Swiss Life has revamped its range of income protection policies in a move aimed at making its products more straightforward for IFAs and their clients
The group's Solutions Income Protection plans now include a set of criteria for assessing claims, called 'activities of daily working' (ADWs), replacing the former any occupation definition.
To be eligible for a claim, policyholders must demonstrate that they are unable to carry out three of the specified eight daily activities, which include bending, walking, financial competence and communicating.
Swiss Life believes that the ADW criteria will make the terms of assessment easier for clients to understand.
The policies also provide a choice of guaranteed and reviewable rates.
Other changes include an increase to the level of home care benefit from £800 to £1,250 per month, the removal of a time limit for rehabilitation benefits and the withdrawal of the limitation on the maximum yearly benefit, previously £120,000.
Rosalind Pearson, personal finance research and planning manager at Swiss Life said: "Before we started the new income protection developments, we went out to do some research and spoke to intermediaries to find out what they thought was important. This was reflected in the finished products."
The product changes are the result of research that looked at what type of premiums policyholders wanted to pay, which was first conducted two years ago when the company modified its critical illness policies.
"In order to maintain its reputation for providing flexible and competitive protection products, Swiss Life is continually reviewing its product range to ensure that it remains in line with the constantly changing market," said Pearson.
