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Hybrid protection comes in for criticism

British Insurance’s newly launched income protection and payment protection insurance hybrid product has been criticised for not offering guaranteed premiums or cover terms.

Lifesearch head of protection strategy Kevin Carr says he is unlikely to recommend the product because the premiums and what the policy covers can be changed at any time by British Insurance.

Managing director Simon Burgess says the firm has not changed any premiums or terms and conditions on its reviewable products in the past 10 years except to reduce premiums.

He says the product’s reinsurer is unable to guarantee premiums or cover terms at present but this should be available in the near future.

Carr says: “Any long-term insurance policy, where both the premiums and what you are covered for can be reviewed, is concerning and could lead to consumer detriment.”

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