Income protection quality standard abandoned

A feasibility study found that, while consumers supported the concept, the QS would not cause them to buy IP. A consortium of income protection providers, Claims Consultant Karin Lloyd and Richard Walsh, director of SAMI Consulting attempted to create a QS framework which would eliminate as far as possible consumer detriment issues and deliver market growth. Key points were: products should cover own occupation: no pressure sales; no blanket exclusions - eg for mental illness - but partial cover offered where specific exclusions are applied; guaranteed payouts; no continuing obligatio...