Income Protection

Income replacement is the most important protection product available, Defaqto has said in light of today's Office for National Statistics unemployment data.

The number of UK unemployed benefit claimants has fallen to its lowest in a year and a half, the Bank of Scotland has reported.

One in four (23%) of the 325,000 newly diagnosed cancer patients in the UK - an estimated 70,000 patients each year - lack support from family and friends during their treatment and recovery, according to Macmillan Cancer Support.

The Office of Fair Trading (OFT) and the Financial Services Authority (FSA) will be meeting with insurers and protection industry individuals to provide clarity on recent short-term income protection product (STIP) final guidance.

The Defaqto star ratings system has been called into question by industry experts following publication of its 2013 income protection (IP) products ranking.

Holloway Friendly income protection claims statistics have shown 96% of all claims in 2012 were paid out.

Ageas has increased income protection commission for financial advisers to match the level paid on other policies.

Firms distributing 'payment protection' products - such as short-term income protection - must ensure salespeople do not have inappropriate incentives to sell them, the Financial Services Authority (FSA) has stressed in new guidance.

Dg mutual, an income protection specialist for self-employed professionals, paid out 99% of claims for the fifth year running.

Protection specialist and former Associate Director of the ABI, Nick Kirwan has joined the executive team of the Income Protection Task Force.