ProtectionMay 29 2013

PruProtect urges better offerings to narrow gap

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The head of account development for PruProtect said: “The only way to tackle the protection gap is to be proactive in offering cover to all clients and, as providers, by offering modern, innovative plans.

“People have been put off protection for many reasons but what it boils down to, in many cases, is that customers are confused as to what they need and which type of cover is right for them.”

He said this was the reason behind the recent launch of PruProtect’s Serious Illness Cover, which aims to be easy for clients to understand and endeavours to offer a greater chance for a claim against a life-threatening illness than some traditional critical illness contracts, which can be restrictive as to the conditions that insurers will pay out on.

Mr Jeynes added: “PruProtect only distributes through intermediaries as we believe it is essential to purchase protection from someone who can give advice or information about what is available and what the differences are between covers.”

Adviser view

Roy McLoughlin, principal for London-based Master Adviser, said: “G-Day undoubtedly helped put the subject of protection firmly on the map. I believe it encouraged many advisers on the periphery to also examine this subject, but the challenge the industry now has is how to keep them there.”