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Aegon will change name of family protection plan

Aegon Scottish Equitable is changing the name of its family protection plan to make it easier for advisers and clients to understand what the policy covers.

Speaking at the firm’s protection workshop in London last week, national account manager Roy Watkins said “family income benefit is the most undersold contract out there”.

He said: “Most people have very little protection and if they do have protection, it will be to cover the cost of the mortgage. How would the family cope if something happened outside the cost of that mortgage? FIB is very simple. It replaces an income. You replace an income with an income and clients understand. It also works quite nicely if you want to advise clients on the need for critical illness.” Watkins says Aegon is looking at changing the name of FIB next year to highlight what is covered.

CBK Colchester principal Peter Chadborn says while many advisers do not realise the breadth of family protection cover, he is more likely to recommend a lump-sum payment than income replacement to give clients more financial flexibility.

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