“They are much more accessible with online instant decisions providing a simple and sometimes limited form of cover but this is always better than no cover at all.”
For Mr Crosbie, these types of products are “a good start” that will always benefit from regularly reviewing whether the type and level of cover is appropriate as the clients’ needs develop over time.
Aviva’s Mr Cracknell says the firm launched a low-cost income protection policy in October 2017 in an effort to offer more affordable products.
He is wary that this approach does not cheapen and ultimately, devalue the product though.
Mr Brown also sounds a note of caution about some of the gimmicks being offered by providers.
“As an industry we need to be cautious to ensure the main driver for sales is not these added services, but rather the underlying benefit of protection,” he says.
“Clients who want to take out cover should fully understand the risks they are exposed to in order to purchase the right type of protection for them, which will ultimately meet their needs should the worst happen.”
eleanor.duncan@ft.com
