Are you finding it more challenging to provide appropriate IP solutions for your clients since agreed value policies were removed?
- Yes (64%)
- No (30%)
- Not sure (6%)
Our latest poll is investigating how you are going about advising your clients on income protection policies since 1 April this year when agreed value policies became a thing of the past.
We note that CommInsure has extended by three months an earlier temporary change to the way it calculates monthly benefits for indemnity income protection policies, where the claimant’s income has reduced as a result of Covid-19 (see: CommInsure Indemnity IP Claim Initiative Extended).
So we are interested to know if the ban on agreed value policies has made it more difficult to provide IP solutions for your clients and we’ll report back on the results next week…
Income protection will be all but dead once July 1 comes and we see the introduction of an even more limited definition of income and 5 year terms. The bureaucrats and executives who have created the new rules of ‘sustainable’ cover appear to have completely missed the impact on clients who have fluctuating income. Self employed business people and contractors who obtain cover after July 1 next year will be the collateral damage. It’s a disaster in the making.
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