The continuous protection industry to meet the long term is considered the question of protection products an unnecessary luxury. This threatens to leave consumers with the lack of protection they need. However, the industry can have in the future thanks to the resurgence of commitments with suppliers, AMI, and the government to increase consumer education about the benefits of protection.
Features and Benefits
* Plan your strategy effectively in the knowledge of primary consumers of consumer attitudes and needs protection.
* Access a complete analysis of income and critical illness market to drive future innovations.
* Evaluate the latest developments from major players to see what it means for your company.
Highlights
Total Protection market has shown little movement in terms of new business over the past five years between 2006 and 2010 the annual growth rate of 0.2%. It should be noted that due to the difficult economic conditions, new business is down on the other hand, the positive protection.
The industry may have in the future thanks to the resurgence of commitments with suppliers and consultants and government agencies to improve consumer education about the benefits of protection. Simplicity is the key to restoring consumer confidence and AMI in the CII with consultants who have a vital role to play in the fight against confusing at first.
Table of Contents
Income in the UK and the protection of critical illness insurance 2011
REVIEW
Catalyst
Summary
SUMMARY
Critical illness insurance and income protection are essential components in the market for total protection
Product required intellectual property and the CII among consumers is the lowest compared to other life insurance products
IP and CII markets are dominated by five suppliers who control over 80% market share
The future market hinges on the simplification of the products offered and affordable to consumers
MARKET ENVIRONMENT
Introduction
CII and IP are essential elements in the market for the overall protection
CII will pay the lump sum is a diagnosis of critical illness
IP is designed to provide a monthly income of the insured should not be able to work due to injury or illness
New business for intellectual property held in the past five years, while the IIC had fallen from grace
Locking systems on the market has shown little movement over the past five years, the successor
Sales of non-mortgage related term that has been a resurgence in the housing market continues to negatively affect mortgage-related term
Consumer caution with respect to the financial stability of households has increased sales of insurance WOL
The intellectual property market remained stable between 2006 and 2010
New business regular premiums for CII decreased by 23% over the last five years
However, the market is riding a vital part of the sale of the CII
Critical Illness Insurance in the UK is still challenged by the negative publicity and perceptions of the complexity
Many consumers and advisers have lost confidence in the CII
Vendors have tried to stop the negative publicity surrounding the claims of increasing the number of payments
The aim of the ABI is to reduce lawsuits further in his statement of good practice for critical illness coverage, published in February 2011
Your IP suffers from a misleading a cover for redundancy or unemployment
The benefits of IP is difficult to communicate to customers that other plants
Consumers do not include state benefits they are entitled, and the protection offered by employers
Social reforms of government will lead the British workforce to re-evaluate how they protect their income
IP is currently suffering the daily activities of debate, but the concept can be more affordable IP
The advisors are concerned that the ADL concept devalues the product and makes it more difficult for customers to make claims successfully
However, providers believe that the ADL, consumers are able to keep the IP at an affordable price
A path to intellectual property will focus the attention of providers possible payment terms to make it more attractive to consumers
Review Retail is one of the main future of the IP and business CII
During the RDR proposals advisor charge will not apply to pure vegetable led to greater emphasis on the protection of products of independent financial advisors
The RDR proposals on independence and the requirements of professional standards for IFAS will enhance the reputation of financial advice
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