On paper, group income protection is the perfect employee benefit - a great perk for staff and an important tool for businesses. So why are sales slow? Rachel Williams finds out
Despite its many benefits, employers are still not buying into group income protection (IP). According to the most recent research from GE Frankona Re, by the end of 2002 almost 48,500 more people were covered than the year before, but the number of schemes had actually fallen - from 22,077 in 2001 to 21,879 in 2002. "The market is relatively static at the moment - there has been no great growth, despite the opportunities," explains Nick Homer, product marketing manager of IP at Norwich Union Healthcare. "Most of the business is 'churn' - there is very little new business out there." Inde...
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