Income Protection

Friends Life has increased the commission advisers receive on its income protection policies by approximately 15% in a bid to bring it into line with commission received on critical illness and life products.

A charter for income protection (IP) setting out the obligations and opportunities of companies selling Income Protection was one of the key things considered a recent IP Summit in London.

Aviva's income protection cover provided payments totalling more than £29.5m in 2011, helping around 2,600 customers and paying out on over 91% of income protection claims in 2011.

Cirencester friendly is replacing its legacy IT systems.

The joint chair and founding member of the Income Protection Task Force has thrown his weight behind COVER's campaign against the use of list based definitions in income protection policies.

LV= has backed COVER's IP Campaign and is considering alternatives for its remaining occupations which have a list based definition of incapacity.

Financial advisers, Drewberry Insurance, has launched an income protection (IP) tool to help consumers understand which occupation definition they are likely to be offered, based on four key aspects of the individual's job.

Consumer group Which? has listed task-based income protection cover and absolute return funds among a list of 'financial products to avoid'.

Legal & General has replaced its mortgage payment protection (MPPI) product with a short-term income protection (IP) offering called Lifestyle Cover.

British Friendly's short-term income protection (IP) product is now available on Avelo's Exchange portal.