Protection

The Association of British Insurers (ABI) is calling for protection policies to be removed from the Finance Bill's scope.

A bill before parliament aims to give older and disabled people choice over where they live, but financing long term care still remains unclear.

An increase in the state retirement age could cause a significant rise in group income protection premiums and may result in changes to scheme design and the level of protection employers can justify, according to several industry experts.

The Association of British Insurers (ABI) has published the final version of its guidance on reviewable rate protection insurance following an initial consultation paper in May 2005.

IFAs are calling for standardisation and clarity over what can be deducted from an income protection (IP) claim payment, saying its complexities make the product difficult to advise on and unattractive to consumers.

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long term care

IPMI

Firms selling critical illness (CI) cover are making efforts to meet the required standards but they need to do more to show they are treating customers fairly, says the Financial Services Authority (FSA).

Providers will need to increase the expiry age of their new and existing income protection (IP) policies as a result of the government's proposals to raise the state retirement age from 2024.