Norwich Union (NU) said it has enhanced its SafeGuard individual income protection (IP) product.
Among the enhancements is that the insurer no longer needs notification of a change of occupation, said NU.
It also said that the product is periods of absence due to the same cause during the deferred period are now linked, where the deferred period is 13 weeks or more. The aim of this change is to ensure our customers are not disadvantaged under the policy for an attempt to return to work, added NU.
The insurer has also launched a consumer guide for income protection, produced using the standard format recommended by the ABI. The guide is designed to help consumers decide if IP is a suitable product for them to purchase and can by used by IFAs during the sales process.
Norwich Union Healthcare income protection product manager Nick Homer said: “A key strategy for us is to raise awareness of the need for income protection.
“It is a core product that consumers need to protect their lifestyle if they were to fall ill or have an accident that left them unable to work, yet currently only 11% of the working population have IP.”
He continued: “While most term assurance and critical illness policies can provide a one off lump sum at claim, IP provides ongoing income and support.
“We hope these enhancements will support sales of IP and that the guide will be useful for IFAs in the sales process by helping consumers understand the important benefits IP can provide.”
