Help us create a united response to the FCA and everything else we covered last week
The Protection Industry working together has never been more important. For the first time in nearly two generations our services are getting a dedicated review from the regulator. The current FCA team deserve credit for recognising Pure Protection should not just be bundled in as part of the general insurance market.
The call for input on the scope of the review ends on 11th October, advisers are really busy and if you won’t have time to complete your own response, we’ve created a survey you can complete in under 10 minutes.
Please scan this QR code to complete it on your phone or click on this link to complete it here.
Last week Protection Guru mainly looked at Childhood Cancer, while this is something we always think about, this is childhood cancer month so we’re aiming to give advisers extra information to help answer any questions that may come from clients.
The first two instalments of a three–part series where our medical panel explore specific issues to consider included on Tuesday an analysis of the common causes of childhood mortality.
On Thursday we followed this with an analysis of the impact of cancer diagnosis on families and employment.
On Friday, Emma Astley from Cover My Bubble provided a thoughtful analysis on the subject of Children’s Critical Illness and shares her own personal experiences, about the loss of her child and how it inspired her to set up her business to make sure other parents didn’t suffer in the way that she and her family did, entitled We Need To Shout Louder About Bump and Children’s cover. This is a really important read that helps bring the other commentary from the week into context.
There will be a final instalment in our coverage on Children’s Critical Illness this week, but our main topic for the next five days will be income protection.
It’s great to see that after many years hard work by the Income Protection Task Force and others, this long under recognised product is finally beginning to be put forward far more frequently.
It’s long been my belief that income protection should be the first financial product offered to people after ensuring they have an emergency fund.
The hard facts validate that people are far more likely to suffer a significant interruption to their income through illness during their working life than need to claim on a life or critical illness policy.
Quite simply every financial plan fails without an income and it’s never too soon to put income protection in force to provide that essential financial safety blanket.
On Wednesday morning between 10 am and 11 am Jo Legg will be running a dedicated training course on the best ways to give Income Protection advice in line with the requirements of Consumer Duty. If you haven’t already registered, you can do so here:
It’s worth highlighting that the market for income protection cover has never been more competitive with insurers aggressively competing to offer the best prices while, at the same time, providing quality cover.
The perfect way to show this quickly is a comparison quote looking at quality and price which can be created in under two minutes using Protection Guru Pro. If you haven’t used our flagship comparison service find more information and how to get a free seven day trial from this link
Also last week we looked at the important question of business protection with Robert Betts of Legal & General. Catch up with his “Ultimate Guide on advising on Business Protection”.
Other Protection Articles worth reading in the last week:
PDG Launches guide on protection and mental health – FT Adviser
It’s time to review benefits and protection policies around cancer – FT Adviser
Is the protection market competitive enough we are about to find out – Money Marketing
PDG launches income protection claims guide for mental health – Money Marketing
Phoenix scraps plans to sell protection business – Money Marketing
