Baigrie Davies Lifesearch managing director Tom Baigrie says the firm will bring out a product that includes IP and unemployment cover which can be sold in place of payment protection insurance.
Money Marketing revealed in April that Fortis had postponed its entry into the UK protection market after delays in agreeing product specifications with reinsurers Swiss Re and SCOR. It is thought to be planning a soft-launch with a big adviser firm.
A Lifesearch spokesman would not comment further on the details of the product due to legal restrictions.
Baigrie says: “LV= has already had a very different but also valid stab at this clear need but the financial services industry, including its regulator, has to promote these efforts and challenge those who sell inferior products or they will not replace PPI sales as they could.”
Highclere Financial Services partner Alan Lakey says: “The key thing for anyone that comes in is that they have got to offer something that someone else does not offer.”
Baigrie’s view, p24