Income Protection News
'Customised protection' should be offered to consumers
Insurance providers need to take a fresh approach to protection and be able to offer consumers products that are flexible enough to meet their needs, according to one industry insider.
According to Fortis managing director Martin Werth, despite the difficult economic times consumers are protecting themselves with products such as income protection cover and life insurance.
However, as consumers turn to the industry to protect their financial futures, it is vital for the sector to ensure they are taking the right approach with people, he said in an interview with Money Marketing.
"The solution for our industry is to package, to meet needs, to get away from the thinking that it is term insurance or critical illness, income protection," he told the publication.
"It is cover against real life events. It is all about putting a package of covers together to meet a customer's budget.
Referring to it as "customised protection", he went on to state that this approach will help advisers nurture relationships with customers and move away from being transaction-based distributors.
The company is behind the protection product known as Real Life Cover, which offers flexible options such as recuperation benefit for income protection.
Income protection insurance is especially recommended for those with dependants or debts.
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