Industry news and views from Panacea and our partners.
Protection_
Alan Lakey: What happened when we met the Ombudsman
The perennial battle between price and value often results in consumers ending up worse off despite the benefit of advice. Recently, Tom Baigrie and myself, on behalf of the PDG, met with the Financial Ombudsman Service to discuss the trade-off between price and value.
MetLife: New EverydayProtect
Now with entry age to 65th birthday. The essential addition to your client's protection package.
Cura: The Practical Protection Podcast - Claims Data
We are talking through how much was been paid out in protection in 2022, the successful stats rate of different products, the biggest cause of claims and our thoughts on terminal illness cover too as the stats on these can be confusing.
Wizard Learning: Importance of CPD within Consumer Duty
Whether you are an individual or a larger firm, the need to demonstrate your continued suitability to advise and your industry knowledge could become a key issue in determining whether the fees being charged represent fair value.
Plummeting confidence in house prices drags down consumer confidence
Consumer confidence declined from 103.3 to 101.6 (-1.7) in June 2023, according to the most recent data from YouGov and the Centre for Economics and Business Research (Cebr). The decline in the overall index can be largely explained by a sharp fall in home value measures.
On demand CPD from The Exeter If you missed our live Pressure in the NHS: what it means for
If you missed our live Pressure in the NHS: what it means for cancer diagnosis and care webinar dont worry! Youre now able to watch this on demand at a time that suits you.
Cura: The Practical Protection Podcast - Sarcoidosis
We are talking about a rare condition in this episode, one that can affect multiple organs in the body. Sarcoidosis affects 1-2 people in every 10,000 so it isnt a condition that every adviser will come across during their work, but its important to know about it as terms could be anywhere from standard to a decline.
May 2023: Consumer confidence rises but outlook for job security and business activity declines
Consumer confidence increased from 101.3 to 103.3 (+2.0) in May 2023, according to the latest data from YouGov and the Centre for Economics and Business Research (Cebr) but with optimism around job security and business activity diminishing over this period, its not all good news.
The Exeter: What we're doing to reduce misrepresentation
We want to pay every income protection claim we receive. However, there are times were unable to do this. Last year our main reason for not paying a claim was due to misrepresentation, where key information needed to underwrite the application was missing or not disclosed.
The Exeter: Our Income Protection pays out if illness or injury prevents your client from doing their own job, not just their occupation. Its a small difference in definition that provides greater certainty of a payout.
Were excited to launch our third annual HealthWise report in which we share how your clients are using our free member health and wellbeing app, HealthWise.
Guardian: Income Protection that's just the job
Our Income Protection pays out if illness or injury prevents your client from doing their own job, not just their occupation. Its a small difference in definition that provides greater certainty of a payout.
Practical Protection Podcast: The need for change
Im joined by Roy McLoughlin and Lee Robertson and we are sharing our thoughts on how protection insurance is working right now. Regulators, government, financial advisers, protection education, we are not holding back on what we think.
ABI Cancer Changes
CIExpert has been receiving numerous questions regarding the ABI minimum standard wording for cancer which was tweaked within the September 2022 publication. One change relates to the exclusion of thyroid cancer unless it has reached T2N0M0 and the other is the alteration to the early-stage prostate cancer exclusion.
The benefit of Childrens critical illness
Whilst many think otherwise the benefit of including childrens critical illness within a policy cannot be overstated.
Terminally Ill cancer patients too well for life insurance
We have been yapping on about consumer mistrust since I first entered the industry over 45 years ago. At conferences we sermonise about how the public is wrong to believe that valid claims are not paid. We beseech journalists to write positive stories and always groan and splutter when any negative stories are written.
The Exeter: 2022 Income Protection Claims Statistics
Last year, The Exeter supported 1,229 members with income protection claims. But we believe its the story behind those numbers that really counts. Visit our website to find out how income protection proved invaluable for our members last year, and how these stories can help your client conversations.
Metlife: Specialist Healthcare Cover
At MetLife, we know that some occupations can carry a greater risk of contracting certain illnesses because of their nature. People in healthcare and supporting healthcare roles for example may need financial protection specific to the risks that come with their jobs.
Guardian: Fly through applications with Protection Builder 2.0
Were pleased to announce the launch of Protection Builder 2.0. Its the first in a series of planned releases designed to make it faster and easier for advisers to bring their advice to life.
MetLife: Family sales aid
With EverydayProtect optional Child Cover your client can protect their children from 6 months to 18 years, or up to 23 years if their child is in full-time education, covering a variety of injuries and illnesses. Providing them with peace of mind, should the worst happen.
