Protection

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.

The amount of money paid out in private medical insurance (PMI) claims and the number of people with PMI cover through the workplace reached record levels in 2005, according to figures from the Association of British Insurers (ABI).

Industry experts have suggested numerous ways income protection (IP) can be reformed, following a report published by Swiss Re yesterday which states IP needs a radical review to prevent it becoming "a marginal product".