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Ageas Protect to increase commission for income protection

Ageas Protect has increased the commission it pays intermediaries when clients buy income protection policies to match the level paid on other products.

Historically, the commission paid by Ageas to intermediaries for income protection cases was 15 per cent lower than the commission paid for life and critical illness cases.

However, from today the provider will pay the same level of commission for income protection business as it does for life and critical illness cases.

Head of marketing and propositions Steve Casey says: “Income protection should be the first protection benefit people buy when they start work, to protect their long-term income if they are unable to work through illness.

“Despite its huge potential, life insurers have historically paid lower commission rates for income protection than for term and critical illness cover, and take-up has remained low.

“By harmonising commission payments across our product range, we are eliminating any potential product bias and ensuring that advisers get the same commission rate whichever combination of term assurance, family income benefit, critical illness cover or income protection best meets their clients’ need.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. RegulatorSaurusRex 1st February 2013 at 11:54 am

    That should bring the harpies from Canary Towers crashing down on the protection bubble.

  2. Of course the reason IP had lower commission is because there was no tax relief on expenses like there was on life cover. Now I-E has gone – the tax regimes are the same so no need for different levels of commission.

    But you could argue that life cover should have come down to IP levels rather than what Ageas have done here.

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