Expert insight, analysis and commentary across the entire protection industry.
by ProtectionReview 15/12/15
I went to a conference this week where the theme was the benefits of early intervention and pro-active claims management. Several of the speakers identified what is called the ‘protection gap’, the number of people that have no life or sickness insurance or who are relying on the cover their employers provide. This was a truly inspirational conference where all of the speakers cared passionately about the good our industry can do. Data was produced to evidence the value of early intervention, and case studies were shown which pointed out not just the financial necessity of sickness cover, but also…
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by ProtectionReview 13/10/15
The main proposal in the Government’s pensions reform consultation document Strengthening the Incentive to Save: a consultation on pensions tax relief, which closed on 30 September, was to remove the entirety of the tax reliefs on contributions and instead apply them to pension withdrawals, making pensions more like ISAs. However, most commentators don’t think this exercise is about getting the public to save more for retirement, but rather to save money for the Exchequer. The Treasury already has its sights on higher-rate relief on pension contributions and few expect the benefit to last beyond the present tax year. However the…
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by ProtectionReview 09/10/15
Wilful Blindness is a legal term that describes a situation in which a person seeks to avoid civil or criminal liability for a wrongful act by intentionally keeping himself or herself unaware of facts that would render him or her liable. Ignorance is not a defence. In everyday usage it has come to mean any situation in which people intentionally divert their attention away from a problem that is an inconvenient truth. A good advocate could probably make a persuasive case that the directors of insurance companies are suffering from wilful blindness. But insurers are not alone. Let’s take a…
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by ProtectionReview 07/10/15
WELL DONE PETER Along with watching his beloved Arsenal, there are few things that Peter Le Beau enjoys more than designing, hosting and chairing events. (I was going to say ‘organising’, but that would have done a grave injustice to Jo, Frances and anyone else who actually does all the work). I first met Peter at one of his events , the Cafe Society Dining Club, which he used to run back in his Swiss Re days. Since then, I doubt if six months have ever gone by without my attending one of Peter’s events – almost all of them…
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by ProtectionReview 16/09/15
The Hidden Jewel ………… Is terminal illness benefit underrated, underutilised, or under-priced? I understand insurers are facing challenges in pricing for terminal illness cover (TI), which has led to questions such as; should it remain part of a life cover product and/or should the length of time for a claim be reduced? Obviously, I can’t comment on whether it is underpriced, but I may be able to shed some light on the consumers’ view about this benefit. Over the last 25 years I have advised life and disability insurers on contentious claims and on drafting insurance products. I know how…
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