Income Protection

LV= has announced how it will manage amendments to protection policies after the EU gender directive deadline.

PROTECTION WATCH

An underwriting outsourcing company will be publishing updates on the number of female and male policies sold in the run up to the gender-neutral deadline and beyond.

Income protection needs to strip out the state benefits element if the product is to move upwards, a consultancy firm has stated.

LV= has increased its income protection benefit guarantee and introduced a high guaranteed insurability (GIO) option.

The Income Protection Task Force has planned to launch a consumer charter as part of a three-point plan for income protection.

So we heard from British Friendly recently that income protection (IP) sales are not benefiting from the gender change opportunity. Advisers have reported similar, but that life is tracking the opposite trend.

Educating consumers on the importance of income protection is a job for government and industry-led campaigns, advisers have said.

Income protection sales have not been benefiting from the potential business opportunity created by the Gender Directive, British Friendly has said.

LV= has added benefits to its income protection (IP) offering for medics so they have a relevant level of cover.