Weighing the odds

It has become a well-worn cliché to describe income protection (IP) as a Cinderella product. Faltering sales and high premiums, especially in comparison to critical illness (CI), means the product has taken a back seat in the protection market. However, providers have begun to realise that cost is a major issue for consumers and have introduced no-frills IP options to appeal to low-income clients. Although these budget IP schemes have been available for some time, the nature of these products has remained somewhat obscure to both clients and advisers. There are no hard and fast rules abou...