Protection market update for August 2018.
MACRO NEWS AND DRIVERS
GRiD research shows lack of knowledge around benefits of Group Life Assurance (GLA) – Research from Group Risk Development, (GRiD) the industry body for the group risk protection sector, shows that employers lack knowledge about the inherent benefits of Group Life Assurance (GLA), including the circumstances in which employees would receive a payout.
Quirky protection becoming the mainstream - Impaired lives. High-risk individuals. Quirky or hard to place cases. While all these descriptors seem to suggest an atypical individual - in insurance terminology at least - the ironic thing is that individuals labelled in such a way are becoming almost as commonplace as typical or so-called ‘standard’ risks.
REGULATION AND LEGISLATION
Tax on over-40s ‘could end elderly care crisis’ - People over 40 should pay a tax of hundreds of pounds a year because this helped Japan to solve an elderly care crisis, experts have said.
PRODUCT DEVELOPMENTS AND INNOVATION
SimplyBiz Secures Partnership With Guardian Financial Services - LONDON (Alliance News) - SimplyBiz Group PLC said Wednesday it has secured a multi-year partnership deal with Guardian Financial Services. SimplyBiz, which listed on the AIM Market of the London Stock Exchange in April, provides compliance and business services to financial advisers and institutions.
Old Mutual Wealth enhances critical illness cover - Old Mutual Wealth, part of Quilter plc, has upgraded its critical illness cover with nearly 80 enhancements. A combination of new medical conditions, enhancements to payment conditions, improvements to children’s cover and clearer definitions, will mean more customers can claim when they are faced with difficult times. Similarly, the cover now includes a new Additional Care Benefit.
AXA PPP healthcare to take on APRIL UK's domestic PMI book - APRIL UK has reached an agreement with AXA PPP healthcare to offer APRIL UK’s individual and SME customers continuation of their private medical insurance (PMI) cover, with no personal additional medical exclusions.
LCCG-owned Utmost Wealth Solutions expands further - Utmost Wealth Solutions is to acquire the Generali Worldwide Insurance Company and General Link in a move to further strengthen its "global footprint".
Nearly half aged 16 to 24 would not last longer than a month without income – ONS - The Office for National Statistics (ONS) Wealth and Assets Survey, published on Wednesday, found nearly half (48%) of people aged 16 to 24 said they would not be able to make ends meet for longer than one month if they lost the main source of income coming into their household.
Employees value their pets over their income - New research by Epoq Legal indicates that employees are more likely to insure their pets than their salary. Epoq’s new research into employee-paid and self-paid insurance benefits, reveals that 32% of those surveyed have pet insurance in comparison to 25% with some form of income protection. The research was conducted by Opinium in June 2018 among 1,234 employees from across the UK.
40% of employers not communicating benefits regularly - Two in five employers are failing to maximise the value of their benefits spend because they are not communicating with staff regularly, research by Chase de Vere and Lightbulb has found.
Unum's rehab service got 90% of staff back to work - Nearly everyone using Unum's rehabilitation service as part of their income protection policy was helped back to work in 2017.
UK workers favour flexible approach to retirement – Aegon - The concept of retirement is changing, with more people choosing to work past traditional retirement ages or reduce their hours gradually, research by Aegon has found. Workers in the UK were previously more likely to move straight into full retirement after giving up work, with half of current retirees taking this option.
Johnny Timpson: 35 years of critical illness - Scottish Widows' Johnny Timpson reviews the 35 years since critical illness cover was introduced. 1983, the year that Motorola brought us the first mobile phones, Nintendo introduced us to Mario Bros, Microsoft launched Word, Hollywood gave us Flashdance, Lionel Ritchie released his hit single 'All Night Long' and the BBC changed our start to the day with Breakfast Time.
Paul Roberts: Don't kid yourself - Why children's critical illness cover is essential. According to a Trade Union Congress (TUC) report, 63% of young mums and dads are not aware of their rights to unpaid parental leave in the event their child is ill and is dependent on them. However, the crucial word there is ‘unpaid.'