Le Beau, the co-author of The Protection Review, says the ABI is wrong to suggest that there are no consumer detriment issues around the low take-up of IP.
He says: “There are a huge number of people who are denied IP because the indus-try does not promote it. If a lot of unmet needs are not having cover in place, this has to be to the detriment of the consumer.”
However, ABI spokesman Jon French says: “There is not any sustentative reasons why IP needs to be looked at other than not enough people are buying it, which suggests that the best way of approaching improvement is education about what the product does and what it is there for.”
CWC Research senior partner and co-founder of the Income Protection Task Force Clive Waller says: “Surely the ABI should be communicating with the Government to see how income protection can be part of the solution to the incapacity benefit problem and it might also consider how consumers can access the product more easily.”