Opinion: Overinsured and unhappy
When incomes are shrinking clients with indemnity policies may quickly find that their income protection cover is miles above their pre-disability earnings.
While many definitions mean that there is a long lag between income falling and this actually affecting the potential benefit, quite a few clients won't know that, unless you tell them.
The uninformed client creates two problems for you. One is the client that is looking to cut costs and wakes up with the bright idea that he or she is overinsured - and blames you for the oversight.
I know how this feels, last time I popped in to see the good folks at - we'll call them Profiteerphone - they proudly told me I could get more minutes, more data, and a better phone, all for half the monthly cost...MORE»
Opinion: Have you ever wondered?Wednesday, February 3rd, 12:55PM
I remember the first time I heard a real, true to life claims story... there I was, dreading one of those awful staff meetings at one of my early jobs and we were asked for examples of how life insurance worked. MORE» |
Opinion: Spare a thought...Wednesday, January 13th, 5:00AM
There are many changes afoot in our industry, most of which will land - after so many years in the making - this year. However, spare a thought for the insurance broker in the US. MORE» |
Opinion: They’ve been misled, so they mislead you
Cases of non-disclosure which initially sound breathtaking are often genuinely innocent - because clients have been told "you don't have a problem" by health professionals, and therefore don't think they need to tell you. A proposed law change probably won't help much.
MORE»Opinion: Insurance needs variation
The surprising thing about the divergence between Sovereign's upfront life insurance offer and Fidelity's spread offer is not that they are moving in different directions - it's that for so long some sort of unspoken consensus has existed about the life insurance industry.
MORE»Opinion: Advice counts - and you have to have a method
A company I was speaking to the other day were proudly showing off an analysis tool which they felt ‘gives us an advice process'. But we've all seen clever tools for identifying a need and working out how much cover is required.
MORE»Opinion: Questions, questions
The top five questions life advisers should be asking their insurers about compliance:
MORE»Opinion: Where's the insurance innovation?
Since you can insure your pets, your hands and even the weather, you might well ask if there is anything left to insure. Well, perhaps not, but there are plenty of things that are not insured very well, and maybe we should set about improving those.
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