The Exeter: IP 2022 claims - Average age of claimant
In 2022, our average age of claimant was just 36, with our youngest being only 21 years old. Watch our video to discover some more unexpected statistics, and understand how income protection could be more affordable than your clients may think.
MetLife: Active Lifestyle sales aid
Millions of adults in the UK participate in sport twice a week, which can increase the risk of them getting injured and needing financial support in the short- or even long-term.
Guardian: How our new income protection product improves certainty at claim
The new Income Protection cover like our Life, Critical Illness, Combined, and optional Childrens Critical Illness covers has been designed to give more certainty at claim. John and Head of Claims, Phil Deacon, discuss our use of an own job definition, as opposed to the more traditional own occupation, and talk about the flexibility provided at claim.
The Exeter:Pressure in the NHS: what it means for cancer diagnosis and care?
Thu, Jun 29, 2023 12:30 PM - 1:15 PM: Weve all seen the headlines on waiting lists and pressure in the NHS, but what does it mean for cancer diagnosis and care? Join our webinar with Professor Willie Hamilton Chief Medical Officer at The Exeter and Professor of Primary Care Diagnostics at The University of Exeter.
Cura: The Practical Protection Podcast - Lung Cancer
There are 43k cases of lung cancer diagnosed in the UK each year. When it comes to life insurance, critical illness and income protection there are a lot of considerations given to the survival rate of people diagnosed with lung cancer, as unfortunately only 16% of cases are caught in the early stages.
Guardian: The market reaction to our income protection
Hilary shares the positive feedback weve received from advisers, including the overwhelming immediate response on social media. She talks through the features advisers have welcomed most including our own job definition, premium waiver at 28 days as standard, and the products flexibility and shares her views on why these have been so well received.
Guardian: Dont settle for own occupation
At Guardian, our Income Protection pays out if illness or injury prevents your client from doing their own job, not just their occupation.
Metlife: EverydayProtect Sales Process Guide
This guide from MetLife allows you to identify clients that could benefit from EverydayProtect, understand how EverydayProtect can meet the needs of these clients and outlines the Financial Conduct Authoritys expectations.
MetLife: Retention webinar
Ensuring you retain your clients as their needs change can be important for your business. Join the upcoming MetLife webinar on 15th June at 11am to find out more.
Cura: Practical Protection Podcast - Economic Abuse
I am talking with Lauren Garrett from the SEA Charity, an organisation that is dedicated to helping people that have experienced economic abuse.
LV= Cost of living rise forces consumers to delay major life decisions
Research from investment, protection and retirement specialist LV= shows how financial worries are leading to people delaying major life decisions such as getting married, buying a first home, starting a family or changing careers.
The Exeter: The new relationship between income protection and mortgage advice
For many UK workers, recent months can be summed up in one word challenging. The final quarter of 2022 was marked by inflation increases, rising interest rates, political turmoil, and a drop in mortgage approvals.
The Exeter: Why client centricity will matter more than ever in 2023
As we begin 2023, people in the UK are facing perhaps the most challenging outlook on their lives and livelihoods for 15 years. The aftermath of last years economic turbulence has left many facing financial challenges, while a looming recession means further uncertainty is likely in the year ahead.
The Exeter: Adding the value to value added services
With one in nine on a hospital waiting list for treatment, we recognise the increasing pressure on the NHS. With only 13% of the UK population with healthcare, now is the time for your clients to make the most out of the value-added-services available with their insurance policies.
The Exeter: HealthWise member story
Our latest member story has been provided by Mark, who discusses how physiotherapy transformed his neck and shoulder pain.
MetLife: Networking webinar
Networking can be a great way of growing your client base and your business. Join the upcoming MetLife webinar on 18th May at 11am to find out more.
The Exeter: The Exeter HealthWise 2022 report
Were excited to launch our third annual HealthWise report in which we share how your clients are using our free member health and wellbeing app, HealthWise.
LV= The pain of losing is twice as powerful as the pleasure of gaining
As many sports fans can attest, the disappointment when your favourite team loses can linger longer than the happiness felt from winning a game. The same can happen when it comes to personal finances.
LV= Wealth and Wellbeing Research Programme - 11th edition
In this report LV share the latest insights from their Wealth and Wellbeing Research Programme. Established in June 2020, this longitudinal study has tracked UK adults behaviours around their finances and wellbeing during a period of exceptional market turmoil and change.
Guardian: Income protection that's just the job
Our Income Protection pays out if illness or injury prevents your client from doing their own job, not just their occupation.
Guardian: Our new income protection completes the range
With the launch of Income Protection, our full menu is now available on Protection Builder 2.0.