Protection market review September 2018

MACRO NEWS AND DRIVERS

Aviva looks to tackle 'rental protection gap' – Aviva has launched a campaign encouraging advisers to discuss protection with clients living in rented accommodation. The campaign targets what Aviva said is a growing "rental protection gap" and offers advisers tools and resources to encourage renters to consider protection in the same way they would with a mortgage
https://www.aviva.co.uk/adviser/documents/view/pt15859c.pdf

AIG Life CI payout helps infant hear for first time - A critical illness payout made by AIG Life has helped allow a baby to hear for the first time. The payments were made after Rebecca and Ian Brett took out critical illness cover as a precaution prior to the birth of their son, Max. After he was born with substantial hearing loss in both ears, AIG Life paid out a lump sum of £25,000 which helped cover time off work.
https://www.covermagazine.co.uk/cover/news/3061746/aig-life-ci-payout-helps-infant-hear-for-first-time

REGULATION AND LEGISLATION

Protection industry urges caution over cohabitee ruling - Industry experts have warned that a recent ruling on cohabitee bereavement support may not universally apply and cohabiting parents must still plan for financial security in the event of death or illness.
https://www.ftadviser.com/protection/2018/08/30/protection-industry-urges-caution-over-cohabitee-ruling/

CII launches consultation seeking feedback on Chartered proposition - The Chartered Insurance Institute (CII) has launched a consultation seeking feedback from insurance and personal finance professionals on its Corporate Chartered proposition.
https://www.cii.co.uk/membership/chartered/corporate-chartered-consultation/

PRODUCT DEVELOPMENTS AND INNOVATION

Protection challenger Guardian launches platform - Guardian Financial Services has launched its protection platform to advisers and their clients. As of today (31 August), intermediaries can register with the protection challenger online with immediate access to life and critical illness products.
https://www.moneymarketing.co.uk/protection-challenger-opens-for-business/

TMA teams with CIExpert on protection comparison service - TMA Club has introduced a critical illness comparison service to its members in partnership with CIExpert. The CIExpert adviser online service offers brokers access to a ranking system designed to match critical illness policies to each individual client’s needs, and will be available to all TMA members subscribed to the comparison service.
http://www.ciexpert.co.uk/
 

Habito and AIG Life launch life insurance offering - Online mortgage broker and fintech start-up Habito has launched a life insurance product offering, underwritten by AIG Life. The service aims to offer cover in as few as nine questions, and without the need for any medical data, by using information already given to the provider during the mortgage application process.
https://www.professionaladviser.com/professional-adviser/news/3061965/habito-and-aig-life-launch-life-insurance-offering

Cirencester Friendly increases adviser commission rates - Protection provider Cirencester Friendly has announced that it has increased its new business introductory commission from 1 September for its 'income assured enhanced' and 'my earnings insurance' individual income protection products.
https://www.cirencester-friendly.co.uk/news/2018/sep/enhanced-commission-rates

Aegon adds family income benefit to online protection application - Aegon has added critical illness (CI) family income benefit (FIB) and life with CI FIB to its online protection application service following a recent survey - of 1300 adults - by the insurer found that 58% of people would choose a monthly income pay-out over a lump-sum.
https://www.cofunds.aegon.co.uk/content/ukcpw/customer/news/monthly_income_fromprotectionpoliciespreferred.html

CONSUMER TRENDS

Monthly protection income trumps lump sum - The majority of people would prefer a protection policy which offers a monthly income rather than a lump sum payment, an Aegon survey has suggested.
https://www.ftadviser.com/protection/2018/08/20/monthly-protection-income-trumps-lump-sum/

17.6 million Brits are not financially resilient - One in three UK adults (34%) would be not be able to manage without their income or cope in the event of a financial shock - the equivalent of 17.6 million people - a report from Zurich UK has found.
https://insurance-edge.net/2018/08/21/zurich-report-highlights-how-brits-have-abandoned-saving-for-rainy-days/

EXPERTS CORNER

How children's critical illness cover has evolved - Insurers have competed to improve payment conditions, ages covered and specific conditions for children over the years. One notable change in recent years is that children's critical illness cover has been receiving the same attention to detail as adult cover…
https://www.covermagazine.co.uk/cover/opinion/3061369/alan-lakey-how-childrens-critical-illness-cover-has-evolved