Why income protection is still a niche product

I know about income protection (IP) products. I’ve even designed a few. But, sadly, the product remains on the edge of most people’s radar. I get frustrated when I see our industry focus on the product design and process issues surrounding IP. There is a bigger issue at stake. Australia has had compulsory pensions for many years now. In 2009 it added a compulsory element of life cover. Australians usually get one ‘unit’ of life cover from their compulsory life cover contribution into their ‘super fund’ which gives them around A$25,000 of cover. The result is surprising. Whereas in ...