Specialist protection service LifeQuote has launched an income protection comparison tool that it says provides advisers with comparisons across providers’ ‘own occupation’ policy definitions and quotes for cover.
While the ‘12-month own occupation’ definition is much clearer as it has become more popular in the wake of popular compaigns against ‘work tasks’ or ‘activities of daily life’ alternatives, it also poses challenges for advisers, LifeQuote said.
Advisers now have to review their recommendations against the premium charged by the providers, the definition of own occupation available, and also the secondary level of disability definition once the ‘12-month own occupation’ is passed, the firm explained.
LifeQuote’s software allows advisers to research income protection quotations across providers by the new definition and receive immediate notification of the specific provider definitions available.
Neil McCarthy, sales and marketing director of LifeQuote, said: “The aim of our new systems is to give advisers greater confidence and understanding of the actual definitions offered within the products.
“Advisers can finally be confident that the definition shown in their results is the complete definition their customer will receive upon claim, without having to spend time reviewing the full illustration and key features to complete their research.”
This follows more providers now offering ‘own occupation’, viewing it as the most valuable level of cover available.
Last year, Royal London Group’s protection businesses launched enhanced income protection products.
According to a statement from Royal London Group, the products will extend the availability of the full own occupation definition, introduce an alternative definition for other full-time customers and remove the work task definition and replace it with a more modern version.
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