conduct Authority (FCA) called upon the industry to lead the way in delivering better products and services.
British friendly launches 'immediate support payment' trial for income protection claimants
The friendly society said it will begin payment of the weekly benefit amount at the end of the deferred period, whether the supporting medical evidence has been received or not, "subject to eligibility criteria." British Friendly began trialling their Immediate Support Payment in November 2017 which will run until March 2018 on a discretionary basis.
Canada life individual protection launches health and lifestyle app
Canada Life Individual Protection has launched an app and website providing customers with information on health and wellbeing alongside access to support services. It aims to improve access to its personal care assistance programme.
Vitality launches ‘value statement’ showing healthy lifestyle rewards
Vitality has launched half-yearly value statements for its members to try to demonstrate the extra value and rewards they receive for leading a healthy lifestyle. The statement will be issued to VitalityHealth and VitalityLife customers, including those on a corporate plan.
Direct line partners with doctor care anywhere
Direct Line Life Insurance has formed a partnership with digital healthcare provider Doctor Care Anywhere. The partnership will give new customers access to virtual consultations with UK qualified, British Medical Association (BMA) approved GPs..
Employees prefer alternative names for 'group' insurance products
Research from Canada Life suggests that renaming 'group' insurance products would make them more easily understandable to employees and therefore more sellable.
Ill-health costs uk firms six working weeks a year in lost productivity
According to Britain's Healthiest Workplace, a study carried out by VitalityHealth, Mercer and University of Cambridge, an equivalent of 30.4 days' worth of productivity is lost each year due to staff taking sick leave or underperforming due to illness.
Majority of uk workforce went to work while unwell in 2017
Two thirds (64%) of UK employees have gone into work within the last 12 months despite feeling unwell, while a third (27%) ignored their doctor's advice to stay at home, research by Bupa has revealed.
How to choose the 'best' critical illness plan
Every adviser has a view or a process regarding critical illness plan selection and whilst there may not be a single right method of doing this there are certainly a number of incorrect furrows that are currently being ploughed...