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Daily Insurance Industry News
Monday 20th of May 2019
November 1, 2010

Defaqto unravels income protection sales

by Gill Montia

Story link: Defaqto unravels income protection sales

Defaqto has concluded that selling income protection policies as part of a menu plan is an effective way for Independent Financial Advisers to ensure that their clients have adequate cover.

Menu-plan products allow an IFA to offer clients the full range of covers in the first instance, with the option to scale back benefits one by one if the total premium is too high.

However, according to Defaqto insight analyst Life & Protection, Ben Heffer: “Income protection is a complex area of advice … in particular, we have found that critical illness cover is often seen as a substitute for income protection when actually it should be considered as complementary.”

The firm’s review therefore aims to help IFAs educate their clients about such matters.

Topics covered include an overview of the income protection industry and the latest regulation to affect it; challenges facing sales of income protection; product overview and development highlights, and tips for IFAs to maximise sales opportunities.

 

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