The protection industry has been talking about reforming income protection for the past 10 years, which has raised doubts among some advisers and providers about whether the various committees will really make a difference.
Key figures in the IP industry have been making a lot more noise recently about the need to tackle declining sales in the market and address the complexity and lack of awareness surrounding the products. The Association of British Insurers’ (ABI) protection committee announced last week it has reached a consensus on tackling IP, while the income protection taskforce said it will publish a white paper next month addressing issues such as the definition of incapacity and paying valid claims. But is this, yet again, a case of all talk and no action? Jon Briggs, head of protection researc...
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