Select Page

Increasing protection insurance without underwriting – 4 things you should read

Increasing protection insurance without underwriting – 4 things you should read

Life isn’t static and peoples’ circumstances regularly change, from buying a first home having previously rented, to career changes or starting a family. Increasingly people are also no longer following a traditional linear path through life and instead are moving in and out of work, changing careers entirely and getting on the housing ladder later in life. It’s important that Protection insurance cover, be it life insurance, critical illness or income protection is flexible enough to adapt to those lifestyle changes and where necessary provide clients with the means of adjusting their cover.

At Protection Guru we would argue there is still much for the industry to work on in order to make protection policies more flexible and the situation at present is far from perfect. The traditional option that clients have to alter their cover are guaranteed increase options, which provide the means of increasing cover at certain live events, without undergoing further medical underwriting. In this ‘4 things you should read’ we bring together some recent insights we’ve published on this subject, providing advisers with information on guaranteed increase options across all protection policies.

 

GUARANTEED INSURABILITY OPTIONS FOR RENTERS – HOW PROVIDERS COMPARE

Over the last few years the protection industry has increasingly focused on renters and initiatives to highlight the importance of protection to this demographic. The most common product solution has been the introduction of renter specific guaranteed insurability options, enabling clients to increase their cover if their rent goes up. In this insight we looked in more detail at rental GIO options.  

To read more click here

INCREASING INCOME PROTECTION WITHOUT UNDERWRITING – HOW DOES THE EXETER’S NEW INCOME FIRST COMPARE?

The Exeter’s new Income First product launched in July included a number of improvements, amongst were changes to the guaranteed insurability options available to policy holders. In this insight we looked in more detail at what those changes are and how the Exeter compares to the rest of the market.

To read more click here

WHO HAS THE MOST GENEROUS GUARANTEED INSURABILTY OPTIONS ON BUSINESS PROTECTION?

When business circumstances change, Key Person and Shareholder Protection cover may need to be increased accordingly, otherwise there is a risk of being under-insured. Doing this through a GIO can be beneficial because it is less hassle than going through the underwriting process again and if the life insured’s health is worse than before, the plan will be priced on the previous health assessment. In this insight we looked in more detail at the GIO options applicable to business protection insurance. 

To read more click here

INCREASING LIFE AND CRITICAL ILLNESS COVER WITHOUT UNDERWRITING – HOW PROVIDERS COMPARE

Life is never static, so life events can change a client’s personal circumstance, which in turn alters their protection needs. Guaranteed Insurability Options (GIOS) enable the sum assured to be increased without underwriting if certain events happen. This is a positive for clients, as without them clients could potentially face the rigmarole of underwriting on a fairly regular basis. In this article we looked at which life and critical-illness providers offer GIOs, how much cover can increase by and eligibility criteria.

To read more click here 

Advisers! Don’t forget to share your views on which insurers you believe offer the best products and features for your clients. Cast your vote in our Protection Guru Awards insurer categories and make your voice heard. 

About The Author

mm

Rob Harvey supports Protection Guru in it’s detailed research & benchmarking of protection products and features. He works alongside the team in helping drive product innovation and improvements with insurers and engages with adviser firms in ensuring they have the right tools & resources at their disposal to deliver the best protection advise. Prior to joining Protection Guru Rob spent 9 years at protection specialists Drewberry, where he worked as an adviser, learning & development manager and finally head of health & protection. In his spare time and when not out enjoying the pubs & bars of Brighton, Rob collects vintage clothing, is an historic motor racing enthusiast and avid country walker.

Leave a reply

Your email address will not be published. Required fields are marked *

×

Protection Guru Awards

IP Claims Fact & Figures

Visit our learning & development Hub

2021 Product Ratings

Archives

We use cookies to track usage of our website using Google Analytics. Click here to opt-out.
Share This