The biggest announcements of the year so far – Everything you need to know
The life insurance industry has witnessed some major developments and announcements in the year 2023 so far. With an entrant to the Income Protection market and a very sudden exit we have worked hard to ensure that our readers have the information they need to understand the impacts on their clients. In this article, we’ll take a closer look at some of the biggest product announcements of the year and what they mean for insurers and policyholders alike.
Cirencester Friendly adds short term benefit option and standard exclusion
With over 100,000 people leaving the workplace permanently each year following a spell of long-term sick leave (four weeks or more) it is hardly surprising that the industry generally agrees that the best possible income protection recommendation for a client involves a full-term benefit. This aside the popularity of short-term income protection plans has steadily increased in recent years, largely due to the cost advantages. With most insurers now offering at least one short-term benefit option on their income protection plans, Cirencester Friendly were in the minority by only providing full-term options. Today, however, they have announced that they are adding a short-term option, and, in this article, we will take a look at what that is, how it compares to the market and what standard exclusion has also been added.
Aegon’s dissapointing exit from the market
It came as a suprise to many, not least Aegon’s hugely talented protection team. Fortunately the vast majority of Aegon employees have now found alternative roles in the market following the insurers exit from the market. In this article we discuss Aegon’s reasons for exiting and the concerns it raises for the market.
one, two or three times the Serious illness cover?
In perhaps the biggest shake up of a proposition, Vitality launched their new Serious Illness proposition in February. It aimed to simplify their proposition and provide solutions for many of the critics who struggle with the levels of payout provided under the serious illness approach.
The much anticipated income protection launch
It was perhaps the worst kept secret in the industry as Guardian launched their much anticipated Income Protection plan in March. The market was excited to see what innovations and features Guardian might pack into their product and in this article we provide the details.
A step forward for flexibility on income protection
In many ways, we at Protection Guru were more impressed with Vitality’s revamp of their income protection plan than their SIC changes. Following their new income protection launch (also in February) they arguably have a plan that is better than any other at keeping track with a clients’ changing life.
The ABI adapt CI wordings based on our doctors’ feedback
Following our doctors’ critique of their refreshed Guide to minimum standards for critical illness in September 2022, the ABI issued an update to the standards in April. Find out what our doctors thought of the changes here.
Legal & General increase cover for children
Although not an overhaul to the scale of others on this list, in March Legal & General made a number of positive improvements to their critical illness cover with particularly positive changes in their childrens cover.
