Swiss Re says the financial services industry needs to try and make group life, income protection and critical illness cover more appealing to employers and employees .
Ron Wheatcroft, Swiss Re Life and Health technical manager, is urging product providers and advisers to make group protection products more attractive in order to stop, or reverse the net decline in the number of schemes that are in existence.
Mr Wheatcroft says that the industry has to respond to the opportunities that have been presented by the Government’s incapacity reforms, which will come into force in October. Incapacity benefit will be replaced with employment and support allowance in an effort to get people back into work and save around £7bn.
He says: "This means adapting the design of income protection products, along with making it clear to employers how group risk can present affordable solutions for the ultimate benefit of employees."
Group protection cover needs to increase its appeal
Financial Services > Income lnsurance > News
Group protection cover needs to increase its appeal
Wed, 07 May 2008
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