Analysis: How could income protection be reformed?

Nick Kirwan, protection market director at Scottish Widows, believes the main problem with IP is its complexity, as there are no easy answers to basic questions such as how much it costs, how much the consumer will receive and what it covers. As a result, he suggests the starting point for the industry is to work out how the answers to these three questions can be made simpler. One of the first objectives of the Protection Committee, which was launched by the Association of British Insurers (ABI) in April and is chaired by Kirwan, is to get the industry together for a formal debate on t...