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News Review: Protection

Aviva and Ageas help to talk about protection News in brief

by Kevin Carr,

chief executive of Protection Review

and MD of Kevin Carr Consulting

Aviva has launched an ad-

viser awareness campaign to help IFAs engage with cli- ents and their families when discussing their protection needs. Timed in conjunction with the relaunch of the firm’s life cover adverts fea- turing Paul Whitehouse, the project is aimed at helping advisers overcome barriers when discussing family pro- tection with their clients. The activity focuses on the positive aspects of fam- ily life and encourages advisers to open up conver- sations around ‘What makes your family special?’ and by switching the emphasis away from protection products towards individual fam- ily life Aviva believes advis- ers will be able to change the way people talk and think about protection insurance. Louise Colley, head of protection sales and mar- keting for Aviva, said: “Fam- ily life is such a compelling

topic, it really helps to get consumers engaged - so we’re helping advisers to shift the focus of conversa- tion away from finances and on to families.” The insurer has also agreed a partnership with childhood bereavement charity Grief Encounter to

“By switching the emphasis away from protection products towards individual family life Aviva believes advisers will be able to change the way people talk and think about protection insurance”

provide support to all claim- ants with children. Meanwhile, new research

from Ageas Protect has highlighted that a third of parents don’t know if their existing critical illness policy

I recently heard a story about a single life policy, which was taken out to protect a mortgage, which had paid out when the policyholder sadly passed away.

As the policy was called ‘Mortgage Protec- tion’, which is typical for mortgage-related life insurance, his new family expected the money to pay off the mortgage in the house where they were living. However, as the policy was not written in trust


includes children’s cover. The provider is now call-

ing for advisers and poli- cyholders to check their existing policies to see if it extends to covering their children, which is an impor- tant element of CI cover. Most advisers will be

aware that modern criti- cal illness policies available from the majority of UK protection providers in- clude children’s critical ill- ness cover, while raising the issue provides advisers with the opportunity to inform customers about the value of their existing cover, espe- cially parents.

Both pieces of work are to be welcomed as they give advisers good reasons to talk to their clients about protec- tion – beyond that of merely switching to save money. How advisers choose to introduce the subject of protection with clients var- ies from one to the next however, with TV advertis- ing, family related questions, positive claims statistics, a falling reliance on state ben- efits and last but not least rising protection rates on the horizon, there has per- haps never a better time to talk about protection.

Still not writing life policies in trust?

(nor on a ‘life of another’ basis), in the absence of a will, and as he was not yet fully divorced from his ex-wife, the monies went to the ex- wife, in-full, leaving his new partner (and their children) struggling to afford to live in the house. Many people presume that the main benefit of writing life policies in trust is to avoid potential inheritance tax, but it is also to make sure the monies are paid swiftly and to the right person, as decided by the life assured.

• Bright Grey has added to its simplified products of- fering with the launch of its Lifestyle Plus plan • LV= paid 91% of income protection and 88% of critical illness claims in 2011 • Ageas UK has written 89% more protection business in 2011 than it did the year before

• PruProtect has criticised insurers’ use of subject ac- cess requests to bypass GP reports when obtaining cus- tomers’ medical information • The government could force people judged too sick or disabled to be employed to do unlimited unpaid work or risk losing their benefits • Legal & General has made a series of amendments to its group critical illness product including coverage for more illnesses

• Bright Grey has revealed that it has paid out 91% of critical illness claims in the last six months of 2011 • Two more cancer drugs have been provisionally banned for NHS after it was decided they were too expen- sive for the potential results • The Protection Review and Income Protection Task Force have produced a list of the top ten things consumers should be aware of when purchasing income protection • Holloway Friendly Society paid 96.2% of its income protection claims in 2011, up from the previous twelve months 95.5%

• Stonebridge Group has added Legal & General to its limited life and protection panel

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