Product news and updates from the last 2 months – 4 things to read
Whilst the last two months have not seen as much activity in the way of new products or updates, indeed I imagine insurers and advisers alike took some much needed holiday in August, there have nonetheless been a couple of recent policy launches and changes that caught our eye. Interestingly two of these are in the business protection market, highlighting the growing importance of business protection cover and the demand for suitable products to protect businesses and business owners. The other two items are changes to existing products, which advisers will need to be aware of.
You can read our previous round-up of product launches and improvements from July here.
WHAT ARE THE DETAILS OF THE NEW LV= EXECUTIVE INCOME PROTECTION PLAN?
Whilst technically unveiled in July and breifly covered by us, we didn’t do a full detailed analysis of the new LV= Executive Income Protection plan until August. LV= joined Aegon, Legal & General and UNUM in offering this unique income protection cover, particularly popular with business owners and company directors. Our insight examined some of the technical aspects of the policy and how LV= compare to the rest of the market.
LEGAL & GENERAL UNVEIL NEW KEY PERSON INCOME PROTECTION
A few weeks ago, Legal & General unveiled their new Key Person Income Protection plan, which expanded their existing range of business protection solutions and sits alongside just two other insurers – Aegon and Royal London – in offering this benefit. In this insight we looked in more detail at the new policy and some of the main differences between Key Person Income Protection and other plans on the market.
AVIVA UPDATE GLOBAL TREATMENT AND UNDERWRITING APPROACH
Amongst all the activity last week around income protection, this particular product change announcement possibly got missed. Aviva announced some significant changes to the way that their Global Treatment Cover operates, along with some important changes to their underwriting with regard to COVID symptoms and mental health. In this insight we looked in more detail at what those changes mean.
WHAT DOES THE REMOVAL OF MANAGED LIFE MEAN FOR THE EXETER’S LIFE OFFERING?
In the final product change this month, The Exeter announced yesterdat that they are to stop offering their Managed Life product in a move to “simplify” their life insurance products. In this insight we looked in more detail at what this will mean for advisers and their clients and the alternative options from The Exeter, to cover those clients with diabetes or a high BMI.