Product enhancements aim to ease client talks
Royal Liver has enhanced its Progress offering and undertaken a price review to make it more competitive across the market.
The enhancements include the removal of all standard exclusions; increased limits of 80%, 25% and 33% in the maximum benefit, general insurability options and house-persons' benefit; the redefinition of income for company directors; a halving in the number of days of the eligibility on carers' cover claims; and the removal of any deferred period on terminally ill claims.
Mike Farrell, head of distribution and marketing at the provider, said: "Income protection is something that has been continually undersold and needs to be discussed more with clients. Given the turmoil in the markets and the reduction in mortgage-related activity, some IFAs are looking for opportunities to revisit clients' protection needs. These changes should make conversations with clients a little bit easier."
Alan Lakey, principal of Highclere Financial Services, said that the changes were welcomed but that he wished the provider had been more adventurous with its product, citing the enhancements as being ones of "evolution, but not revolution".
He said: "The problem is that the people who come to me tend to be self-employed so I want own occupation and Royal Liver won't give it. What it means is that when I get category one or two risks, Royal Liver is higher up the ladder than it would have been. It has not redesigned the wheel - just improved on the existing model."
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