Advisers accused of 'paying lip service' to struggling IP

In the latest edition of its annual Term & Health Watch report, the reinsurer says year-on-year sales of income protection (IP) in particular, critical illness (CI) and new term assurance continue to fall. It says unless “fundamental” changes are made to the design and distribution of IP, it could disappear from the market altogether. In June, Swiss Re says it will publish recommendations suggesting, among other things, that advisers “should stop paying lip-service to income protection and make more proactive efforts to promote its benefits to consumers”. In addition, it calculates the I...