Protection

The CML, Bright Grey and London & Country offer their views

PruProtect has called for protection insurance to be made compulsory and said it is already seeing signs of advisers switching to protection to anticipate the Retail Distribution Review (RDR).

LV= has added its family income benefit (FIB) plan and combined life and critical illness quotation with different sums assured to its True Potential offering.

Advisers fear their unprotected clients would be forced to live on state benefits or rack up large debt burdens should the worst happen.

The protection market is shrinking and becoming more concentrated in the hands of a few providers, according to figures from the FSA.

It is perhaps not a little ironic that on the eve of deadline day for three major banking groups to resolve their pre-judicial review payment protection insurance (PPI) complaints, another possible ‘protection' mis-selling scandal is uncovered.

Defaqto has warned that the public should not be turned off protection products following the fall out of the Payment Protection Insurance (PPI) mis-selling scandal.

More than 1,000 advisers are now writing protection business through Sesame Bankhall Group's panel following its launch last November, the network has announced.

Ageas Protect has almost doubled its income and nearly halved its loss over the first six months of the year.

Customers find insurance terminology and information the most difficult to understand compared to many other sectors including banking, according to new research.