LifeQuote has launched new income protection (IP) comparison software as a response to the almost universal switch by protection providers to the ‘Own Occupation' definition.
It said that while the ‘12 month Own Occupation' definition has almost made its forerunner ‘work tasks' almost extinct, it also poses challenges for advisers.
LifeQuote added that advisers now have to review their recommendations against the premium charged by the providers, the definition of own occupation available, and also the secondary level of disability definition once the 12 month Own Occupation is passed.
The new software is designed to research IP quotations across providers by the new definition and receive immediate notification of the specific provider definitions available.
Neil McCarthy, Sales & Marketing Director of LifeQuote, said: "The aim of our new systems is to give advisers greater confidence and understanding of the actual definitions offered within the products.
"Advisers can finally be confident that the definition shown in their results is the complete definition their customer will receive upon claim, without having to spend time reviewing the full illustration and key features to complete their research."
Launching later in 2019
Considered least important
Research from Canada Life
Putting the tech into protection