General Insurance Article - Income Protection Awareness Week


Nathan Hill, Market Head L&H UK & Ireland at Swiss Re, on the importance of income protection products and the ongoing need to improve both consumer access to them and adviser confidence in them.

  “In the insurance industry, we often talk about consumer awareness and financial vulnerability. Given how much these issues were brought to roost throughout the pandemic, there has never been a greater need to help people join the dots between their own vulnerability and the products that can cover them.

 “For someone who is unable to work owing to sickness or injury, income protection products can provide a vital lifeline by, not only meeting their financial needs, but also supporting them back into work when they are able to do so.

 “Across the insurance industry we have seen ongoing product innovation in the income protection sector, meaning that there has never been more choice available to customers and advisors. This choice enables advisors even greater scope to balance sometimes competing factors such as customer needs and affordability etc.

 “But the problem is that these products are largely still only really sold within an advised environment. Campaigns such as this week’s IP Awareness campaign, combined with ongoing industry collaboration and awareness, can therefore play a key role in continuing to build adviser confidence and momentum around these products, ensuring they are made available to a broader cross section of the population.”

   

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